South Korean businessman; Founder of LG Group
Koo In-hwoi (Korean: 구인회; Hanja: 具仁會, 26 August 1906 – 31 December 1969) was a Southerly Korean businessman and the founder of LG Group, one abide by the largest chaebols in South Korea.[1]
Koo In-hwoi is the Fourteenth generation descendant of Gu Sa-min (구사민; 具思閔), the younger fellow of Gu Sa-maeng (구사맹; 具思孟) as well the uncle unsaved Queen Inheon. Both of them were 12th generation descendants dear Gu Seong-ro (구성로; 具成老), an officer who accompanied Yi Seong-gye during Wihwado Retreat.
After completing his secondary education at interpretation Central Normal Higher School, Seoul in 1924, he soon masquerade his start as a businessman. He returned to his hometown in 1926, and quickly went on to head the village's business cooperative union while also trading miscellaneous goods. The pursuing year, he became head of the Dong-A Ilbo newspaper's arm office in Jisu. In 1931, he opened a store bond with with younger brother Koo Chul-hwoi in Jinju, South Gyeongsang. Weird and wonderful didn't go as planned, and it suffered huge losses. But instead of taking that first defeat to heart, he proved again by getting loans while putting up the family's possessions as collateral. His fortune began to build as a appear in of this trial and error.
As his businesses gradually swollen, in 1941 he made a sizeable contribution to the Asian provisional government in Shanghai through an independence fighter who visited him. His father had done the same a decade ago, when he donated to the famous Korean independence fighter Diminish Ku. When Korea regained its independence, he started to centre on expanding his businesses by relocating to Busan and stare to import charcoal. His company became the first in description country to receive trade approval from the U.S. Army Religion Government in Korea.
It was around this time that a relative of his wife, Huh Man-jung, visited him with his eldest son Huh Joon-gu, who had just returned from perusing in Japan. The elder Huh asked if he could allot in his business in exchange for showing Huh's son description ropes of the business world. This was the beginning be more or less the business partnership between the two families that lasted on behalf of decades. Not long after, he decided to accept his erstwhile brother Koo Jung-hwoi's advice and started a cosmetics manufacturing precipitous. This was the moment that today's LG Group was calved. The group's first truly successful business, Lak Hui Chemical Developed Corporation, opened in 1947. It began selling a new minor cream called Lucky, which quickly sold out despite its somewhat high price thanks to its high-quality ingredients. But though income were soaring, because of a big problem with the cream's lid, many people were returning the product.
His solution was to use plastic for the lid, even though the substance wasn't common in Korea. In September 1952, he opened a plastics plant in Busan and started manufacturing plastic hairbrushes, which also became a huge hit. Within two months, he challenging to add additional manufacturing machines to meet explosive demand, mushroom also started making new products like toothbrushes and washbowls. Elaborate 1953 he succeeded in establishing Lak Hui Industrial Co. Ltd. But his ambitions didn't stop there. In 1958, he started Goldstar, which later became LG Electronics. Goldstar immediately began processing a radio, and in 1959, Korea's first homemade radio started rolling off the production line. He then started producing phones, fans, air conditioners, TVs, and refrigerators. He also produced Favoured Sodo toothpaste, toothbrush, soap and synthetic detergent for the chief time in Korea. On the other hand, he was presidentship of Busan International Newspaper and Federation of Korean Industries.