LG

Introduction

LG Electronics, a South Korean multinational an international company in consumer electronics, home appliances, and innovative technologies. It is also known as Lucky Goldstar. LG carries its legacy spanning over six decades and manufactured radio and TVs in its early days. Now, LG deals in OLED displays, smart home appliances, home entertainment, and vehicle components.

History & Milestones

Koo In-Hwoi founded LG in 1958 as Lucky GoldStar. LG initially focused on radios and TVs. The company rebranded to LG Electronics in 1995. LG launched the world’s first OLED TV in 2013 and then acquired Zenith in 1999 to make its presence in the U.S. market. LG collected revenue of ₩8399.5 trillion and managed a workforce of over 75,000 in 2024.

Product & Services

LG offers a wide range of products and services. Here is a tabular view of its key products and services:

Business Model & Strategy

LG’s business model revolves around innovation, global expansion, and strategic partnerships. The company invests massively in R&D to focus on AI, IoT, and sustainable technologies. LG ensures long-term growth, as it stepped into electric vehicle components and renewable energy. Its ThinQ ecosystem connects smart devices, enhancing user convenience and driving recurring revenue through services.

Market Presence & Financials

LG operates in over 100 countries and dominates the global market. The company collected a revenue of ₩8399.5 trillion in 2024. Its major share came from its home appliance and TV divisions. Despite exiting the smartphone market in 2021, LG focuses on OLED displays and EV batteries to improve its financial position. 

Leadership & Culture

The CEO of LG, William Cho focuses on creativity and innovation. Jo Seong-Jin is the managing director of LG India. Sunghyun Kim is the CFO of LG. The CTO of the company is Byoung-Hoon Kim. There is a culture of collaboration in the company. The company encourages its employees to take brave steps toward innovation and advancements.

Controversies & Challenges

LG has faced challenges, including intense competition from Samsung and Sony, supply chain disruptions, and declining smartphone sales. The company’s exit from the mobile market in 2021 highlighted its struggle to compete in a saturated industry. Moreover, rising raw material costs and cybersecurity threats pose ongoing risks.

Future Outlook

LG’s future is anchored in innovation and advancements. The company plans to expand its ThinQ ecosystem, invest in AI and robotics, and lead the EV battery market. LG has the goal to achieve carbon neutrality by 2050. LG is committed to eco-friendly manufacturing and energy-efficient products.