Samsung Everland to take Cheil Industries nameSamsung Everland, the de facto holding company of Samsung Group, said yesterday it has decided to change its name to Cheil Industries, which will be approved at its general shareholders’ meeting on July 4.
Samsung Everland’s shares are owned by members of the Samsung family, including Samsung Electronics Vice Chairman Jay Y. Lee, Hotel Shilla President Lee Boo-jin and Samsung Everland President Lee Seo-hyun, as well as Samsung Chairman Lee Kun-hee.
Cheil Industries’ fashion business unit was transferred to Samsung Everland last year.
“Samsung Everland has been pushing for the change in the company’s name since the restructuring of the business last year, with the intent to inherit the legitimacy and philosophy of Samsung Group at Cheil Industries, which has been regarded as the parent company,” said a spokesman for Samsung Everland.
The move is a follow-up measure to a merger between Samsung SDI and Cheil Industries.
Accordingly, Cheil Industries will continue on as Samsung Everland. Samsung Everland will then carry on with its plans of becoming a top global fashion brand.
Established in 1954, Cheil Industries is the second-oldest company in the group after Samsung C&T, which was founded in 1938.
The company will mainly focus on expanding its fast fashion brand 8Seconds and its sports and outdoors brand Beanpole Outdoor, which are the main drivers of its growth.
Beanpole Outdoor posted 110 billion won ($98.4 million) in annual sales last year, just two years after its launch, while growth for other brands in the outdoor fashion market has slowed down.
“Our main focus will be 8Seconds and Beanpole Outdoor,” said a spokesman for Samsung Everland’s fashion division.
“For 8Seconds, we aim to target overseas markets, starting with businesses in China next year and further expanding to Japan, Asia, Europe and the U.S. in the long term.”
For its foreign subsidiaries, Cheil Industries will use the name Samsung Cheil at its branch locations to take advantage of Samsung’s brand awareness.
Everland, the nation’s largest theme park, will maintain its name after the change.
BY KIM JUNG-YOON [email@example.com]