[Newsmaker] Amorepacific, Bokwang heirs divorcing after 8-month marriage

Seo Min-jeong, the eldest daughter of Amorepacific Chairman Seo Kyung-bae (Yonhap)

Seo Min-jeong, the eldest daughter of Amorepacific Chairman Seo Kyung-bae, and Hong Jeong-hwan, the eldest son of Bokwang Investment Chairman Hong Seok-joon, have agreed to divorce after eight months of marriage, trade sources mentioned Friday.

The information adopted Amorepacific’s regulatory submitting on Friday, by which the corporate made a change to Hong’s holdings within the agency.

Previously, Suh Kyung-bae, chairman of Amorepacific Group, gifted 100,000 shares in South Korea’s main magnificence model to his new son-in-law. The shares had been then value round 6.3 billion gained ($5.6 million).

According to the regulatory submitting on Friday, Hong owned zero p.c of Amorepacific, having beforehand held a 0.12 p.c stake. Amorepacific Chairman Suh’s stake in Amorepacific Group rose accordingly to 53.78 p.c from 53.66 p.c.

The couple wed in October final 12 months at Hotel Shilla in central Seoul after an engagement ceremony in June. Their marriage drew consideration as they had been each from family-run Korean company empires.

Seo Min-jeong is a granddaughter of the late founder and chairman of Nongshim Group, Shin Choon-ho, who was the youthful brother of Shin Kyuk-ho, the late founding father of retail large Lotte Group. Seo studied economics at Cornell University and was employed by Bain & Company earlier than becoming a member of Amorepacific in 2017. She studied enterprise at a graduate college in China after which returned to Amorepacific.

Hong Jeong-hwan is a cousin to Samsung Vice Chairman Lee Jae-yong. Hong appraises investments at Bokwang Investment. Bokwang Investment has invested in WayWearable, a skincare answer and device-making startup that additionally obtained funding from Amorepacific in 2014.

By Shim Woo-hyun ([email protected])

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