By Jane Han
Staff Reporter
Chaebols usually tend not to be seen mingling amongst themselves, but next month in Beijing, accidental rendezvous may come more frequent with a bunch of top executives flying to the Olympics-hosting neighbor at overlapping periods doing similar things in close proximity.
Lotte Group Vice Chairman Shin Dong-bin, Shinsegae Vice Chairman Chung Yong-jin, Samsung Electronics Vice Chairman Lee Yoon-woo, SK Group Chairman Chey Tae-won and Hyundai Motor Vice Chairman Seol Young-heung are among those who will be on a Beijing-bound flight at the end of this month for one key mission ― Olympic marketing.
But before any work, first things come first. Watching the Olympics opening gala to kick off the 17-day Games is their No. 1 to-do item.
Company officials say their executives will be investing a lot of time to meet with locals, learn the culture and consumption trends to capitalize on the Olympics rush. What they're eyeing is China's 1.3 billion population and some 1 million visitors who will be flocking from all over the world. All of them, potential customers.
Lotte's Shin plans to attend the opening of the retailer's first China operation ― a 12-story luxury department store ― in Beijing, while his rival Chung of Shinsegae is also scheduled to partake in a similar kickoff event for its first hypermarket outlet in the Chinese capital. The two modified their grand opening schedules to coincide with the Olympics gala.
SK chief Chey, who got an official invitation from organizers, intends to attend not only the Olympics opener, but other key Korean matches as well, says corporate officials.
He will then meet with heads of the company's Chinese subsidiaries to get briefed on the operations there.
Replacing Hyundai Motor Chief Chung Mong-koo ― as he is currently fulfilling mandatory volunteer work for his embezzlement charges ― is Vice Chairman Seol. The executive in charge of the carmaker's China business will tour the company's production facilities there to keep quality control in check. The automaker expects demand for cars to increase steeply in the days following the world's biggest sporting event.
Another major player bound for China is Samsung Electronics, which is the only Korean company to be an official sponsor of the event.
Vice Chairman Lee Yoon-woo, accompanied by other main divisional executives, will head over to maximize their corporate exposure throughout the festivity.
The August Olympics have been touted as a ``coming-out party'' for the Chinese, in which leaders aim to show off the country's best face to the world. Business executives worldwide are expected to gather to pick up on the latest trends and leverage their Olympic investment as much as possible.