CJ Group Targets 12 Trillion Won in North American Sales by 2028
Conglomerate outlines mid- to long-term strategy in Los Angeles to leverage K-culture popularity.
Quick Look
South Korea's CJ Group aims for 12 trillion won in annual North American sales by 2028, leveraging K-culture popularity across food, entertainment, and beauty sectors following strong growth since 2017.
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Why It Matters
CJ Group began U.S. expansion in 1995 with an investment in DreamWorks and grew via acquisitions like DSC Logistics and Schwan's.
SEOUL, Aug. 17 (Yonhap) -- CJ Group has set a goal of generating 12 trillion won (US$8.47 billion) in annual sales in North America by 2028 through synergies among its Korean food, entertainment and beauty businesses.
CJ unveiled its mid- to long-term North American business strategy at an event in Los Angeles on Saturday (local time), outlining plans to leverage the growing popularity of K-culture to expand its presence in the region.
The South Korean retail and entertainment conglomerate's sales in the region exceeded 8 trillion won last year, more than 10 times the approximately 800 billion won recorded in 2017.
Its compound annual growth rate over the eight-year period was about 33 percent, the company said.
"We will accelerate our expansion in the North American market by building an ecosystem that connects the popularity of the K-wave to K-lifestyle experiences," CJ Group CEO Heo Min-hoe said, referring to the global spread of South Korean culture.
CJ began expanding its presence in the United States in 1995 with an investment in U.S. film studio DreamWorks.
The group later expanded its business portfolio through a series of acquisitions, including logistics company DSC Logistics in 2018, U.S. frozen-food maker Schwan's in 2019 and content production company Fifth Season in 2021.
Open Questions
- What specific investments will drive the targeted sales growth?
