Shinsegae head gives shares in affiliate to daughterShinesegae Department Store President Chung Yoo-kyung received 1.5 million shares in Shinsegae International from her father, becoming the largest stakeholder in the fashion affiliate on Tuesday.
According to a regulatory filing, Chung received the shares of Shinsegae International from Chung Jae-eun, the honorary chairman of Shinsegae Group. Shinsegae International currently holds the local right to import multiple fashion and beauty brands.
Chung Yoo-kyung’s stake in the company is now 21.44 percent, while her father’s is reduced to just 0.68 percent.
The company explained that the decision was made to strengthen Chung’s role in the group. She and her older brother Chung Yong-jin currently run the family’s retail conglomerate.
By Song Kyoung-son