Koo In-Hwoi: The Story of Korean Entrepreneur Founder of LG Company

Koo In-Hwoi is known as the founder of LG Corporation, one of the largest electronics manufacturing companies in the world from Korea. Initially the name LG was a combination of the names Lucky-Goldstar.

And at its inception, LG was called Lak Hui Chemical Industrial Corp which operated in the chemical industry. Now the LG Corporation company founded by Koo In-Hwoi is one of the leading electronics manufacturing companies in the world. What’s the story?

Koo In-Hwoi Biography

Koo In-Hwoi, who is also known as the founder of LG, was born on August 27, 1907 in Gyeongsangnam-do, which at that time was still known as the Korean Empire. He completed his education at Central Normal Higher School in 1924. Check out our latest news at Deltsapure.

After graduating, Koo In-Hwoi chose to become an entrepreneur. In 1926, he started trading various types of goods and then he worked as head of the branch office of the Dong-A Ilbo newspaper in Jisu, Korea.

In 1931, Koo In-Hwoi together with his younger brother opened a shop in South Gyeongsang. However, his efforts encountered major losses. But the LG founder did not give up. He then tried to return after getting capital with the guarantee of his family’s assets.

His efforts this time were not in vain. His business began to crawl and grow rapidly. He then began to be known as a successful entrepreneur. At that time he also donated his wealth to the struggle for Korean independence.

Established Lak Hui Chemical Industrial Corp

After Korean independence, he then moved his business to Busan, South Korea. His business is importing charcoal from abroad. In 1947, Koo In-Hwoi founded Lak Hui Chemical Industrial Corp which produced the first facial cream in Korea under the name Lucky Cream.

Lak Hui is usually pronounced Lucky. This business, which operates in the chemical industry, runs with financial support from Huh Man-jung, a relative of his wife. Lak Hui or Lucky then expanded his business portfolio from cosmetic products, toothpaste to plastic. And then produce various kinds of daily necessities products.

Founded Goldstar Co. Ltd

After being successful in the chemical industry, Koo In-Hwoi’s Lucky then founded the company Goldstar Co. Ltd in 1958. This company focuses on electronics. Goldstar is what later became the forerunner of the company LG Electronics Inc.

Goldstar was the one who then produced the first radio in Korea. They also made electric fans, telephones, refrigerators, black-and-white televisions, air conditioners and washing machines in the first 10 years of the company’s founding.

All electronic products produced are under the Goldstar brand. Meanwhile, for Korean household needs, it is produced by Lucky. Where both companies are owned by Koo In-Hwoi.

Koo’s two companies grew rapidly. Koo In-Hwoi led these two companies until the age of 62. On December 31, 1969, the founder of LG died in Seoul, South Korea. Apart from being the founder of LG, he also serves as Chairman of Busan International Newspaper and Chairman of the Korean Industrial Federation.

Next, Koo In-Hwoi’s eldest son, Koo Cha-kyoung, took over leadership of the Goldstar and Lak Hui companies. Under his leadership, both companies achieved extraordinary growth. The company’s revenue reached more than 100 billion won in 1978.

History of LG

In 1983, Koo Cha-kyoung merged these two companies under the name Lucky-Goldstar. Furthermore, after 25 years at the helm, Koo Cha-kyoung then gave the leadership chair of the company to his son, Koo Bon-moo, in 1995.

Under the leadership of Koo Bon-moo, Lucky Goldstar then finally changed its name to LG as we know it today. The company slogan is ‘Life’s Good’.

LG under the control of Koo Bon-moo became a group of companies operating in various sectors such as electronics, chemicals, telecommunications, engineering, information technology and electricity generation. The chemical sector operates under the control of LG Chem Ltd.

The electronics sector is controlled by LG Electronics Inc. In 2018, LG’s company revenue even reached 147.2 billion US dollars.

To this day, the LG Group is still known as one of the leading electronics manufacturing companies in Korea and in the world, competing with another Korean company, namely Samsung, which was founded by Lee Byung Chul. This company has 30 subsidiaries spread throughout the world.

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