JMsolution Denies Business Ties with Seungri Amid Rumors
Quick Look
Korean cosmetics brand JMsolution denied any business or financial ties with former BigBang member Seungri, clarifying that while a joint venture entity JM Town was explored at his request, it was dissolved in 2019 before operations began and generated no revenue, following the Burning Sun scandal.
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Why It Matters
Seungri was convicted in 2021 of multiple offenses related to the Burning Sun scandal, including embezzlement and mediation of prostitution, and served an 18-month prison sentence before being released in February 2023.
Korean cosmetics brand JMsolution has denied having any business or financial ties with former Bigbang member Seungri, in response to online rumors about of a connection between the former singer and the brand.
In a statement, JMsolution said the cosmetics brand was launched by GP Club in 2016 and that Seungri has never held shares in or invested in GP Club or the JMsolution brand.
The company acknowledged that a separate entity, JM Town, had been established at the request of Seungri, whose legal name is Lee Seung-hyun, to explore a potential joint business venture. However, it said the project was withdrawn before commercial operations began following the Burning Sun scandal.
โJM Town generated no actual business revenue and was subsequently dissolved and liquidated in 2019,โ the company said.
JMsolution added that Seungri currently has no business or financial relationship with the brand.
Daiso, South Korea's budget-friendly retail chain, is one of JMsolution's major offline retail channels, while the brand's skincare products are also sold through Olive Young.
Seungri was convicted in 2021 of multiple offenses stemming from the Burning Sun scandal, including embezzlement and mediation of prostitution, and served an 18-month prison sentence. He was released in February 2023 after the Supreme Court upheld his conviction.
Open Questions
- What was the nature of the proposed joint venture between Seungri and JM Town?
- Why did JMsolution choose to address the rumors now?
