FB Roundup: LG Group, Swedish families back 'creative Davos?, LVMH-backed fund L Catterton
Transformational LG Group chairman Koo Bon-moo dies
The influential chairman of South Korea’s LG Group, who helped transform the company into a technology heavyweight, has passed away after a battle with brain disease.
Third-generation leader Koo Bon-moo, 73, had been ill for a year, LG said in a statement, and had refused life support.
He took over as chairman in 1995 from his father, Koo Cha-kyung, when the Korean chemicals-to-electronics conglomerate was still named Lucky Goldstar and revenues stood at about 30 trillion won ($27 billion).
Today it employs about 222,000 staff with annual consolidated revenues of more than $100 billion.
LG Group is Korea’s fourth-largest chaebol—the name given to South Korea’s powerful family-owned conglomerates.
Leadership is expected to transfer to Koo Bon-moo’s adopted son, fourth-generation Koo Kwang-mo, who owns 6% of LG Corp and currently heads LG Electronics’ information display unit.
The late chairman adopted Koo Kwang-mo, who is his nephew, in 2004 after his only son died in a car accident.
LG Group, founded by Koo In-hwoi in 1947, was the first Korean company to start in the plastics industry, and today works in electronics, chemicals, and telecommunications.
Swedish families to back 'creative Davos'
A host of major Swedish business families are backing a ‘creative Davos’ co-founded by Spotify Daniel Ek.
The Wallenberg, Stenbeck, and Olsson families are understood to be among the group that have agreed to finance the event, Brilliant Minds, for the next five years, media reports suggest.
One of the aims of the two-day event, which began in 2015, is to bring together two worlds that have not traditionally mixed—technology and traditional business families, according to its chief executive.
The Wallenberg’s are Sweden’s largest family business, controlling stakes in Saab, Ericsson and Electrolux, while the Olsson’s influence the so-called Stena Sphere of companies.
Cristina Stenbeck, the 40-year-old third-generation majority owner of technology investor Kinnevik, is a Spotify board member.
Other families have been approached including the chief executive of retailer H&M Karl-John Persson, who is understood to be involved in its advisory board.
The World Economic Forum in Davos, Switzerland has traditionally been a place for the world’s foremost political, business and other leaders of society to meet and discuss global issues.
The rise of Brilliant Minds and a new Michael Bloomberg-backed New Economy Forum are providing new forums for family business leaders to meet and consider global trends.
LVMH-backed investor joins PremjiInvest to take stake in Indian premium retailer
LVMH-backed private equity group, L Catterton Asia, has taken a 10% minority holding in Indian fashion retailer Future Lifestyle Fashions Limited (FLFL).
French family office Groupe Arnault and LVMH joined forces with US-based private equity firm Catterton in 2016 to launch the global consumer-focused investment firm, L Catterton.
Founded in 2012, FLFL owns and markets about 30 fashion brands through exclusive brand outlets in India, department stores and multi brand outlets, as well as company operated chains such as Central and Brand Factory.
With approximately $15 billion of equity capital across six fund strategies in 17 offices globally, L Catterton is 60% owned by the partners of L Catterton and 40% jointly owned by LVMH and Groupe Arnault.
PremjiInvest, the family office of Indian entrepreneur Azim Premji, who founded IT firm Wipro, has invested in FLFL for the past four years.
