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Source: Kolmar Korea |
[Alpha Biz= Kim Jisun] A family feud within Kolmar Group, a leading force in globalizing K-beauty, has intensified as founder Yoon Dong-han, Chairman of Korea Kolmar, filed a lawsuit against his son Yoon Sang-hyun, Vice Chairman and CEO of Kolmar Holdings, seeking the return of company shares.
According to Kolmar BNH on June 18, Chairman Yoon filed a suit on May 30 with the Seoul Central District Court to reclaim 2.3 million shares of Kolmar Holdings he had gifted to his son in 2019, which have since doubled to 4.6 million shares after a stock split.
Kolmar Group is structured around holding company Kolmar Holdings, which controls core subsidiaries such as Korea Kolmar (cosmetics and pharmaceuticals) and Kolmar BNH (health supplements). Kolmar BNH is led by Yoon Yeo-won, the Chairman’s daughter and the younger sister of Yoon Sang-hyun. Kolmar Holdings’ shares are divided among Yoon Sang-hyun (31.75%), Yoon Yeo-won (7.45%), and Chairman Yoon (5.59%).
Chairman Yoon reportedly stated that he “can no longer allow the founding principles and management integrity of Kolmar Group, built over 35 years, to be undermined.”
The conflict stems from a growing dispute between the siblings over control of the health supplements business. In April, Yoon Sang-hyun moved to overhaul Kolmar BNH’s board and leadership, citing shareholder dissatisfaction over weak performance. Yoon Yeo-won pushed back, calling the move an overreach into her management autonomy. The dispute escalated in early May when Yoon Sang-hyun petitioned the court to call an extraordinary shareholders’ meeting.
Kolmar BNH disclosed that a three-party management agreement was signed in September 2018 between Chairman Yoon and his two children. The agreement stipulated that while Yoon Sang-hyun would manage Kolmar Holdings and Korea Kolmar, Yoon Yeo-won would retain autonomous leadership over Kolmar BNH, with appropriate support from the holding company.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
