Jeong Un-ho, chairman of Nature Republic, has been appointed as the CEO of the SSANGBANGWOOL underwear brand. SSANGBANGWOOL announced on the 27th that it held a board meeting and decided on the appointment of Chairman Jeong following the resignation of the existing CEO.
Chairman Jeong secured management rights by acquiring equity in SSANGBANGWOOL through World Prime Development, a real estate leasing company in which he holds a 40% stake. This was the result of the sale of SSANGBANGWOOL, a key subsidiary of SSANGBANGWOOL Group that was involved in a North Korean remittance scandal, to Chairman Jeong's side.
After stepping down from his position as CEO of Nature Republic earlier this month, he has maintained only his chairman role, and this acquisition marks his return to active management.
Chairman Jeong founded the mid-priced cosmetics brand The Face Shop in 2003 and achieved success before selling it to LG H&H. Afterward, he established Nature Republic in 2010, growing it into a major domestic cosmetics brand. However, he became embroiled in the 'Jeong Un-ho Gate' scandal due to allegations of overseas gambling and lobbying in the judicial sector, and in 2017, he was sentenced to 3 years and 6 months in prison by the Supreme Court.