The head of AmorePacific Co., South Korea‘s top cosmetics company, has reaffirmed his commitment to the Chinese market, saying he sees more room for growth among middle-class consumers there.“By 2020, the middle class population is expected to reach 500 million, and its size and influence will greatly expand in the next decade,” AmorePacific CEO Suh Kyung-bae was quoted as saying during a monthly meeting with senior company officials earlier this month.AmorePacific has been showing stellar perfo

When the superrich win big, they also lose big. This is especially true regarding the stock wealth of owners of chaebol -- Korean family-owned conglomerates -- who saw great fluctuations in their riches last year.The overall personal wealth of chaebol took a hit due to the sluggish economy. Even this year’s rich list -- those with $10 billion or more -- from Forbes and Bloomberg indicate shrinking chaebol wealth, as unlike before no Korean was included. The Samsung Group family in particular was

Perseverance was the key in achieving her long-cherished dream. After four failed attempts, president Lee Boo-jin of Hotel Shilla, a Samsung Group affiliate of luxury hotels and duty-free shops, is finally on her way to build a hotel in the style of a traditional Korean house, or hanok.Following a March 2 approval from the Seoul Metropolitan Government, Lee plans to build the hanok hotel adjacent to Shilla Seoul hotel in Jung-gu, central Seoul, after using parts of the hotel grounds to accommoda

Making it on this year’s exclusive 2016 Forbes billionaire list, 31 out of 1,810 billionaires are Korean. 　Of the 31 selected billionaires, 17 are the largest shareholders or owners of listed chaebol -- Korean family-controlled conglomerates -- who will in total receive at least 538.6 billion won ($452.7 million) in company cash dividends this year, averaging some 31.7 billion won per person. 　Although Korean companies are known to be stingy when it comes to distributing company earnings to shar

Korea ranked fifth in the world in terms of superrich business tycoons who inherited their wealth instead of making their own fortune, a think tank report showed. According to the Peterson Institute for International Economics, 74.1 percent of the 30 Korean billionaires inherited their fortune -- more than double the global average of 30.4 percent.The report said the proportion of Korean billionaires who amassed their fortune through inheritance stayed unchanged over the past two decades. Meanwh

Board membership of South Korean business tycoons is emerging as a main interest for investors ahead of annual shareholders meetings in March, as responsible leadership is required amid worsening business conditions. Entry to the board of directors involves becoming a registered board member with the obligation to be responsible for management decisions. Some of top management at Korea’s family-controlled conglomerates, dubbed chaebol, however, continue to exercise power over management issues f

 The only son of China’s richest man appears to be helping K-pop bands increase their presence in China. 　“Wang Sicong, the founder of Banana Project, has been in discussion for investments since he signed a contact with two girl groups T-ara and EXID last year,’’ a music industry insider, who wished to be identified only by his last name Cho, told The Korea Herald. Wang Sicong attends the charity event at a branch of his family’s cinema chain. China Daily　Banana Project, a new Chinese show busi

Private equity funds have emerged as the home for new financial elites, leading the domestic mergers and acquisitions market. Boosted by a surge of capital inflow into the private equity industry, more capable financiers are joining the industry in which a merit-based wage system linked to investment outcomes is prevalent. Among a new breed of new business power elites, those standing out have a strong connection with chaebol, South Korean family-controlled conglomerates.As children of influenti

The number of company founders and CEOs who share their wealth with employees is on the rise at home and abroad. Hanmi Pharmaceutical chairman Lim Sung-ki made headlines last year as he shared corporate success with loyal employees by paying them hefty bonuses.The average amount given per employee was 45 million won ($36,400), about the same as an average citizen’s annual salary. In addition to the amount of bonuses given, the 75-year-old chairman continued to surprise the Korean public by donat

Hyundai Group chairwoman sells assets, chips in own money to keep business afloat

Will people finally find out how much Samsung Electronics vice chairman Lee Jae-yong makes in a year?All eyes are now on a revision bill that will make public the payrolls of highest-paid business magnates. It is waiting for final approval from the National Assembly.While many lawmakers and civic activists call for transparency in management, saying that it is key to fair trade and business, businessmen are claiming that it is an invasion of privacy. (From left) Samsung Electronics vice chairman

Korea is expected to witness a booming stock market this year with many companies preparing to list on the main bourse KOSPI and the secondary tech-heavy KOSDAQ.Generally, companies decide to go public on the strength of confidence gained from successful business performance, improvement in corporate governance, and positive financing, although listing does not necessarily guarantee future success. Last year, close to 40 percent of the newly listed companies ended with their share price much low

Korea’s largest Internet portal Naver’s cofounder and chairman of NHN Entertainment Lee Joon-ho has shifted focus to virtual reality due to the obscure future of the game market. After Lee parted from Naver in 2013 to create an independent online game company NHN Entertainment, he has diversified the operations into other technological areas. Lee Joon-ho, chairman of NHN EntertainmentFollowing the investments in fintech and Internet of Things, Lee is currently expanding his presence in the virtu

Nexon founder and chairman Kim Jung-ju is not only the front-runner in Korea’s gaming industry, but is also considered a genius for spreading his influence through strategic acquisitions and investments.As noted by the Wall Street Journal in an article last year, “Mr. Kim said he wanted to join Collaborative Fund in New York City not so much to help the firm source deals in the gaming industry, but to help start-ups get from ‘idea stage to minimum viable product’ and beyond, without raising more