Not sure if this is true, but, the story I was told some years back, was that the brand of TVs, Goldstar was known to be very unreliable. Evidently the company changed hands and the new owner wanted to rename the company 'Lucky Goldstar'.

Being aware that 'westoners' thought badly of Asian companies that used the word 'Lucky' in their business name, they shortened it to LG and used the acronym Lifes Good!
In the early days, due to reliability issues, most people began to use the acronym, 'Lucky it Goes'.

As I said, don't know if it's true or not, but as they say, 'don't spoil a good story with the truth!'