November 28, 2024

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A photo of LG Group Chairman Koo Kwang-mo delivering a virtual New Year’s speech for 2023. (LG Corp.)

South Korea’s fourth largest conglomerate LG Group marked its 76th anniversary on Monday. Unlike last year, the group did not plan a special event and LG Group Chairman Koo Kwang-mo did not deliver a celebratory message.

“We usually do not really plan events on anniversaries, unless it is every five or 10 years. Last year was a little different because it was the 75th year,” an LG Group official told The Korea Herald.

For last year’s anniversary, Koo delivered an encouraging message in a video for the employees, highlighting the creation of a “valuable” future.

“In LG’s 75-year journey, there has been consistent love from the customers and effort from LG's people,” Koo had said. “Let’s make a more valuable future for the customer and LG.”

As part of their usual anniversary celebrations, LG has designated the second Friday of every April as a holiday for all of its affiliates since 2013. This year, the joint holiday falls on April 14.

LG Group's history stems from the Lak Hui Chemical Industrial Corporation, founded by the late Koo In-hoi, on Jan. 5 1947. Starting as a chemical firm, the company created a boom in the market with its face cream named Lucky.

Koo then established Goldstar in 1958, and expanded the business to electronics, introducing the country’s first radio. The company grew to establish 61 affiliates as of this year, operating across various industries from home appliances to energy and displays.

When Koo Bon-moo, the late former chairman, took office in 1995, he changed the company’s name, Lucky Goldstar, to LG, and also changed the company's founding day to March 27.

LG Electronics, the main entity of LG Group witnessed record sales in 2022 of 83.4 trillion won ($64.1 billion), up 12.9 percent on-year. LG Corp., the holding company, recorded sales of 989.7 billion won in 2021.

Currently led by Koo Kwang-mo, the group is now looking to expand its share in futuristic technologies, including robotics, automotive parts and artificial intelligence.

LG Corp. holds a regular meeting of shareholders on Wednesday.

By Jo He-rim (herim@heraldcorp.com)