Taekwang Industrial Group, founded by the late Chairman Park Yeon-cha, will make a new start to mark the 50th anniversary of its foundation.
According to the group, Taekwang Industrial Group held a new vision declaration ceremony on Nov. 1 and unveiled its new corporate name "TKG" and new CI. The new corporate name and CI, which contain goals and willingness to leap forward to a 100-year company, will be officially used from January 1 next year.
"TKG" stands for Tae Kwang Global. The names of affiliates are based on TKG and are used in combination with the unique names of affiliates. Taekwang Industrial will change its name to "TKG Taekwang."
A company official said it has renewed its name and CI to mark the 50th anniversary of its foundation as a turning point and starting point for a 100-year company.
Taekwang Industrial Group started as a shoe manufacturing plant built in 1971 by its late founder Park Yeon-cha. In the 1990s, it entered Southeast Asia such as Vietnam and Indonesia for the first time in the industry and grew into a sneaker supplier for major global sports brands such as Nike.
It is the first-generation Korean company to enter Vietnam, and currently has about 70,000 employees in production plants around the world. Since the 2000s, it has expanded its business scope to precision chemistry, materials, power, and leisure businesses and has grown into a mid-sized group with annual sales of 3 trillion won.
After Chairman Park Yeon-cha's death on January 31, 2020, his only son Park Joo-hwan is preparing for a second leap forward in charge of the group's management as the second chairman.