London: CJ Group, a prominent South Korean conglomerate spanning food to entertainment, has announced its strategic focus on Europe as a pivotal growth market following its successes in the United States. Chairman Lee Jay-hyun conveyed this direction during his recent on-site management activities in Europe. His visit to London marks his first in the region, following trips to Saudi Arabia last year, and to Japan and the U.S. earlier this year, as per a press release from the company.
According to Yonhap News Agency, Chairman Lee emphasized the necessity of accelerating CJ Group's expansion into Europe and other emerging markets to solidify its position as a leading global entity. "After the U.S., our core overseas business hub, we need to actively explore new growth opportunities in the high-potential European market," Lee stated.
During meetings with CJ executives and employees in London, Lee highlighted the importance of leveraging the rising "K-wave" in Europe to secure an early market presence and to establish CJ as a top-tier pan-European player. Lee also engaged with executives from global sectors such as media, entertainment, and marketing to explore potential strategic partnerships, according to the release.
In a significant move, Lee discussed expanding K-content and enhancing platform competitiveness with Len Blavatnik, founder of Access Industries. Furthermore, he met with Michael Payne, former marketing director of the International Olympic Committee and current chairman of Payne Sports Media Strategies, to deliberate on marketing strategies for global consumer goods and content companies like CJ.
CJ Group has been actively broadening its European portfolio, with notable actions including the establishment of a food subsidiary in Germany in 2018 and the acquisition of frozen food maker Mainfrost. The group further expanded by setting up subsidiaries in Britain in 2022, and in France and Hungary in 2024.
In Hungary, CJ is constructing a plant near Budapest to cater to the growing demand for its Bibigo dumplings in Europe. The plant is expected to commence production late next year, with plans to extend its offerings to other Bibigo products, such as chicken.
"The chairman's on-site tour is part of CJ's global expansion strategy across Asia, the Americas, and Europe. The group will focus on strengthening competitiveness in its core businesses of food, beauty, and entertainment," the release concluded.