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.
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