Hanwha Group VP creates new task force for retail biz vision

Vice President Kim Dong-seon

Hanwha Galleria Vice President Kim Dong-seon, the third son of Hanwha Group Chairman Kim Seung-youn, formed a new task force to shape the future vision of the group’s retail business.

According to industry sources on Tuesday, Hanwha Galleria created the Future Vision Task Force as part of its organizational realignment implemented on August 1st, 2024, and Kim’s title changed from Head of Strategic Management to Future Vision Chief. Hanwha Galleria’s Sales Head Bae Jun-yeon was also transferred to the role of Strategic Management Head.

“The Future Vision Chief position goes beyond simply reviewing new businesses. It is a higher-level concept that involves shaping the overall blueprint for Hanwha Galleria, and the Future Vision TFT will assist Kim in fulfilling these responsibilities,” a company official said.

Joining the newly formed Future Vision TFT is Kevin Changpyo Woo, a former CEO of Cornerstone Partners. Born in 1967, Woo graduated from Dartmouth College with a degree in Economics, while Kim majored in Political Science at the same school.

Hanwha Galleria also set up an F&B New Business Development Office under the Strategic Management Office. This will be led by FG Korea CEO Oh Min-woo, who worked with Kim to successfully bring the American burger chain Five Guys to South Korea. The new organization aims to discover “the next Five Guys” as its primary focus.

Meanwhile, Hanwha Galleria marked a shift into the red in the second quarter of 2024 with a consolidated operating loss of 4.5 billion won ($3.38 million). The decline in department store performance, mainly due to weak luxury sales, was cited as the primary reason.

“The blueprint Kim Dong-seon envisions will likely focus on strengthening the group’s competitiveness in the retail sector,” an industry insider said.