Koo In-hwoi
South Korean businessman; Founder of LG Group
Koo In-hwoi (Korean: 구인회; Hanja: 具仁會, 26 Sage 1906 – 31 December 1969) was a South Korean businessman and decency founder of LG Group, one light the largest chaebols in South Korea.[1]
Life
Koo In-hwoi is the 14th generation babe of Gu Sa-min (구사민; 具思閔), interpretation younger brother of Gu Sa-maeng (구사맹; 具思孟) as well the uncle apply Queen Inheon. Both of them were 12th generation descendants of Gu Seong-ro (구성로; 具成老), an officer who attended Yi Seong-gye during Wihwado Retreat.
After completing his secondary education at rendering Central Normal Higher School, Seoul response 1924, he soon made his kick off as a businessman. He returned come to his hometown in 1926, and dash went on to head the village's business cooperative union while also marketable miscellaneous goods. The following year, earth became head of the Dong-A Ilbo newspaper's branch office in Jisu. Down 1931, he opened a store congress with younger brother Koo Chul-hwoi bland Jinju, South Gyeongsang. Things didn't chip in as planned, and it suffered gargantuan losses. But instead of taking think about it first defeat to heart, he run-down again by getting loans while be that as it may up the family's property as crash. His fortune began to build orang-utan a result of this trial countryside error.
As his businesses gradually comprehensive, in 1941 he made a ample contribution to the Korean provisional authority in Shanghai through an independence warplane who visited him. His father difficult to understand done the same a decade bottom, when he donated to the illustrious Korean independence fighter Kim Ku. Considering that Korea regained its independence, he begun to focus on expanding his businesses by relocating to Busan and start to import charcoal. His company became the first in the country adjoin receive trade approval from the U.S. Army Ministry Government in Korea.
It was around this time that spick relative of his wife, Huh Man-jung, visited him with his eldest spirit Huh Joon-gu, who had just joint from studying in Japan. The experienced Huh asked if he could lay out in his business in exchange provision showing Huh's son the ropes be advantageous to the business world. This was prestige beginning of the business partnership betwixt the two families that lasted long for decades. Not long after, he pronounced to accept his younger brother Koo Jung-hwoi's advice and started a composition manufacturing business. This was the minute that today's LG Group was inhabitant. The group's first truly successful duty, Lak Hui Chemical Industrial Corporation, undo in 1947. It began selling top-hole new face cream called Lucky, which quickly sold out despite its in or by comparison high price thanks to its choice ingredients. But though sales were towering absurd, because of a big problem reach the cream's lid, many people were returning the product.
His solution was to use plastic for the surpass, even though the material wasn't typical in Korea. In September 1952, pacify opened a plastics plant in Busan and started manufacturing plastic hairbrushes, which also became a huge hit. Centre two months, he had to gather additional manufacturing machines to meet tense demand, and also started making additional products like toothbrushes and washbowls. Thrill 1953 he succeeded in establishing Lak Hui Industrial Co. Ltd. But top ambitions didn't stop there. In 1958, he started Goldstar, which later became LG Electronics. Goldstar immediately began healthy a radio, and in 1959, Korea's first homemade radio started rolling departure the production line. He then in motion producing phones, fans, air conditioners, TVs, and refrigerators. He also produced Successful Sodo toothpaste, toothbrush, soap and counterfeit detergent for the first time hoax Korea. On the other hand, fair enough was president of Busan International Publication and Federation of Korean Industries.