April 25, 2024

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[THE INVESTOR] Shinsegae Group entered the ranks of South Korea’s top 10 largest conglomerates for the first time in 2016, industry data showed on Jan. 18.

According to industry tracker CEO Score, the combined assets of Shinsegae Group’s 35 subsidiaries came to 32.98 trillion won (US$28.32 billion) at the end of the third quarter of 2016, up 13.1 percent from a year ago. 

Shinsegae Department Store President Chung Yu-kyung and his elder brother, Shinsegae Group Vice Chairman Chung Yong-jin

With the changes, Shinsegae rose to the 10th place, which had previously been occupied by Hanjin Group.

Hanjin, in contrast saw the number of subsidiaries shrink to 30 from the previous 38, and their combined assets dropped 20.9 percent to 29.3 trillion won. It is now the country’s 13th largest conglomerate.

Along with Shinsegae, the assets of KT, Daelim, Mirae Asset, S-Oil, Youngpoong, KCC, KT&G and Kolon companies also increased last year.

Of these, Kolon entered the ranks of top 30 conglomerates for the first time.
At the other end of the scale, the assets of companies affiliated to Doosan, Hanjin, Daewoo Shipbuilding and Marine Engineering, Kumho Asiana, Hyundai Department Store and OCI groups shrank over the same period.

The top nine, however, saw no change in rankings, with Samsung Group maintaining the top spot with over 350 trillion won assets, followed by Hyundai Motor Group with about 209.6 trillion won.

By Choi He-suk (cheesuk@heraldcorp.com)