Hanssem Korea is changing its top executive for the first time in 7 years, moving to a new management structure under which Executive Vice President Yu Tae-young (ユ・テヨン) will oversee its overseas fashion business. It is also pursuing a growth strategy centred on expanding overseas-brand stores and signing new exclusive agreements.
Hyundai Department Store Group has nominated Hanssem's current executive managing director and head of Overseas Fashion, Yu Tae-young (ユ・テヨン), as its new Representative Executive Vice President. The appointment is dated 1 January next year, marking the first change in Hanssem's representative executive since the president took office in 2020.
The new representative executive comes from an MD background and has emphasised a hands-on approach to identifying products himself. The move is seen as aimed at maintaining the company's existing high-end customer base through its own brands while strengthening execution in the overseas-brand business.
Under its store expansion plan, the company will add 3 overseas brands by the end of the first half of next year, expanding its overseas-brand stores from the current 60 to 90 by the end of next year. It signed an exclusive operating agreement for Satispay in South Korea on the 21st and plans to open pop-up and flagship stores from the autumn onward.
Hanssem's revenue declined slightly and operating profit fell substantially from 2022 to 2023, although results showed signs of improvement in the first half of 2023. Under the new top executive, the challenge will be to achieve both expansion of overseas brands and stable revenue from its own brands.