CJ to Advance 580 Billion KRW Payments to Small and Medium Partners Ahead of Chuseok
Olive Young, CJ CheilJedang, and 3 Other Affiliates Target Over 3,700 Partner Companies
CJ Group announced on the 10th that it will advance approximately 580 billion KRW in payment settlements to small and medium-sized partner companies ahead of the Chuseok holiday.
This early payment involves five affiliates including CJ CheilJedang, CJ Logistics, and CJ Olive Young. By payment scale, CJ Olive Young will advance 340 billion KRW, CJ CheilJedang about 126 billion KRW, and CJ Logistics about 87 billion KRW, with plans to sequentially pay before the Chuseok holiday.
CJ has expanded the early payment amount to the largest scale ever this year to contribute to revitalizing the domestic economy and strengthening win-win management with small and medium-sized partner companies. As a result, the number of small suppliers benefiting will increase to about 3,700, roughly three times more than last year.
A CJ Group official stated, "Regardless of business conditions, CJ has been advancing payment settlements every year during holidays since 2015 to practice win-win management," adding, "We hope this helps alleviate the temporary financial burden on small and medium-sized partner companies ahead of the holiday."
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Meanwhile, CJ is actively practicing win-win management for co-growth with small and medium-sized partner companies. CJ CheilJedang continues its 'Joyful Companion' project, which discovers competitive partners and provides sustainable growth opportunities through support in necessary funds, capabilities, and sales channels. CJ Logistics operates the middle-mile transportation platform 'The Unban' and was the first in the industry to introduce a next-day payment system for freight charges, paying the full transaction amount to carriers (freight drivers) the next day to enhance the soundness of the logistics ecosystem. CJ Olive Young composes more than 80% of its in-store products from domestic small and medium-sized enterprises and supports overseas expansion of domestic SMEs by introducing and marketing small and medium-sized K-beauty products worldwide through its online global mall.
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