Chaebol daughters exit coffee business as backlash builds

Home > Business > Industry

print dictionary print

Chaebol daughters exit coffee business as backlash builds

Jang Sun-yoon, CEO of Bliss and daughter of Lotte Shopping President Shin Yong-ja, has become the third Chaebol scion to pull out of the bakery business. In announcing the move yesterday, the company said it came in response to the public outcry over the encroachment by big business into economic territory traditionally claimed by mom-and-pop stores.

Bliss runs the premium French bakery brand Fauchon and operates seven outlets in Lotte Department Store locations, including at the Sogong headquarters in central Seoul. Jang is a granddaughter of Lotte Chairman-in-Chief Shin Kyuk-ho.

Yesterday’s announcement came shortly after Artisee, a bakery and cafe affiliate of Hotel Shilla, announced last Thursday that it would pull out of the sector. Ozen, Hyundai Motor Group’s cafe brand, followed suit the next day.

The spate of withdrawals comes after President Lee Myung-bak lashed out at third-generation scions of chaebol owners for driving small entrepreneurs out of business.

More in Industry

Lee Lu-da, a little too chatty

Snacks, cereal and frozen food sales soar as social distancing continues

EuCorVac-19 vaccine gets greenlight for trials

Tesla model to lose government subsidies

Jailed Lee vows to support Samsung compliance committee

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now