Summary
Chung Yoo-kyung, the President of Shinsegae Group, has achieved innovation in department stores with her soft charisma and exceptional sense. Under her customer-centric management strategy and bold decision-making, Shinsegae Department Store has led not only the luxury department store market but also the fashion, beauty, and lifestyle sectors. Chung, who joined Josun Hotel in 1996, transferred to Shinsegae Corporation in 2009 and became President after serving as Vice President. Immediately after her appointment in December 2015, she achieved a significant leap by completing regional landmarks across the country, including expansions and renovations of the Gangnam branch, as well as Centum, Gimhae, Hanam, Daegu, and Daejeon branches.
Shinsegae Department Store is solidifying its position as a leading luxury department store in the industry with Chung’s “No.1 store in each region” strategy. In particular, the Gangnam branch introduced the concept of a “curated specialty store” for the first time in the industry, under Chung’s directive, “we must now compete based on the essence of the products, not the brand.” In 2020, the third floor’s foreign fashion specialty store introduced an art space filled with over 120 art pieces, including paintings, photographs, and objets d’art. In 2021, the store unveiled an innovative vertical space called the “mezzanine” between the first and second floors, continuing to break conventional norms. With these innovations, the Gangnam branch achieved a record-breaking annual sales of 2 trillion won in 2019, the first in Korea, and joined the ranks of world-class department stores like Harrods London and Galeries Lafayette by maintaining over 2 trillion won in sales for four consecutive years. In 2023, it is on the verge of achieving a new record of 3 trillion won in annual sales.
Chung is expanding her portfolio with the decisiveness and insight inherited from her mother, Chairwoman Lee Myung-hee. Starting as a fashion company, Shinsegae International has successfully diversified its business, launching the top luxury cosmetic brand Poiret, and now stands as South Korea’s leading luxury content company encompassing fashion, beauty, and living. Chung has also quickly established a “big three” structure in the duty-free shop market. Right after becoming President in 2016, she led the duty-free shop business, successfully launching the Myeong-dong branch and rapidly expanding the business by opening duty-free shops in both terminals of Incheon International Airport in 2018. The same year, the company’s sales exceeded 3 trillion won, and its market share jumped to the 20% range.
Chung has expressed her ambition to transform department stores from landmarks into “mindmarks” that captivate customers. Having continuously presented a new shopping world, Chung plans to continue offering differentiated spaces and visions that leave a special memory in customers’ minds.
Timeline
▲ October 5, 1972 = Born.
▲ 1988 = Graduated from Yewon School.
▲ 1991 = Graduated from Seoul Arts High School.
▲ 1995 = Graduated from Rhode Island School of Design (Graphic Design).
▲ 1996 = Joined Josun Hotel Co., Ltd. as Executive Director.
▲ 2009 = Vice President of Shinsegae Co., Ltd.
▲ 2015 = President of Shinsegae Co., Ltd. (current).
