Koo In-Hwoi started a business unit in 1926 and opened a store with his brother in 1931, which suffered heavy losses. He persevered until he founded Lucky Chemical Industrials in 1957, which manufactured small creams. After facing a minor setback, he started a plastics plant, which manufactured plastic hairbrushes and soon became famous. He also began Goldstar, which developed radios and other electronics. Soon, it combined with Lucky and came to be known as LG.