LG Group

LG Group is a large South Korean chaebol (conglomerate), which produces electronics, mobile phones, and petrochemical products and operates subsidiaries like LG Electronics. LG Group sponsors the LG Cup Go Tournament.Created in 1947, it assumed the abbreviated name of "LG" in 1995. LG is an abbreviation of "Lucky Geumseong" (럭키금성) in South Korea, which is translated into English as Lucky Venus (Goldstar). Before then, many consumer electronics were sold under the brand name Goldstar, while some other household products (not available outside South Korea) were sold under the brand name of Lucky. The Lucky brand was famous for household cleaning products and laundry detergents in South Korea. Before massive industrialization of South Korean society, the name Lucky was synonymous with toothpaste. More recently, the company has attempted to update its moniker by suggesting that "LG" stands for "Life is Good" (as evidenced by the current company tagline), though cynics view this as baptismal back-pedaling.
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