Published : Dec. 29, 2015 - 19:41
Hangwha E&C manager Kim Dong-sun. Yonhap
Kim Dong-sun, the third son of Hanwha Group chairman Kim Seung-youn, showed up at the media briefing Dec. 21 to showcase the Galleria Duty Free 63, the company’s duty-free store in Yeouido, southwest Seoul.
Unlike the usual hierarchical introduction, Dong-sun came forward right after Hanwha Gelleria Time World CEO Hwang Yong-deuk, outranking four other vice presidents of the company. He also stood at the center when posing for photos at the opening of the store on Dec. 28.
According to the company, Dong-sun, who is currently a manager at Hanwha Engineering & Construction, was dispatched to the task force for the duty-free store opening, and is expected to juggle both projects.
His attendance ― the first time that the 26-year-old dapperly dressed made an official public appearance ― sent a clear signal that the youngest son of the patriarch is ready to join the management. Despite the fact that neither he nor Hanwha could clarify his role in the company nor the reasons for his appearance at the event, he took media queries and participated in the tour around the duty-free store.
Observers suggest that Dong-sun’s participation in the duty-free business is chairman Kim’s desire to create a legacy for his youngest son.
While Dong-sun’s eldest brother Kim Dong-kwan has been making headlines with the solar panel business in another unit Q-Cells and second brother Kim Don-won has been commissioned to find the next-generation growth engine in Hanwha Life Insurance, the engineering and construction part has very few silver linings due to the dire economic situation. Though Dong-sun accompanied his father on a visit to Iraq and other fields as the overseas sales manager, his less impressive track record has not been encouraging, insiders say.
“Hanwha took everyone by surprise when it won the license to operate the lucrative urban duty-free store, which is genuinely a cash cow at this point when tourists, especially Chinese, are pouring in. This must be a good opportunity for the founding Kim family to shine,” a market analyst said.
But Dong-sun may make other headlines next year in a very different field ― the noted equestrian has been picked to represent Korea at the 2016 Rio Olympics in horseback riding. “Dong-sun is definitely running. He is expected to manage the three different roles without trouble,” a Hanwha spokesman said.
By Bae Ji-sook (baejisook@heraldcorp.com)