FB Roundup: LG, CK Hutchison, & Ralph Lauren
Chaebol gets its first great-grandchild leader
The fourth generation has taken control at LG Group, the first time in South Korea a founder’s great grandchild has inherited a major corporation.
Koo Kwang-mo joined the board and became chief executive of the $150-billion-a-year chaebol in the final days of June.
Kwang-mo was adopted by LG's late chairman Koo Bon-moo in order to carry on the tradition of passing the business father-to-son, despite the fact Bon-moo has two daughters. Bon-moo died in May following several rounds of brain surgery.
The Korea Times reported this will be the first time that a great-grandchild of the founder will head one of South Korea's top 10 conglomerates.
The Koo family own just over 25% of LG. Its businesses include chemicals, electronics, engineering and power generation.
CK Hutchison takes over Italian telco
The family holding company of legendary billionaire Li Ka-shing has strengthened its hold on European telecommunications company Wind Tre.
Hong Kong-based CK Hutchison Holdings already owned 50% of the company, and bought the remaining half of the Italian mobile operator from VEON for €2.45 billion ($2.87 billion) this week.
CK owns telco assets in Europe and Asia, and it was blocked from buying the UK’s O2 network by competition commissioners last year.
Li, pictured, handed control of the $22-billion-a-year conglomerate to his son Victor in May.
Ralph Lauren looks to turnaround
Ralph Lauren is aiming for a change in fortunes when it releases its first quarter results at the end of this month.
The struggling retailer has suffered through 10 quarters of losses, but released a new strategic plan in June outlining how it would turn its fortunes around by focusing on digital growth, a revamp of core products, and possible restructuring and job cuts.
Its five-year outlook included low to mid-single digit revenue growth and a mid-teen operating margin. Company revenue was $6.2 billion in 2017.
Ralph Lauren was founded by the eponymous US fashion designer in 1967, who still chairs the business, with son David as vice chairman. The family own 82% of the voting rights.
