Daewoo to the junta. Today five companies with the Daewoo brand name remain: Daewoo Daewoo (, literally "Great Woo", after the first name of founder and chairman Kim Woo-jung) or the Daewoo Group was a major South Korean conglomerate and car manufacturer. It was founded on 22 March 1967 as "Daewoo Industrial" and was declared bankrupt on 1 November 1999. Prior to the Asian financial crisis, Daewoo was the second largest conglomerate in Korea after Hyundai Group, followed by LG Group and Samsung. There were about 20 divisions under the Daewoo Group, some of which survive today as independent companies. There
Daewoo Motors was launched, the first Daewoo model to be produced in their then new Kunsan motor plant. It was designed by the Italian-based I.DE.A Institute. In March 1997, the mid-sized Leganza followed, also designed by Giorgetto Giugiaro, borrowing some styling cues from the existing 1990 Jaguar Kensington concept car. In 1998 one of Daewoo's best known cars was introduced, the Matiz. The design was again signed by Giorgetto Giugiaro and based on his 1992 "Lucciola" concept car, which was initially imagined as a replacement for the Fiat Cinquecento. This car became Daewoo Motor's best-seller for the next four years. In 1999,