Summary
Mr. Koo is the founding chairman of LG Group. Under Mr. Koo, LG became the first company in Korea to produce plastic goods in 1952, radios in 1959, and televisions in 1966, laying the foundation for a major Korean consumer goods conglomerate. In 1967, he also founded Korea’s first private oil company, Honam Oil (now GS Caltex), which is now a major pillar of the Korean economy.
Koo was born on Aug. 27, 1907, the eldest son of Koo Jae-seo and Ha Geun. In July 1931, with the support of his family, Koo opened ‘Koo In-hwoi Shop’ in Jinju and started a lumber store business. His first year in business was a failure, with a loss of 500 won, the equivalent of more than a hundred kilograms of rice at the time. However, he began to stock the store with fabrics that suited his customers’ tastes, and as the business prospered, he became president of the company, which was renamed Koo In Sanghoe in June 1938.
In 1945, following the liberation of Korea, the 39-year-old Koo left Jinju and founded a trading company in Busan called Chosun Heung Industrial Company. He later expanded the business into the distribution and sale of cosmetics, expanding the market to Seoul. As Koo expanded his cosmetics business, he established Lak Hui Chemical (now LG Chem), the parent company of LG, in January 1947 to manufacture cosmetics himself, laying the foundation for the group.
Timeline
▲ August 27, 1907 = Born.
▲ 1926 = Completed 2 years at Choongang High School.
▲ 1929 = Inauguration of the Chairman at JiSoo Cooperative.
▲ 1931 = Opened Koo In-hwoi Shop.
▲ 1945 = Established Joseon Heungeop trading company.
▲ 1947 = Successful production of “Lucky Cream.” Set the company name to Lak Hui (Lucky). Established Lak Hui Chemical Industry (now LG Chem).
▲ 1949 = Established the Cosmetics Research Center.
▲ 1952 = Chairman of the Korea Cosmetics Association.
▲ 1953 = Established Lak Hui Industrial Corporation (now LX International).
▲ 1956 = Established Goldstar (now LG Electronics).
▲ 1962 = Korea Cable Industry (now LS Cable & System).
▲ 1968 = Chairman of Lak Hui Chemical Industry.
▲ 1969 = Established Honam Oil (now GS Caltex) Yeosu Plant. Established Lucky Development Co., Ltd (now GS Engineering and Construction Corp).
