Kolon Group embarks on fourth-generation management

Lee Kyu-ho

South Korea’s conglomerate Kolon Group named Lee Kyu-ho, the eldest son of Group Chairman Lee Woong-yeul, chief executive officer of Libeto Inc., the group’s house sharing business unit, signaling the beginning of the era of the fourth-generation management.

According to the group’s key subsidiary Kolon Global Corp. on Sunday, Lee will head Libeto that was spun off from Kolon House Vision Co. as an independent affiliate to operate its share house brand Common Town. Liberto was recently established with a capital of 1.5 billion won ($1.4 million) and raised 14 billion won on Jan. 26 by issuing convertible preferred stocks. Kolon Global that owns a full stake in Kolon House Vision holds a 60 percent stake in Libeto as the largest shareholder. An official from Kolon said that the separation was carried out as part of business reorganization aiming at strengthening its business competitiveness by facilitating fast decision-making.

Kolon House Vision that had been founded by Kolon Global in May 2016 launched a women-only house sharing brand Common Town where residents can live together at the same house by sharing some places like living room and kitchen to save security deposit, monthly rent and maintenance cost. The company currently runs 11 houses in office districts in Seoul including Apgujeong-dong, Hannam-dong, Yeouido, Cheongdam-dong and Samsung-dong. Total occupancy rate reaches above 80 percent and would amount to 95 percent including people on the waiting list.

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