Why Quantum Computer Services became AOL. And why Lucky Goldstar became LG.

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When Yong Nam took over at LG Electronics, the flagship arm of the Korean conglomerate, in 2007, he decided the former Lucky Goldstar was going upmarket.

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In keeping with South Korea's own evolution into a highly skilled and innovative economy, LG has come a long way from the Lucky Goldstar days (since 1995 the initials have instead stood for Life's Good).

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The Goldstar brand will now take after the company name and be known as "LG" -- the company was once known as "Lucky Goldstar" -- "to emphasize our quality image, " explains Ham Jae Gyung, general manager of LG Collins Electronics Philippines, which is a joint venture between the Korean chaebol and the family of retail tycoon Samie Lim.

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It derives its names from Lucky and GoldStar, two 1950s-era brands.

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