Park Hye-seong, the granddaughter of the late founder Shin Chun-ho Nongshim(004370), has launched a food business outside Nongshim Group. While other third-generation members of the Nongshim family are mainly continuing their management training within group affiliates, Park, a former executive director at Nongshim Planning, has stepped out on her own by pushing an in-house brand.
According to the food industry on the 10th, Park recently launched the premium red bean dessert brand "LAPAPAT." The brand is run by Franco Korea Co., led by Park. Franco Korea was established in Oct. 2024 and, as the business is still in its early stages, its scale, including sales, is said to be modest.
At the time of its establishment, Franco Korea named Park and her mother, former Nongshim Planning Vice Chair Shin Hyun-joo, as inside directors, with Park serving as CEO. In Feb. last year, after Shin resigned as vice chair, the company shifted to a single-director system under Park.
Park is a third-generation member of the Nongshim family, the eldest daughter of former Vice Chair Shin, who is the eldest daughter of founder Shin Chun-ho and the older sister of Nongshim Chair Shin Dong-won. She built management experience as head of planning and executive director at Nongshim Planning, formerly an advertising affiliate of Nongshim Group. Nongshim Planning is a company that former Vice Chair Shin led for many years and has handled advertising and marketing for group affiliates, including Nongshim.
However, the link between former Vice Chair Shin, Park, and Nongshim Group was effectively severed with the liquidation of Nongshim Planning in 2024. Nongshim sought to sell Nongshim Planning in 2023, but after talks with INNOCEAN, the Hyundai Motor Group advertising firm, fell through, the board met in Dec. the same year and decided to dissolve and liquidate the company. Nongshim Planning completed liquidation on June 20, 2024, and about four months later, Park established Franco Korea together with the former vice chair.
Park's brand, LAPAPAT, presents itself as a premium dessert label that reinterprets red beans in a modern way. It sells three types of an-butter spreads combining red bean paste and butter. LAPAPAT recently held its first pop-up at the hanok space "Huigyeomjae" in Bukchon, Jongno District, Seoul, showcasing its main products. However, there is currently no permanent offline store, and sales are focused online.
The scope of business is not confined to food. At incorporation, Franco Korea included in its business purposes the import, export, and sale of processed foods; the sale of agricultural food products; e-commerce; and the sale of cosmetics and beauty-related goods. This leaves room to expand into consumer goods, including food, in the future.
Meanwhile, Park's path stands out even in comparison with other third-generation members of the Nongshim family. In the Nongshim family, founder Chair Shin Chun-ho's three sons have respectively overseen Nongshim, YoulChon Chemical, and Mega Mart, and the third generation is receiving management training at each affiliate. Executive Vice President Shin Sang-yeol, the eldest son of Nongshim Chair Shin Dong-won, is at Nongshim; Executive Director Shin Si-yeol, the eldest son of YoulChon Chemical Chair Shin Dong-yoon, is at YoulChon Chemical; and Division Head Shin Seung-yeol, the eldest son of Mega Mart Vice Chair Shin Dong-ik, is affiliated with Nongshim Milling and Mega Mart, respectively. A Nongshim official said, "Former Vice Chair Shin and former Executive Director Park are not currently working at Nongshim Group, and we cannot provide further details."