Ssangbangwool "Group Company Dissolution, Independent Management for Each Company"... Company Name Changed to 'Try'

Circular Shareholding Structure of Ssangbangwool Group Dissolved
Breakup of the Kwanglim to Ssangbangwool Ownership Chain
"Each Company to Practice Responsible Management Prioritizing Shareholder Value"

The Ssangbangwool Group, involved in the North Korea remittance scandal, announced on the 4th that it will dissolve and enter an independent management system for each company.

The Ssangbangwool Group's governance structure formed a circular shareholding chain centered on Ssangbangwool. The structure was Ssangbangwool → Vivian → Dimoa → IOK → JAYJUN Cosmetic → Kwanglim → Ssangbangwool. The group explained that it will break this structure and that its affiliates will secure independent systems to continue autonomous management.

Structure construction change inside the lobby of Ssangbangwool Group's office building located in Seobinggo, Yongsan-gu, Seoul. Provided by Ssangbangwool Group.

Earlier, the Ssangbangwool Group also proceeded with the sale of its affiliate Ssangbangwool. Kwanglim, the largest shareholder of Ssangbangwool, sold all its shares to Segye Prime Development, a personal company of Jung Un-ho, chairman of Nature Republic.

Kwanglim also sold its shares of Vivian to Ssangbangwool. According to the disclosure made the previous day, Kwanglim sold all 1,146,340 shares of Vivian it held to Ssangbangwool. As a result, the circular shareholding structure from Kwanglim to Ssangbangwool has been resolved.

A company official said, "With the change of the largest shareholder of the core company Ssangbangwool, it has declared internally and externally that it will completely break away from its past identity and continue an independent course," adding, "Each company will find its own path forward."

Accordingly, the Ssangbangwool name will be changed to TRY (Try). On the 25th of last month, Ssangbangwool changed the external structure of its headquarters building located in Sindang-dong, Jung-gu, Seoul, from "Ssangbangwool Group" to "Ssangbangwool," removing all previous names. Going forward, Ssangbangwool plans to grow as a company encompassing fashion and beauty.

Affiliated companies such as Kwanglim and NSE&M will also proceed with independent management. Each company will strengthen products, expand distribution, and diversify businesses to establish their brands and implement strategic changes. In the case of Kwanglim, it plans to actively target overseas markets. Kwanglim is a specialized company in mobile cranes and special vehicles, and aims to recover its market share in the Russian hydraulic crane market and leap forward as a global special vehicle company by expanding overseas sales channels and developing new regions.

The comprehensive entertainment company NSE&M also plans to strengthen its competitiveness in the global market through global content planning and production in music, movies, dramas, and advertising. Through new business development related to mixed reality (XR) and new media, it aims to secure future growth engines based on innovative content. A company official explained, "We will continue to seek new strategic countries with high growth potential to expand distribution networks and secure diverse consumers worldwide," adding, "We will practice responsible management prioritizing customer and shareholder value."

Meanwhile, the listed companies Ssangbangwool and Kwanglim have been suspended from trading for over two years due to embezzlement and breach of trust charges against former Ssangbangwool Group chairman Kim Sung-tae.