LG Electronics (LG) has been ranked 97th with a brand value of approximately USD 6.5 billion in the Best Global Brands 2024 report by global brand consulting firm Interbrand.
In a statement, the company made significant strides in the global market with its innovative brand strategies, earning its place as a top international brand. The firm also disclosed that on October 10, LG was Interbrand’s evaluation of Best Global Brands, which assesses brand value through a comprehensive analysis of a company’s financial performance, role of brand, and brand strength. Factors such as direction, engagement and relevance are considered.
“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.”
According to a statement from the company, “LG’s brand value has surged, reflecting significant improvements in both business and brand competitiveness compared to the previous year. LG’s brand value increased by a substantial 38.7 per cent year-over-year, receiving high scores in the role of brand and brand strength categories. Interbrand attributes this positive assessment to LG’s clear vision as a Smart Life Solution Company and its sustained growth by exploring new opportunities. The company has also adapted its brand strategies to ensure consistent customer engagement across diverse regions and generations, utilizing communication methods that resonate with online and offline audiences.
“In July 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 message under the 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.”
