[THE INVESTOR] South Korean clothing company Fashion Group Hyungji chairman Choi Byung-oh appeared to have begun transferring his managerial rights to his offspring.
On June 16, his daughter Hae-won was promoted to chief executive of
Hyungji I&C, a key affiliate the group.
The chairman holds a 47.3 percent stake in the firm, while Hae-won and her brother Joon-ho each holds a 3.71 percent stake.
Hae-won began working at Hyungi Group in 2008. Since then, she has worked in departments such as global sourcing and purchasing.
Hyungi Group chairman Choi Byung-oh (left) and his eldest daughter Hae-won.
In 2013, she headed the group’s strategy and planning department, and was in charge of sales and strategy at Carries Note, one of Hyungi Group’s leading brands.
Launched in 1996, Hyungjicurrently operates 20 clothing brands across the nation. The brands include Chatelaine, Olivia Hassler, Ragello, Carries note, Stefanel. In 2012, Hyungji took over men’s fashion company Woosung I&C, under which it runs brands such as Yezac and Bon.
In 2015, Hyungi Group's annual sales reached 1.08 trillion won ($919.7 million), and its operating profit was at 24 billion won.
By Kim Ji-hyun (jemmie@heraldcorp.com
