이 기사는 2022년 03월 18일 08:13 thebell 에 표출된 기사입니다.

South Korean fashion and beauty business Shinsegae International has decided to add a managing director-level executive to its board of directors, aiming to promote further growth by bolstering its cosmetics business.

Shinesegae Group appointed Lee Gil-han as new chief executive officer (CEO) of Shinsegae International in its regular executive reshuffle for 2022, replacing former CEO Jang Jae-young. Lee will take on a broader role in the company, overseeing both cosmetics and fashion divisions.

Kim Myo-soon, who spearheaded Shinsegae International's global cosmetics business, moved to Shinsegae Inc and Kim Duk-ju, who led luxury fashion business at Shinsegae, was appointed as the new managing director of cosmetics division at Shinsegae International.

Shinsegae Group has recently decided to add Kim Duk-ju to its board. The company will seek shareholder approval for Kim and new chief financial officer (CFO) Shin Sang-hwa’s appointment as inside directors at this year’s general shareholder meeting.

Shinsegae International’s board comprises four inside directors, including three presidents of each business division - international fashion, national fashion and cosmetics - and the CFO. It is natural for Shin to join the board as CFO while this is the first time a managing director - instead of president - of a business division is appointed as an inside director.

The number of the company’s inside directors will be reduced to three from current four upon shareholders’ approval. The company seems to aim to beef up its cosmetics business though Kim appointment to its board.

Born in 1970, Kim worked at Chanel Korea and joined Shinsegae to lead the international fashion business. Kim spearheaded luxury and international fashion business at Shinsegae Department Store and moved to Shinsegae International to lead the cosmetics business.

Shinsegae International is expecting its cosmetics business to grow amid its efforts to diversify its business portfolio after the acquisition of Swiss luxury skincare brand Swiss Perfection last year.

Shinsegae International posted the record earnings last year, delivering consolidated revenue of 1.45 trillion won ($1.19 billion) and an operating profit of 92 billion won, up by 9.5% and 172.4% year-on-year. The cosmetics business accounted for 92.8% of the company’s total operating profit in 2020. (Reporting by Seon-ho Kim)