Early Life
Chung Yong-jin was born in Seoul, South Korea, on September 19, 1968. He is the only son of Lee Myung-hee, the chairwoman of Shinsegae Group, and the grandson of Samsung founder Lee Byung-chul. His family background placed him at the heart of two of South Korea's most powerful business empires. Chung graduated from Kyungbock High School and holds a Bachelor of Arts in Economics from Brown University, giving him a strong foundation for his future business endeavors.
Rise to Success
Chung's career is closely intertwined with the Shinsegae Group. He joined the group in 1995 as a director in the strategy planning division. He rose through the ranks, becoming Vice Chairman in 2006 and then Chairman in March 2024. Chung has played a crucial role in the company's growth and success, encompassing department stores, supermarkets, discount stores, and online shopping platforms. His strategic vision has been instrumental in expanding the group's reach, solidifying its position in the South Korean retail industry. Under his leadership, Shinsegae has aggressively expanded into new business areas.
Key Business Strategies
Chung is focused on emphasizing the importance of connecting content, including products, stores, and brands, with various stories and re-editing them to meet customer needs as a core competitive strength. His idea of “gaining customers' time rather than just their spending” has transformed Shinsegae Group into a national life-share company. Starfield, the first suburban complex shopping mall in South Korea, opened in 2016, and has become synonymous with shopping malls in Korea, attracting 20 million visitors annually. He has consistently presented ideas for the future, based on his belief that the group's growth should encompass a philosophy for the future.
Philanthropy
While specific philanthropic amounts are not readily available in the search results, Chung Yong-jin's family lineage has a long history in business and contributing back to South Korea. The Beautiful Foundation is an example of that. There is also indication that Shinsegae has donated to various causes over the years.
