"Strengthening Online Platform Business to Secure Competitiveness and Coexistence in the Furniture Industry"

[Interview] Lee Young-sik, President of the Korea Furniture Industry Association

[Asia Economy Reporter Kim Jong-hwa] The first message from Lee Young-sik, the newly appointed president of the Korea Furniture Industry Association (Vice Chairman of Hanssem, photo), was "coexistence."

In a phone interview with Asia Economy on the 14th, President Lee said, "From the perspective of coexistence, we will strengthen platform businesses so that small and medium-sized partner companies going through difficult times can easily enter online malls and other channels."

The industry warmly welcomes President Lee, who now leads the association. Having joined Hanssem in 1996 and played a key role in making it the industry’s number one company, President Lee himself is full of enthusiasm to solidify the foundation of the association.

President Lee said, "Until now, I was busy making Hanssem the best company. Now, Hanssem has become a company with about 2 trillion won in sales," adding, "From now on, I will work to ensure that the furniture industry can secure competitiveness across the entire industry from the perspective of coexistence."

Hanssem only joined the association as an executive member company in July last year. The association’s 22 executive member companies, composed of heavyweight firms, bear corresponding responsibilities. Before joining as an executive member, Hanssem existed as one of about 200 general member companies and was criticized for being indifferent to the association’s affairs.

Although the atmosphere of the association has reversed with the new president’s inauguration, the reality faced by the furniture industry is not easy. Regarding the furniture companies’ earnings surprise in the first quarter of this year, President Lee cautioned, "It performed well due to an increase in apartment transactions compared to the same period last year. This trend will continue for a while, but the second half of the year should be viewed as uncertain."

The biggest crisis remains the ongoing COVID-19 pandemic. President Lee expressed regret, saying, "Companies in Gyeonggi-do, a furniture-specialized industrial area, are suffering greatly due to COVID-19," and added, "Offline furniture exhibitions that have not been held due to COVID-19 need to be held soon."

He continued, "Companies like IKEA are encroaching on the foundation of domestic companies, so urgent measures to respond are needed," and stated, "We will strive to improve consumer perception of domestic furniture through thorough safety management and compliance with environmental standards for various furniture and household goods that consumers frequently seek."

President Lee’s term began on the 1st of this month. Due to the COVID-19 situation, the inauguration ceremony was held belatedly on the 12th. The term is four years.

This content was produced with the assistance of AI translation services.