Latest news with #KimDong-seon
Korea Herald
6 days ago
- Business
- Korea Herald
Two years in, Hanwha mulls sale of Five Guys Korea
Hanwha Galleria, the retail arm of Hanwha Group, is reportedly exploring the sale of FG Korea, operator of US burger franchise Five Guys in South Korea, two years after bringing the brand into the country. According to sources on Thursday, FG Korea, a wholly owned subsidiary of Hanwha Galleria, recently circulated documents to private equity firms through local accounting firm Samil PwC signaling a potential sale process. Although no deal terms or valuation have been finalized, a full sale of the 100 percent stake appears likely if a deal materializes, the sources explained. Five Guys entered the Korean market in June 2023 as one of the pet projects led by Hanwha Galleria Vice President Kim Dong-seon, the youngest son of Hanwha Group Chair Kim Seung-youn. The potential sale comes as Hanwha Galleria looks to streamline its portfolio and cut costs, including royalty payments to Five Guys' US headquarters, though contractual obligations with the franchisor limit unilateral decision-making. 'We are reviewing a range of options in consultation with the global headquarters to reinforce the brand's competitive edge,' Hanwha Galleria said in a regulatory filing, adding that no final decisions have been made and that further developments will be disclosed within a month. Since entering the Korean market, the company has expanded from its first location in Gangnam, southern Seoul, to seven stores, with an eighth set to open later this month at IPark Mall in Yongsan, central Seoul. Last year, the company signed a memorandum of understanding with Five Guys International to lead the brand's expansion into Japan, with a goal of opening over 20 stores in seven years. FG Korea turned a profit last year, posting 46.5 billion won ($33.4 million) in revenue, 3.4 billion won in operating profit and 2 billion won in net income.
Korea Herald
19-05-2025
- Business
- Korea Herald
Hanwha's new ice cream brand Benson debuts in Apgujeong
Betterscoop Creamery, the ice cream business subsidiary of Hanwha Galleria, held a press conference ahead of Friday's official opening for premium ice cream brand Benson's first store, Benson Creamery Seoul, on Monday. Located a one-minute walk from Apgujeong Rodeo Station Exit No. 5, the store is surrounded by popular restaurants and select shops, including the Hanwha-introduced Five Guys US burger franchise, and sees high traffic of young people and tourists. 'Just like our slogan 'Freeze the Moment,' we hope that our customers can share their precious memories encapsulated in each ice cream scoop here at Benson,' Betterscoop Creamery CEO Oh Min-woo said. Hanwha Galleria Vice President Kim Dong-seon, the driving force behind the ambitious premium ice cream brand project, provided significant input throughout the launch process — from setting the overall direction to giving detailed product feedback, the CEO explained. To focus on the original taste and quality of ingredients, Betterscoop Creamery established its own production facility in Pocheon, Gyeonggi Province. All dairy products are domestically sourced, and the milk fat content has been raised to as much as 17 percent to create a rich flavor. Air content has been reduced to about half that of conventional products, with an average of 40 percent, resulting in a dense texture. Twenty flavors are available, with a single cup priced at 5,300 won. Seasonal and special menus will rotate regularly. Unique features at the three-floor store include an experiential space where customers can participate in the entire process, from ingredient selection to production and packaging, as well as a tasting lounge, where a premium dessert menu using Benson products will be available in collaboration with Chef Justin Lee, the first Korean to win France's prestigious gastronomy award, "La Liste," last year.
Korea Herald
15-05-2025
- Business
- Korea Herald
Hanwha Hotels finalizes W870b acquisition of Ourhome
Hanwha Hotels & Resorts, the leisure arm of Hanwha Group, has finalized its acquisition of Ourhome, capping a seven-month push to integrate the catering firm and revamp the conglomerate's food and beverage portfolio. According to the company on Thursday, it has acquired a 58.62 percent stake in the food catering giant for 869.5 billion won ($622 million). Spearheading the acquisition was Kim Dong-seon, vice president of Hanwha Hotels & Resorts and youngest son of Hanwha Group Chairman Kim Seung-youn, who has led the effort since October. In February, the company established a special purpose entity, Woori Home F&B, to facilitate the transaction while securing antitrust approval from both domestic and international regulators last month. The company sees strategic upsides to the tie-up, despite its smaller scale compared to Ourhome. Hanwha Hotels & Resorts reported 750 billion won in revenue last year, while Ourhome generated 2.24 trillion won, topping the 2 trillion mark for the first time. Hanwha's decadeslong track record in leisure and food services, including nearly 30 years in the catering business, is expected to create strong synergy with Ourhome's expertise in food-related sectors, the company explained. At the group level, the deal lays the groundwork for a wave of cross-affiliate collaboration. For one, Hanwha Foodtech, a subsidiary of Hanwha Hotels & Resorts, is expected to deepen the company's capabilities in food technology, particularly in kitchen automation and smart logistics. As part of that effort, it acquired US-based robotic pizza company Stella Pizza last year. Kim has already made waves through Hanwha Galleria, where he also serves as vice president. In 2023, he brought American burger giant Five Guys to Korea. Hanwha Galleria's ice cream unit, Betterscoop Creamery, is also set to launch its new premium brand, Benson, later this month. 'With Ourhome, we aim to drive a major transformation not only in Korea but across the global food industry,' a company official said. 'Now part of the Hanwha family, Ourhome will collaborate with various affiliates to unlock new business opportunities.'
