...Revolutionary Strategy Drives Growth and Global Recognition
On October 10, the global brand consulting firm Interbrand ranked LG 97th on its prestigious Best Global Brands 2024 list, assigning the company a brand value of approximately USD 6.5 billion.
Interbrand’s rankings, considered the gold standard in branding, evaluate companies based on financial performance, brand impact, and overall strength. Using ISO-certified criteria, the firm assesses key factors such as vision, customer engagement, and relevance in a dynamic market.
LG’s brand value surged by an impressive 38.7% compared to the previous year, reflecting enhanced business performance and competitive edge. The company scored particularly high in metrics measuring the influence and strength of its brand.
This success is attributed to LG’s transformation into a “Smart Life Solution Company,” a clear vision that has fueled its growth. By capitalizing on new market opportunities and tailoring strategies to engage diverse audiences globally, LG has reinforced its relevance across generations. The company’s innovative approach to customer communication—leveraging both digital and traditional platforms—has further solidified its status as a global leader.
In July of last year, LG unveiled its vision to evolve into a “Smart Life Solution Company,” enhancing customer experiences across various environments, including homes, commercial spaces, mobility and virtual realms. Since embarking on its transformation, LG’s brand value has skyrocketed. From approximately USD 3.1 billion in 2022, it has more than doubled to about USD 6.5 billion in 2024.
Interbrand has also praised LG’s “Brand Reinvent” initiative, which aims to establish LG as a youthful and dynamic brand that resonates with customers across generations and regions.
To achieve this, LG has unified its brand message under the brand promise of “Life’s Good,” ensuring it is embraced by all organizations globally and integrated into every customer touch point of brand experience. This includes redefining its brand identity and visual expression. “Life’s Good” encapsulates the brand’s mission to help everyone savor life’s precious moments through its products, services and communications. In the digital realm, the brand symbol “Face of the Future” engages customers with a friendly smile and wink, fostering a sense of connection through various digital expressions.
In addition, LG is launching brand campaigns and pop-up events that invite future customers, particularly Generation Z, to engage both online and offline.
The global campaign “Optimism your feed” aims to spread positivity through online algorithms, encouraging a better life with an optimistic outlook. This initiative garnered significant attention, amassing over 1.8 billion views within two months of its launch on platforms like YouTube and TikTok.
Moreover, LG is going to keep enhancing its engagement with Generation Z by creating offline customer experience spaces that reflect young customers’ interests, such as lifestyle, games and music.
LG has previously been recognized as one of the top 100 global brands for three consecutive years from 2005 to 2007.
“We are transforming from a leading home appliance and consumer electronics company into a Smart Life Solution Company. As part of this transformation, we’ve initiated our brand reinvention based on our long-standing promise, ‘Life’s Good,’” said William Cho, CEO of LG Electronics. “At this historical moment of business transformation, we are proud to be recognized as one of the top 100 global brands, a testament to our strong brand presence and growth potential.”
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