Technology company LG Electronics has made gains in the global market, driven by a shift toward becoming a “Smart Life Solution Company.” This reinvention has helped LG increase its brand value and climb the rankings of top global brands.
On Oct. 10, global brand consulting firm Interbrand ranked LG 97th in its Best Global Brands 2024 report, valuing the company at approximately $6.5 billion. Interbrand’s evaluation looks at financial performance, the brand’s role, and its strength, using a method recognized for its reliability in branding and marketing.
LG’s transformation from a leading electronics company to a Smart Life Solution Company has contributed significantly to its success.
“We are transforming from a leading home appliance and consumer electronics company into a Smart Life Solution Company,” William Cho, CEO of LG Electronics, said in a statement. “As part of this transformation, we have initiated our brand reinvention based on our long-standing promise, ‘Life’s Good.’”
Since unveiling its new vision in July 2023, LG’s brand value has more than doubled, from around $3.1 billion in 2022 to $6.5 billion this year. This 38.7% increase reflects improvements in both business performance and customer engagement.
Interbrand highlighted LG’s efforts to connect with different generations, particularly Generation Z. LG has used both online and offline strategies, including digital campaigns like “Optimism your feed,” which promotes positivity and has attracted over 1.8 billion views on platforms like YouTube and TikTok. Aside from online engagement, LG is creating spaces where younger customers can experience its products firsthand.
LG plans to continue building on its Smart Life vision, expanding its presence across homes, commercial spaces, and virtual environments.
“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,” Cho said.
This recognition enables LG to return to the top 100 global brands after being previously listed from 2005 to 2007.