Hyundai Department Store Group Launches Single Holding Company 'Hyundai GEF Holdings' to Accelerate "Vision 2030"

Appointment of Internal Directors Jeong Ji-seon and Jeong Gyo-seon... Single Governance Structure
Leading Management Consulting, New Business Discovery, and M&A

Hyundai Department Store Group is officially transitioning to a holding company system. Through the launch of its holding company, Hyundai G.F. Holdings, the group plans to improve its governance structure while accelerating the 'Vision 2030' project, which aims to achieve sales of 40 trillion won by 2030.

Jung Ji-sun, Chairperson of Hyundai Department Store Group [Photo by Hyundai Department Store Group].

Jung Gyo-seon, Vice Chairman of Hyundai Department Store Group [Photo by Hyundai Department Store Group].

On the 8th, Hyundai Department Store Group announced the official launch of its holding company, Hyundai G.F. Holdings. On the same day, Hyundai G.F. Holdings held an extraordinary general meeting of shareholders and a board meeting, where they approved the appointment of Chung Ji-sun, Chairman of Hyundai Department Store Group, and Chung Kyo-sun, Vice Chairman of Hyundai Department Store Group, as inside directors.

A Hyundai Department Store Group official explained, "Chairman Chung Ji-sun and Vice Chairman Chung Kyo-sun, as the largest shareholders of the holding company Hyundai G.F. Holdings, will join the board and participate in decision-making across all management activities. Additionally, Jang Ho-jin, President of Hyundai Department Store’s Planning and Coordination Headquarters, was also appointed as an inside director and will serve as a representative of Hyundai G.F. Holdings alongside Chairman Chung Ji-sun."

He continued, "Even after transitioning to a single holding company system, Chairman Chung Ji-sun and Vice Chairman Chung Kyo-sun will maintain their current roles as representatives of Hyundai Department Store and Hyundai Home Shopping, respectively, as part of responsible management. President Jang Ho-jin, who will serve as the holding company’s representative, will continue to perform inside director duties for key affiliates such as Hyundai Department Store and Handsome," he added.

Hyundai G.F. Holdings reflects its commitment in its corporate mission to act as the group’s control tower by transforming existing businesses in distribution, fashion, food, and living into future growth industries, and by proactively discovering and nurturing new business areas aligned with the group’s growth direction to lead sustainable growth. Previously, Hyundai G.F. Holdings completed the governance structure encompassing all group affiliates by incorporating key subsidiaries Hyundai Department Store and Hyundai Green Food as subsidiaries through a public tender offer and capital increase by contribution in kind. Chairman Chung Ji-sun and Vice Chairman Chung Kyo-sun also participated in the contribution in kind, holding 38% and 28% of the holding company’s shares, respectively.

Hyundai G.F. Holdings, officially launched on this day, is a pure holding company that does not engage in separate business operations but holds and manages shares of subsidiaries. It has incorporated 27 subsidiaries within Hyundai Department Store Group (domestic basis) across distribution, fashion, food, and living interior sectors. Hyundai G.F. Holdings’ main tasks include management consulting and business support in finance, investment, business development, legal affairs, public relations, and human resources. As a single control tower, it will also manage the group’s entire business portfolio, investments, and risk management. In the mid to long term, it will discover new businesses that will become the group’s future industries, provide growth direction, and pursue mergers and acquisitions (M&A).

Hyundai G.F. Holdings’ assets (on a separate basis) amount to approximately 1.5 trillion won, and its organization consists of 3 offices (management strategy, public relations, DT promotion), 3 departments (future growth strategy, business development, financial strategy), and 11 teams.

A Hyundai Department Store Group official said, "The establishment of a new governance system centered on a single holding company will enhance management efficiency and maximize synergy among affiliates, giving greater momentum to achieving 'Vision 2030.'"

Hyundai Department Store Group plans to actively enhance shareholder value and maximize shareholder rights with the launch of Hyundai G.F. Holdings. Hyundai G.F. Holdings has decided to retire treasury shares, a representative shareholder return policy, and will also regularize an integrated investor relations (IR) session involving all listed companies within the group annually to further activate communication with the market. A Hyundai Department Store Group official stated, "At the beginning of this year, we established and are operating the 'Group Value Enhancement Committee,' composed of financial officers from 13 listed companies. Moving forward, we will pursue various shareholder-friendly policies that can enhance corporate value, such as dividend increases and bonus share issues."

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