© Reuters. Dignity of Park Shin-yang’s wife’s family… Häagen-Dazs and airline industry sales nearly 170 billion won [김익환의 컴퍼니워치]
Oh In-joo (played by Kim Go-eun), the main character of the recently concluded TV drama ‘Little Women’, bought a full bag of Häagen-Dazs ‘Stick Bar’ as soon as he was she won 2 billion in her hands. Founded in New York in 1960, Häagen-Dazs is synonymous with high-end ice cream in Korea.
Häagen-Dazs is also famous as a company run by the wife of actor Park Shin-yang. Mr Park’s wife, Ms. Baek, a granddaughter of the late Baek Jong-geun, founder of Häagen-Dazs Korea and Sharp Aviation K, an aircraft handling company. The combined sales of Häagen-Dazs Korea and Sharp Aviation were estimated to be close to 170 billion won.
According to the Financial Supervisory Service on the 21st, Häagen-Dazs Korea achieved sales of 72.2 billion won and an operating profit of 1.1 billion won in the 2021 fiscal year (June 1, 2021 to May 31, 2022). Sales increased by 10.7% compared to the previous year, and operating profit turned into the black.
Häagen-Dazs Korea, which imports and sells Häagen-Dazs in Korea, was founded in 1991 as a joint venture between General Mills (the successor to Pillsbury), an American food company, and the family of the late Korean chairman Baek Jong-geun on 50:50 ratio. The company is a medium-sized company with assets of 35.8 billion won at the end of May. Chairman Baek and his son, Baek Soon-seok, president of Sharp Aviation K, own 26.56% and 23.44% of the shares, respectively. As Chairman Baek dies in September, related shares are expected to be inherited by relatives.
Based on its stable cash generation, the company has paid dividends of KRW 1 billion and KRW 5 billion, respectively, this year and last year. This means that the Baek family and General Mills each earned 3 billion in dividend income.
Chairman Baek’s family has a separate business. It is Sharp Aviation K, a domestic airline operator. Sharp Aviation is 100% owned by the Baek family. President Baek Soon-seok (46.46%) has the largest share, and Chairman Baek holds a 12.79% share, making him the second largest shareholder. Sharp Aviation posted 96.8 billion won in sales and 7.7 billion won in operating profit last year.
The company has made steady profits by providing ground handling and maintenance services to domestic airlines. With stable performance, the scale of assets reached 103 billion won at the end of last year. It also has subsidiaries such as Sharp Technics K, which develop maintenance, repair and assembly (MRO) businesses. He also owns a 50% stake in Sharp Do & Co Korea, a catering company.
The late Chairman Baek Jong-geun, who founded Häagen-Dazs Korea and Sharp Aviation K, began his career in the aviation industry in 1956 while working in a branch of a foreign Korean airline. In 1964, he oversaw the domestic ticketing business of Northwest Airlines in the United States and expanded the airline business. He founded Sharp Aviation K in 1969 and expanded his business from ticket sales to aircraft ground handling and maintenance. Since 1991, he has founded Häagen-Dazs Korea and is also involved in the food business. These companies also drew attention when Baek Mo, the granddaughter of the late chairman Baek Jong-geun, married Park Shin-yang in 2002.
Correspondent Kim Ik-hwan lovepen@hankyung.com
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