LG Corp founder Koo In-Hwoi established Lak-Hui Chemical Industrial Corp. in 1947. In 1952, Lak-Hui (pronounced "Lucky", currently LG Chem) became the first Korean company to enter the plastics industry. As the company expanded its plastics business, it established GoldStar Co., Ltd., (currently LG Electronics Inc.) in 1958.
In 1959, Goldstar produced South Korea's first radio. 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 its line of hygiene products such as soaps and Hi-Ti laundry detergents, but most associated with its Lucky and Perioe toothpaste.
In 1995, to better compete in the Western market, the company was renamed "LG", the abbreviation of "Lucky Goldstar". More recently, the company associates the letters LG with the company tagline "Life's Good". Since 2009, LG also owns the domain name LG.com.