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Corporate investment

CJ Group Chief unveils $8.5 billion investment plans for growth

The group aims to expand its Bibigo food product line and build more of Studio Dragon-like film houses

By Nov 04, 2021 (Gmt+09:00)

CJ Group Chairman Lee Jay-hyun unveils the conglomerate's new growth plans.
CJ Group Chairman Lee Jay-hyun unveils the conglomerate's new growth plans.

South Korea’s CJ Group, which operates the country’s largest food and beverage company CJ Cheiljedang Corp. as well as entertainment giant CJ ENM Co., has unveiled a 10 trillion won ($8.5 billion) mid-term growth plan.

The conglomerate said on Wednesday its investment plan will focus on four growth areas – culture, platforms, wellness and sustainability – until 2023.

“The speed of our business growth has slowed over the past few years as we were afraid of bold decisions on new growth drivers. We haven’t been well prepared for the future,” Group Chairman Lee Jay-hyun said in an online message to employees.

He said the conglomerate will particularly spend 4.3 trillion won on securing intangible assets such as brand, innovative technologies, artificial intelligence, big data and new talent.

Tving's original drama series, Scripting your destiny
Tving's original drama series, Scripting your destiny

CJ Group, which also owns retail and logistics firms such as CJ Logistics, CJ CGV, and Korea’s largest beauty store chain CJ Olive Young, said it will strive to further enhance its brand awareness in the food and entertainment sectors globally.

It will develop new product lines through CJ Cheiljedang, which sells mandu (dumplings) and other frozen meals under the Bibigo brand.

TO BEEF UP BIBIGO, STUDIO DRAGON PRODUCTS

CJ ENM, which manages streaming service provider Tving and film production company Studio Dragon Corp., will seek to set up additional production houses by genre to ride on the global popularity of Hallyu or the Korean Wave.

An assortment of CJ Cheiljedang food products sold in the US
An assortment of CJ Cheiljedang food products sold in the US

For the enhancement of its platform business, CJ plans to strengthen business ties with content providers, including Naver Corp.


The group will also beef up its biopharmaceutical and health businesses, according to the chairman.

A group official said CJ targets to derive 70% of its sales growth from the proposed four growth sectors over the next three years.

Mr. Sunshine, a popular K-drams produced by Sudio Dragon
Mr. Sunshine, a popular K-drams produced by Sudio Dragon

Lee is the eldest grandson of the late Samsung Group founder Lee Byung-chull. CJ officially separated from Samsung in 1997.

Write to Sul-Li Jun and Jong-Kwan Park at sljun@hankyung.com

In-Soo Nam edited this article.
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