"'I Will Work Hard' 90-Degree Bow... Lee Boo-jin's Dolce & Gabbana Shareholders' Meeting Fashion Draws Attention"

Hotel Shilla's 52nd Shareholders' Meeting
"Management Environment to Worsen... Focusing on the Essence of Our Business"
'Senior Residence' Added as New Business Objective
Duty-Free Business Slump... "We Will Work Hard"

"We will refocus on the essence of our business and lay the foundation for a new strategic leap in 2025."

Lee Boo-jin, President of Hotel Shilla, said this on the morning of the 20th at the regular shareholders' meeting held at the Jangchung office in Jung-gu, Seoul, stating, "Many experts predict that the management environment surrounding our company in 2025 will worsen compared to previous years."

President Lee emphasized, "Especially in times like these, we want to focus on the essence of each business, continuously launch attractive products from the customer's perspective, improve profitability through optimizing operational efficiency, and overcome the crisis through diverse and bold new attempts to establish a foundation for new growth."

Lee Boo-jin, President of Hotel Shilla, is leaving the general shareholders' meeting held on the 20th at Hotel Shilla Jangchung Office in Jung-gu, Seoul. Photo by Yonhap News

To this end, the duty-free business division plans to proactively attract various brands and products to differentiate itself from competitors and carry out various activities to increase customer interest in duty-free shopping, which has declined since the COVID-19 pandemic. The hotel business division aims to expand in domestic and international markets under the 'The Shilla' brand. President Lee promised, "We will restore profitability to normal through profit and loss structure innovation centered on sound management."

Lee Boo-jin, President of Hotel Shilla, is leaving the general shareholders' meeting venue after the 52nd general shareholders' meeting held on the 20th at Samsung Electronics Jangchung Office in Jung-gu, Seoul. (Photo by Park Jae-hyun)

Last year, Hotel Shilla's sales slightly increased compared to the previous year, approaching 4 trillion won (3.9475 trillion won), but it recorded an operating loss of 5.1 billion won. Although travelers increased after the transition to the COVID-19 endemic phase, the duty-free sector continued to suffer from sluggish conditions due to factors such as a high exchange rate.

President Lee said, "We did not meet shareholders' expectations in terms of improving the profit and loss structure," adding, "We will do our best throughout this year to show better results."

On the day, President Lee arrived at the office wearing a black two-piece suit five minutes before the start of the shareholders' meeting, bowed 90 degrees to the press, and then proceeded to the meeting hall. After the meeting, when asked by reporters about plans to overcome the duty-free business slump, she smiled lightly and replied, "I will work hard."

At the shareholders' meeting, Hotel Shilla introduced electronic voting and approved six agenda items: ▲amendment of the articles of incorporation ▲financial statements for the 52nd fiscal year ▲appointment of directors ▲appointment of audit committee members ▲appointment of directors who will serve as audit committee members ▲and the limit on directors' remuneration.

Lee Boo-jin, President of Hotel Shilla, is leaving the general shareholders' meeting held on the 20th at Hotel Shilla Jangchung Office in Jung-gu, Seoul. Photo by Yonhap News

Through the amendment of the articles of incorporation, Hotel Shilla added 'comprehensive resort business,' 'condominium sales and operation business,' and 'elderly residential and leisure welfare facility installation and operation business' to its business objectives. Among these, the senior residence welfare facility operation business (senior residence) is a field where the hotel industry, including Lotte Hotel, is expanding its presence. According to Statistics Korea, the domestic senior residence market grew 17% from 5.8 trillion won in 2022 to 6.8 trillion won in 2023.

Meanwhile, President Lee is presumed to have appeared wearing the 'Black Belt Crepe & Lace Double Breasted Coat' from the Italian luxury fashion brand Dolce & Gabbana this year. This contrasts with last year when she showcased an all-white fashion look wearing a white jacket from Alexander McQueen. The black coat is currently sold on the official Dolce & Gabbana website for 7.8 million won.