You may have an LG tv or an LG fridge, but did you know that LG’s initial bunch of products were actually toothpaste and facial cream?
I’ve been learning about private sector development in Korea, and the stories are awe-inspiring. It’s interesting that two of South Korea’s biggest global brands started off making cosmetics. Both LG and Amore Pacific had their roots in these products, and swiftly went wider and deeper. While LG diverted from its origins to become a global electronics giant, Amore Pacific stuck to its origins and is now in the top 10 of global cosmetics brands. It recently opened a luxury ‘beauty gallery and spa’ in the chic NYC district of Soho, and it’s highest-end perfume under the Annick Goutal sells for over US$ 2,000 a bottle! A South Korean brand selling perfume to the French. Now that’s going global!