Samsung chief engages global tycoons at Paris Olympics

Samsung Electronics Executive Chairman Lee Jae-yong, center, watches the men's sabre fencing final at Grand Palais in Paris, Saturday (local time). Yonhap

Samsung Electronics Executive Chairman Lee Jae-yong is engaging with global business tycoons on the sidelines of the Paris Olympics, which is also serving as a stage for top corporate magnates to expand their networks.

According to Samsung Electronics, Lee has been staying in Paris after leaving Seoul on Wednesday, meeting a string of top leaders of major international companies.

On Thursday, Lee attended a luncheon for global business leaders hosted by French President Emmanuel Macron, along with Tesla CEO Elon Musk, Coca-Cola CEO James Quincey, YouTube CEO Neal Mohan and LVMH CEO Bernard Arnault.

Participants discussed opinions on the global economic outlook, future technology trends and innovations in corporate culture.

Lee also attended the same day a banquet co-hosted by International Olympic Committee (IOC) President Thomas Bach and Macron, with world leaders, including King Felipe VI of Spain, King Willem-Alexander of the Netherlands and King Frederik X of Denmark, attending.

According to Samsung officials, Lee is scheduled to have a series of meetings with global business leaders during his stay in Paris, including Peter Wennink, former CEO of ASML. With leaders from the semiconductor, IT and automotive industries, Lee is set to discuss business and cooperation strategies, the officials said.

This is the first time in 12 years for the Samsung chief to attend the Olympics, following the 2012 edition. Back then, Lee and his father Lee Kun-hee and a number of Samsung owner family members visited London to root for swimmer Park Tae-hwan.

Samsung Electronics' Galaxy S24 Ultra smartphones are mounted on a parading boat for the opening ceremony of the Paris Olympics across the Seine River on July 26 in this handout photo released Sunday. Courtesy of Samsung Electronics

Chairman Lee’s Paris trip is in line with his efforts to expand his business network through sporting events.

Samsung Electronics began its partnerships with the Olympics as a regional sponsor for the 1988 Seoul Olympics. In 1997, Samsung signed a global sponsorship contract with the IOC and became The Olympic Partner sponsor, which is the highest level of partnership. Since the 1998 Nagano Winter Games, the company has been the official wireless communications equipment provider for the Olympics.

Samsung said its Olympic sponsorship began under the brand management policy of the late former Chairman Lee Kun-hee, and the junior Lee is also upholding his policy in a belief that it elevates the company’s brand value as an intangible asset of the company and represents the company’s responsibility as Korea’s biggest conglomerate.

Upon Lee’s visit to Paris, Samsung Electronics is also striving to promote its mobile devices through the Games.

For the opening ceremony of the Games, Samsung mounted its Galaxy S24 Ultra smartphones on boats carrying national athletes, streaming the event. The company said more than 200 Galaxy S24 Ultra phones were used for the opening ceremony, and the footage recorded on the phones was relayed to the Olympic Broadcasting Services, which distributes it to all rights-holding networks showing the event.

Similarly, the company said the phones will be mounted on the yachts of athletes participating in sailing events, and footage captured by the phones will be sent to floating relay stations for live streaming.

Samsung Electronics is also providing more than 17,000 Galaxy Z Flip 6 phones for athletes participating in the Olympics and Paralympics.

For athletes making podium finishes, Samsung Electronics and the IOC introduced the Victory Selfie program, allowing athletes on the podium to capture their awarding moments.

So far, personal items, including mobile phones, have been prohibited during Olympic medal ceremonies. However, at the Paris Olympics, athletes are permitted to document it using the Galaxy Z Flip 6.