Kim Chang-su, Chairman of F&F, Receives EY Best Entrepreneur Award

MLB, Discovery Expedition Success
Presenting a New Paradigm in the Fashion Business

Kim Chang-soo, Chairman of F&F, announced on the 2nd that he received the highest honor in the Master category at the ‘2024 EY Entrepreneur of the Year’ awards ceremony.

The EY Entrepreneur of the Year, hosted by the global accounting and consulting firm EY, is a prestigious international awards ceremony recognizing entrepreneurs who have contributed to national economic development and strengthening global competitiveness. Every year, innovative leaders who have contributed to the global economy are selected from 79 countries. In Korea, this marks the 18th edition. The EY Entrepreneur of the Year awards ceremony, also known as the "Oscar of the business world," was held on the 29th of last month at the Shilla Hotel in Jung-gu, Seoul.

Chairman Kim Chang-soo of F&F, winner of the 2024 EY Master Category Best Entrepreneur Award. Provided by F&F.

Chairman Kim, known as the ‘Midas touch of the fashion industry,’ is leading the ‘globalization of K-fashion.’ He has introduced a new business model by turning intellectual property (IP) such as MLB and Discovery Expedition into premium fashion brands. Thanks to this, F&F recorded nearly 2 trillion won in sales, with 1.8088 trillion won in 2022 and 1.9784 trillion won in 2023.

Two key keywords that run through F&F’s success are ‘global’ and ‘digital.’ MLB, launched in 1997 as a lifestyle fashion brand, expanded into major Asian countries including China at the end of 2019, based on its successful development in Korea. Despite difficulties faced by fashion stores due to COVID-19, MLB opened more than 1,100 stores in mainland China within five years of entering the market, and overseas consumer sales are expected to exceed 2 trillion won this year.

Effective communication with global consumers and building brand fandom through digital marketing played a crucial role. F&F digitalized the entire business value chain from product planning, design, global sourcing, ordering, to delivery, establishing a virtuous cycle profit structure through sound inventory management. Additionally, strict data-driven pricing policies preserved the MLB brand value, achieving high performance in the global market.

This year, F&F plans to focus on the global expansion of another core brand, Discovery Expedition. Recently, stores were opened in mainland China, and plans are underway to open around 100 stores next year. Following MLB’s success, the entry of another flagship brand onto the global stage is expected to further accelerate F&F’s globalization.

Chairman Kim’s goal is to make F&F a company that can contribute more significantly to the globalization of K-fashion. He has often said, "Korea is the country that has the most Westernized culture while having Eastern roots, so it is the best country to achieve globalization." Holding this philosophy, Chairman Kim has been considering global market entry since launching Benetton’s business in Korea in 1992. Since then, he has developed brands such as Sisley, Renoma Sports, Elle Sports, MLB, and Discovery Expedition, expanding business not only in Korea but also across Asian markets.

In his acceptance speech, Kim Chang-soo said, “These days, the world seems to be experiencing more competition and conflicts than before. I think the world needs Hallyu more than ever for harmony and joint development. I will take this as encouragement to further develop Hallyu, which has become increasingly important for world harmony.”

Meanwhile, past Korean recipients of the EY Entrepreneur of the Year award include Bang Si-hyuk, Chairman of HYBE (2023), Kwak Jae-sun, Chairman of KG Group (2022), Kim Woong-ki, Chairman of Global SeAH (2021), and Seo Jung-jin, Chairman of Celltrion (2020). Among the Master category winners selected from each country, only one is chosen for the ‘EY World Entrepreneur of the Year’ award, which is held in Monaco in June of the following year. In 2021, Seo Jung-jin, Chairman of Celltrion, was the first Korean to receive the EY World Entrepreneur of the Year award.

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