Accelerating the Erasure of 'Daemyung' from the Group
T'way Air Acquisition Sets the Stage for Global Expansion
Daemyung Sono Group's affiliate responsible for distribution and rental wholesale and retail business, Daemyung Sono Season, is rebranding itself as 'Sono Square' and making a fresh start. This move is interpreted as a strategic step to create synergy in line with the group's plan to leap into a global company through the acquisition of T'way Air.
On the morning of the 28th, Daemyung Sono Season approved a partial amendment to its articles of incorporation, centered on the name change, at the 41st regular shareholders' meeting held at Vivaldi Park in Hongcheon-gun, Gangwon Province. Accordingly, the company name will change from Daemyung Sono Season to Sono Square. The company explained that the name change was made to enhance its corporate image.
This is the third time Daemyung Sono Season, which focuses on integrated purchasing agency business (MRO) and bedding and mattress rental services, has changed its name. Previously, it changed from Daemyung Enterprise to Daemyung Corporation in 2015, and then to Daemyung Sono Season in 2020.
A representative of Daemyung Sono Group said, "We changed the name inspired by 'Square,' a place where people always gather and communicate, and the image of a square that is upright and honest. It signifies becoming the center of the distribution industry where everyone can trust and collaborate, creating a fair environment and standards in the industry based on sincerity and transparency."
Industry insiders see this as reflecting the intentions of Seo Jun-hyuk, chairman of Sono International, who is strengthening overseas business and pushing for global expansion. Seo, who became chairman in February 2023 as the second-generation leader of Daemyung Sono Group, is actively pioneering new businesses targeting overseas markets. Under his leadership, Daemyung Sono Group has been operating the 'Song Gia Resort' in Vietnam since 2019, and has successively acquired and operated the Normandy Hotel in Washington D.C., 33 Seaport Hotel New York in New York, Dame des Arts Hotel in Paris, France, and Waikiki Resort Hotel in Hawaii.
Changing the accommodation brand name, which was familiar as Daemyung Resort, to 'SONO,' an Italian word meaning 'ideal place,' to make it easier for foreigners to pronounce, was also Seo's idea. With Daemyung Sono Season changing its name, the only part of the group still carrying the 'Daemyung' brand is Daemyung Station, which operates the funeral service brand Daemyung I'm Ready.
Daemyung Sono Group, which holds 54.79% of shares securing management rights in T'way Air, is expected to proceed with a name change after completing the acquisition process. The company stated, "We plan to change T'way Air's name and establish Sono's unique identity to provide differentiated customer experiences from existing airlines, presenting a new paradigm in the aviation industry."
Meanwhile, at the Daemyung Sono Season shareholders' meeting held that day, other agenda items including approval of financial statements, appointment of inside directors, reappointment of outside directors, reappointment of auditors, approval of director remuneration limits, and approval of auditor remuneration limits were all passed as originally proposed. Kwon Kwang-soo, CEO of Daemyung Sono Season, said, "We will do our best to meet shareholders' expectations through responsible management and continuous innovation, and to maximize corporate value."
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