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THE INVESTOR] Step aside gentlemen, it’s time for the ladies to shine.
South Korean conglomerates have long been dominated by men -- usually the sons and grandsons of the founders.
Shinsegae International CEO Chung Yoo-kyung (left) and Samsung C&T’s fashion division head Lee Seo-hyun
Although a few, such as
Lee Myung-hee, chairwoman of
Shinsegae, have made their mark, the role of women has primarily been to support their husbands or sons.
This trend, however, is changing, slowly but surely.
The daughters of the founders of some of the clothing companies in South Korea are out to show that they too have the brains and stamina to lead a company.
Samsung vs. ShinsegaeThe fashion arm of
Samsung C&T is headed by
Lee Seo-hyun, one of Samsung Group chairman Lee Kun-hee’s daughters. The junior Lee, who has worked in the fashion industry for years, has been at the helm of Samsung C&T’s fashion arm since 2015.
One of Seo-hyun’s direct rivals is her cousin, Chung Yoo-kyung, the sister of Shinsegae vice chairman Chung Yong-jin.
The two women are competing for leadership in the global fashion industry as hallyu rapidly gains ground overseas.
As chief executive, Samsung’s Seo-hyun has said one of her main responsibilities is to “globalize K-fashion.”
To that end, Seo-hyun has already successfully started selling six Samsung brands at Tmall Global, a shopping mall operated by China’s largest e-commerce giant Alibaba Group. She now has a new goal of launching the Eight Seconds brand in China in the latter half of this year.
Shinsegae International launched an independent clothing brand called G-cut in China via the Grand Gateway 66, the largest shopping mall in Shanghai.
It marked the first Shinsegae brand to make a foray into China in five years, according to the firm.
Hyungji vs. Sejung
Hyungji clothes are best known for their reliability and mass appeal. Launched in 1996, Hyungji currently operates 20 clothing brands across the nation. The brands include Chatelaine, Olivia Hassler, Ragello, Carries note, Stefanel. In 2015, Hyungi Group’s annual sales reached 1.08 trillion won ($919.7 million), and its operating profit was 24 billion won.
One of its most formidable rivals is Sejung Group.
Starting operations in 1974, Sejung has a stronghold in women’s apparel and is one of the leading second-tier clothing firms in the country.
And now, both companies have the founders’ daughters at the helm.
From left: Hyungji I&C CEO Choi Hae-won, Sejung&Future chief Park I-ra and Youngone Holdings CEO Sung Rae-eun
Hyungji founder Choi Byung-ho on June 16 appointed his daughter Hae-won as the head of Hyungji I&C, a core affiliate of Hyungji.
Sejung Group chairman Park Soon-ho’s daughter I-ra, 38, on the other hand, has headed the group’s apparel distributor Sejung & Future since 2006.
Youngone enters the race Another female executive in the spotlight is
Youngone Group chairman Sung Ki-hak’s daughter Rae-eun, who was named head of Youngwon Holdings -- Youngone’s holding company -- in March this year.
Youngone is one of South Korea’s top OEM firms. It also operates outdoor clothing brands such as The North Face.
As with Samsung and Shinsegae, going global is at the top of the agenda for these second generation CEOs.
Sejung has managed to start selling its jewelry brand Didier Dubot at two outlets of Harvey Nichols, an upscale British department store in Hong Kong.
Based on its Hong Kong foothold, Sejung now has plans to launch the brand in China.
By Kim Ji-hyun (jemmie@heraldcorp.com)