Making this name change transformed LG into a global multi-billion dollar business
Sometimes all that's standing between a business and global success is a simple change, and one of the world's biggest tech brands experienced the positive impact of that when it altered its branding back in 1995.
LG is one of the world's most recognizable tech names alongside giants like Samsung and Sony, and it operates across a wide range of gadgets and appliances in what amounts to a multi-billion dollar business globally.
It wasn't always as successful as it is these days, however, as while LG might reign supreme in markets for TVs, soundbars, and appliances, there was a time just a few decades ago that it was threatened with a fading legacy.
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LG's origins begin with South Korean company Lucky – at one point referred to as Lak Hui Chemical – in 1947, before it eventually merged with electronics manufacturer GoldStar in 1983 to create Lucky Goldstar.
The resulting merger proved to be a success in the Korean market, but Lucky Goldstar struggled to make an impact overseas, and many attributed that difficulty with something as simple as the name.
It was claimed that the branding was both too long and awkward to pronounce or translate in numerous markets, and it also had an air of anachronism in a world that was rapidly changing.
Things would dramatically change in 1995 with a move that came to define the company for the better, as gone was the archaic Lucky Goldstar name in place of the now instantly recognizable 'LG'.
This, accompanied by the new 'Life's Good' slogan, gave LG a completely new image and a new chance for success abroad, as it was specifically geared towards making the name more memorable for everyone across the world with a modern, customer-oriented approach.
Gone was the friction of the Lucky Goldstar name in place of branding that worked seamlessly no matter the language or culture, and it also signalled the move into a unified brand for LG that would bring together all components of the company under one umbrella.
This not only made marketing a lot easier – as everything would be associated with the LG name – but it also cemented LG's place within the market as a company you could trust, paving the way for higher-tier items in the future.
From then onwards, LG was able to compete alongside aforementioned established tech leaders like Sony and Samsung, showing that sometimes all it takes is a simple yet meaningful change to alter the trajectory of a business.