Self-Made Entrepreneur Who Built the Shoe Industry Barehanded... The Tumultuous Life of the Late Park Yeoncha Chairman
[Asia Economy Reporter Lee Gwan-joo] Park Yeon-cha, chairman of Taekwang Industrial, a giant in the domestic 'footwear industry,' passed away on the 31st due to illness at the age of 75.
Chairman Park was born in November 1945 in Miryang, Gyeongnam, as the fourth of five sons and one daughter, and is a representative self-made entrepreneur who experienced a difficult childhood. In 1966, he voluntarily enlisted in the Vietnam War in Papyong-gun and served for 44 months until 1968. During this period, Park developed an interest in business and founded Jeongil Industrial, the predecessor of Taekwang Industrial, in 1971. Later, in 1980, he changed the corporate name to Taekwang Industrial and did not relinquish management until just before his death.
Chairman Park is especially recognized as a figure who led the revival of the domestic footwear industry. Despite management difficulties in the early stages of the business, he signed a strategic partnership with the famous sports brand 'Nike' in 1987 and successfully expanded into Vietnam in 1994, the first in the footwear industry to do so. In 2000, he was appointed honorary consul of Vietnam, and in 2003, he made significant contributions as a 'private diplomat' to expanding Korea-Vietnam exchanges, including the establishment of direct flights between the two countries.
In 2006, he acquired the precision chemical company Huchems, established Taekwang Power Holdings in 2008, acquired Illem Technology in 2012, founded Jeongsan International in 2013, and acquired Jeongsan Aekang (formerly Aekang Limetec) in 2014, promoting business diversification. The Taekwang Industrial Group, which continued to grow, operates 15 corporations with sales of 3.8 trillion won and a workforce of 100,000 employees, standing tall as a global company.
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Chairman Park also took the lead in fulfilling corporate social responsibility. In 1999, he established the Jeongsan Scholarship Foundation and supported more than 60 billion won in various fields such as scholarship projects for community development, disaster funds, social welfare, medical care, culture, and sports. He also actively engaged in external activities, serving as vice chairman of the International Disability Association, vice chairman of the Korea Wrestling Federation, chairman of the Korea Footwear Industry Association, and chairman of the Gimhae Chamber of Commerce and Industry.
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