Musinsa Chairman Jomanho Grants 100 Billion KRW Worth of Shares to Employees for Free

Jomanho, Chairman of the Musinsa Board of Directors
Photo by Yonhap News

[Asia Economy Reporter Koo Eun-mo] Musinsa announced on the 22nd that its founder and Chairman of the Board, Jo Man-ho, will donate stocks worth 100 billion KRW that he owns to employees free of charge.

The recipients of the free donation include approximately 1,000 employees of Musinsa and its subsidiaries who joined by March of this year, including StyleShare and 29CM, which were acquired through mergers and acquisitions last year. The stocks will be distributed individually based on each employee's length of service and other factors.

Chairman Jo said, "The reason Musinsa was able to expand its business and grow rapidly is because of the passionate employees who worked together," adding, "I sincerely want to express my gratitude to everyone who has helped build the Musinsa we have today."

Han Moon-il, CEO of Musinsa, promised, "Since Chairman Jo donated his personal stocks to encourage employees and urge a greater leap forward, the company will continue to support employees so they can take on various challenges in a better environment."

Chairman Jo stepped down from day-to-day management last June and currently serves as Chairman of the Musinsa Board of Directors.

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