That's Ivor's version of the story but Ringo now says he saw the full set in the store window and fell in love with the look. Who's telling the truth? I suppose we'll never know.
Although you can't just peel off a wet-slide decal....so there's a strike against Ringo's version of the tale.
The decal on his first set did slowly chip away until it just read "Lu" at which point they had a full logo repainted on in a slightly off font.
Reportedly, John Lennon introduced Ringo as being "on Lu!" one evening.