THE MARKET Never Before Has Technology Been Such an Important
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THE MARKET Lucky-Goldstar around saw control being Never before has technology been such an handed to Lee Hun-Jo, a 27-year Lucky- important aspect of our modern, on-the-go Goldstar veteran. lives. For this reason, the Consumer Electronics By 1994 Goldstar had regained its number industry is fast-paced and highly competitive. one position in the South Korean market for At present, the market is experiencing rapid colour televisions, refrigerators and washing growth across most categories, in particular in machines. Likewise, Goldstar was achieving Visual Entertainment, which alone is valued at marked gains overseas by focusing on emerging more than A$3 billion. markets like Russia and Vietnam while at the Next generation consumer products from LG same time increasing North American sales will address the social and environmental issues through overseas manufacturing and Australians face including water and energy partnerships with U.S. companies. efficiency, the trend toward inner city apartment In 1995, the company abandoned the Lucky- living, and ever increasing working hours. Goldstar name and adopted a new corporate Consumers are naturally seeking products that name, LG Electronics and the slogan “Life’s make the user experience as simple, convenient, Good” to secure a strong, distinctive corporate stylish and personalised as possible. LCD televisions, home theatre and DVD recorders, identity. The change in identification assisted the microwaves, front load washers and side-by-side company in entering the premium, higher scale ACHIEVEMENTS refrigeration. market. In 1997 the LG Electronics brand was LG Electronics is a global leader in providing Over the past decade, LG Electronics has grown launched in Australia. cutting-edge, convergent electronics, information to achieve annual sales turnover in excess of $1 The new millennium has seen LG drive and communications products designed to meet billion dollars. For ten years LG has strived to innovation, style and digital capabilities in the the ever changing needs of consumers. LG’s point develop and bring to market a range of innovative industry. LG launched the world’s first internet of differentiation is its in-depth insight into products with leading edge technology that make refrigerator in 2000, and in 2001 followed with the consumer trends coupled with the technical ‘Life Good’. This philosophy has seen the world’s first internet enabled washing machine, air- superiority of its products. organisation and the brand achieve many conditioner, and microwave oven. The first The Korean based company operates four milestones and build a loyal following. model in LG’s Black Label series of business units globally including Mobile premium handsets LG Chocolate was Communications, Digital Appliance, Digital HISTORYHISTORYHISTORY introduced in 2006 and sold 7.5million Display and Digital Media. Formed in 1947 by the Koo and Huh families, units world wide. In 2007, LG launched 2007 is the year that the LG brand celebrates its Lucky-Goldstar started out selling face creams, the industry-first dual-format high- ten years of operation in the Australian market. and quickly grew to become dominant in the definition disc player and drive. From relative obscurity ten years ago, LG has national chemical manufacturing business. With consolidated sales of US$37.7 repositioned itself as a premium brand in Australia, In 1958, Lucky-Goldstar entered the billion and overseas sales of US$ 32.6 and in the process achieved number one in seven electronics industry with the formation of billion (86% of total sales), LG is truly a product categories, including plasma televisions, Goldstar Co and in 1959, Goldstar became global leader and technology innovator in the first Korean company to build a radio. It consumer electronics, home appliances and rapidly expanded during the 1960s, mobile communications, employing more than branching out into the manufacture of 82,000 people working in over 110 operations appliances. It built the first Korean including 81 subsidiaries around the world. refrigerator in 1965, and the first Korean television in 1966. It subsequently began the THE PRODUCTS manufacture of elevators and escalators, air LG’s extensive range consists of products conditioners, electric typewriters, and other engineered and designed to make ‘life good’. During electronic goods. its ten years in the local market LG has almost Goldstar gradually earned a reputation as a doubled its product offering to Australian supplier of low-cost, high-quality electronic consumers. With expertise in mobile and convergent components and appliances and in the 1980s technologies, LG’s product offering includes LG established a solid presence in domestic and Mobile phones with a design focused range – ‘The international markets for microwave ovens and Black Label Series’ including world first ‘touch televisions, as well as for refrigerators, washing screen’ technology. machines, and other major appliances. LG also caters for major appliances and In 1989, after a series of financial, management entertainment technology in almost every room of and labour woes, drastic measures to turn the ailing the home including a wide range of Plasma, LCD 62 062-063_lg.p65 62 10/21/2007, 3:50 AM .