Korea Herald
15-04-2025
- Business
- Korea Herald
Hanwha expands F&B portfolio with new ice cream brand
Betterscoop Creamery, the ice cream business subsidiary of Hanwha Galleria, said Tuesday that it will officially launch its new ice cream brand, Benson, in May. Industry insiders see Hanwha Galleria Vice President Kim Dong-seon's entry into the premium ice cream market as a natural extension of his success in introducing the Five Guys burger franchise to Korea in 2023. Strengthening its food and beverage portfolio further, Hanwha Galleria acquired the US-based robotic pizza brand Stellar Pizza in March last year. In September, Kim led the acquisition of Korean beverage manufacturer Pureplus, and soon after decided to establish the ice cream business as a separate corporation under the name Betterscoop Creamery. According to the company, the name Benson — a common personal name in the US — was chosen for its associations with 'honesty' and 'trustworthiness,' reflecting the brand's core values. All Benson products are made using milk and cream sourced locally from Korea, with the goal of delivering a denser texture and richer flavor. The use of premium ingredients, such as Korean acacia honey and rare single-origin Tanzanian chocolate, further differentiates Benson from its competitors, the company explained. The first Benson store will open in Apgujeong Rodeo, a posh neighborhood in Seoul's Gangnam district known for its trendy restaurants and curated retail shops. Its proximity to both the Galleria Department Store and the Five Guys Apgujeong location is expected to create synergy among Hanwha's affiliated businesses. This mirrors the strategic approach used for Five Guys, which targeted expansion into major commercial districts across Seoul and the greater capital region, including Banpo, Seoul Station, Yeouido and Pangyo. Ahead of Benson's official debut, Betterscoop Creamery finalized the construction of a dedicated ice cream production facility in Pocheon, Gyeonggi Province, which began operations this month. 'With so many trend-conscious and socially active young consumers in the area, we believe Apgujeong Rodeo is the ideal location to showcase Benson's unique identity,' a Betterscoop Creamery official said. 'We've focused on maximizing the natural qualities of each ingredient to craft flavors that stand out.' Meanwhile, the Korean ice cream market has traditionally posed challenges for new entrants, with most brands struggling to rival early market leader Baskin-Robbins. Natuur, a premium brand from Lotte Wellfood, once seen as a strong challenger to Baskin-Robbins, saw its number of stores decline from 51 in 2021 to just 25 in 2023. Cold Stone Creamery, brought into Korea by CJ Foodville, exited the market in 2015 — nine years after its debut — while Shinsegae Food's Oslo now maintains only a minimal presence, with six locations as of last year.
Korea Herald
01-04-2025
- Business
- Korea Herald
Hanwha heir shares sustainable food vision with Standford students
Hanwha Hotels & Resorts Vice President Kim Dong-seon met with students from Stanford University's Graduate School of Business on Monday to share the group's key businesses and exchange insights on future industries and the global market, Hanwha Group announced Tuesday. The event was part of Stanford University's Global Study Trip. The annual program allows students to conduct field studies in major countries and gain firsthand experience of the society, culture and the economy there. This year's trips included visits to Korea, Germany, Italy, Ethiopia and Japan. Around 30 students and faculty members visited Seoul's 63 Square, where they expressed keen interest in Hanwha Group, a company with a strong presence in diverse sectors such as defense, finance, distribution and machinery. "I want to contribute to society through healthy and sustainable food," Kim reportedly said during the event. "We will leverage food tech to reduce costs and improve efficiency while investing in higher-quality ingredients." Regarding his management philosophy, he emphasized the importance of having "the courage" to recognize one's own shortcomings, adding that he remains committed to continuous learning. The participants, hailing from the United States, Asia and Europe, engaged in discussions on topics such as sustainability, corporate innovation and leadership, and business marketing through Korean culture. Many students were particularly interested in Hanwha's distribution and service sector, asking Kim about the success factors behind Five Guys' expansion in Korea, and future strategies. Students also took note of Hanwha Vision's leadership in the US security service provider market and Hanwha Semitech's recent entry into the high-bandwidth memory TC bonder market, which positioned the company within Nvidia's supply chain. "It was a valuable opportunity to showcase the Korean market and Hanwha's unique competitive strengths to global talent with diverse backgrounds," a Hanwha Galleria official said. "We will continue to engage with the next generation of leaders through various initiatives."
