LG Electronics (LG) has experienced tremendous global growth, driven by innovative brand strategies that have elevated the company to new heights. As of October 10, LG has been ranked 97th in the Best Global Brands 2024 report by Interbrand, a global brand consulting firm, with an impressive brand value of USD 6.5 billion.
Interbrand’s rankings are based on a comprehensive evaluation of a company’s financial performance, brand strength, and role in the industry. As a leader in branding analysis, Interbrand’s methodology is regarded as one of the most reliable in the field. LG’s brand value surged by 38.7 percent year-over-year, reflecting its strong performance and enhanced brand competitiveness.
Brand Value Soars with Strategic Transformation
LG’s transformation into a Smart Life Solution Company has been a significant driver of its increased brand value. Since announcing its new direction in July 2023, the company has focused on enhancing customer experiences across various sectors, including homes, commercial spaces, mobility, and virtual realms. LG’s commitment to this vision has resulted in a dramatic increase in brand value, rising from USD 3.1 billion in 2022 to USD 6.5 billion in 2024.
Interbrand credited LG’s Brand Reinvent initiative as a key factor in this growth, positioning LG as a youthful, dynamic brand that resonates with diverse generations and regions. This initiative aligns with LG’s “Life’s Good” brand promise, which is now integrated across all global customer touchpoints, ensuring a unified and consistent brand experience.
Engaging New Generations and Spreading Positivity
A major component of LG’s brand reinvention is its increased engagement with Generation Z. The global campaign “Optimism Your Feed” has been central to this effort, promoting positivity through social media platforms. This initiative garnered over 1.8 billion views in just two months on YouTube and TikTok. LG’s strategy also includes launching pop-up events and offline experiences that cater to younger customers’ interests, such as lifestyle, gaming, and music.
In addition to these digital efforts, LG’s “Face of the Future” brand symbol has become a friendly and recognizable figure online, representing the brand’s mission to connect with customers in a fun and engaging way.
A Bright Future for LG
As LG continues to evolve from a leading home appliance and consumer electronics company into a Smart Life Solution Company, its brand reinvention underscores its commitment to providing innovative solutions that enrich people’s lives. This transformation has cemented LG’s status as a top global brand, recognized for its potential to shape the future of technology and customer experiences.
William Cho, CEO of LG Electronics, emphasized the significance of the company’s journey: “We are proud to be recognized as one of the top 100 global brands. This milestone reflects our strong brand presence and the enormous growth potential as we continue our transformation based on the promise of ‘Life’s Good.’”
With ongoing efforts to engage with new generations and create meaningful connections, LG is well-positioned to maintain its upward trajectory in the global market.