Various stories of activities brought to you by Hyosung TNC
Hyosung Chairman Cho Hyun-joon has decided to make a proactive investment in spandex production to widen gap with rivals as the world’s No.1 manufacturer, expanding the Group’s factory in Turkey to make a foray into the premier market in Europe.□ Hyosung TNC to invest KRW 60 billion in Turkey to increase production capacity 15,000 tons On November 2, Hyosung TNC said that it would build a factory with a capacity of 15,000 tons a year in Cerkezkoy, close to Istanbul, Turkey, by investing 60 billion won by July next year. Upon completion of the factory, the company’s spandex production capacity in Turkey will increase to about 40,000 tons a year. The decision is based on Mr. Cho Hyun-joon’s judgment that the Group needs a more proactive investment to gain the upper hand in the global clothes market, particularly the European market, which has recently shown a sign of recovery.The businesses in Europe reduced their production and put off introduction of new products to the market amid the continued shutdown due to COVID-19; thus, they are in a state of inventory shortage. Hyosung TNC expects to meet the textile demand worth KRW 750 trillion in the recovering market with the expansion of its production capacity. Commenting on the matter, Mr. Cho Hyun-joon said, “We need to solidify our position as the world’s No.1 manufacturer, widening the gap with rivals, strengthening our dominance in the European premium market with the expansion of our production facilities in Turkey, which serves as a production base of Europe.” Hyosung TNC has strengthened its market dominance in Europe through the expansion of the factory in Turkey, which was built in 2008, twice. The company has supplied goods to European customers, displaying advantages over rivals in the following factors: △ prompt delivery based on geographic advantage; △ ability to meet customized needs of customers; and △ sheer technological prowess to fit premium market. □ Global spandex demand growing 6 - 7% a yearAccording to Business Wire, the global leader in press release distribution, the global spandex demand grows 6-7% a year versus 2-3% for ordinary textile. In the COVID-19 era, home wear and athleisure wear are in the spotlight in the global apparel market. They are those that meet the needs of consumers, who spend more time at home for telecommuting or the like. The demand for spandex clothes is also increasing, as they are easy to wear. It is expected that trends like this will continue even in the post-COVID-19 era. Meanwhile, Hyosung TNC has maintained its position solidly as the world’s No.1 spandex manufacturer. It operates a global network of factories as follows: those in China opened in 1999; those in Turkey for the European market; those in Brazil for the U.S. and Latin American markets; those in India for newly emerging Asian countries; and those in Vietnam for the entire Asian continent.
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Hyosung donated 40 million won to the “2021 Warm Winter Contactless Fundraiser” hosted by the Mapo-gu Office on November 19. It was a donation for the underprivileged in Mapo-gu District, home to the headquarters of the Hyosung Group, as part of its efforts to fulfill its corporate social responsibilities to the local community. The donation is intended to help the disadvantaged in the district with their emergency living expenses, medical expenses, housing expenses, or education expenses. The “2021 Warm Winter Contactless Fundraiser” was broadcast live on the “my MAPO Mapo-gu” YouTube account. The annual event had been held offline for nine years before it was offered online this year due to the COVID-19 pandemic. “If you go alone, you can go fast; but if you go together, you can go far. Hyosung will always seek to grow together with its neighbors,” Hyosung Chairman Cho Hyun-joon said. Meanwhile, Hyosung is hosting the “Share Rice of Love” event and the “Share Kimchi with Neighbors” event on November 24 for low-income residents in Mapo-gu District in a contactless way. Every year since 2006, Hyosung employees have volunteered to deliver rice and kimchi to the needy personally. This year, the event is held in a non-face-to-face way due to the pandemic.
Hyosung Chairman Cho Hyun-joon has decided to make a proactive investment in spandex production to widen gap with rivals as the world’s No.1 manufacturer, expanding the Group’s factory in Turkey to make a foray into the premier market in Europe.□ Hyosung TNC to invest KRW 60 billion in Turkey to increase production capacity 15,000 tons On November 2, Hyosung TNC said that it would build a factory with a capacity of 15,000 tons a year in Cerkezkoy, close to Istanbul, Turkey, by investing 60 billion won by July next year. Upon completion of the factory, the company’s spandex production capacity in Turkey will increase to about 40,000 tons a year. The decision is based on Mr. Cho Hyun-joon’s judgment that the Group needs a more proactive investment to gain the upper hand in the global clothes market, particularly the European market, which has recently shown a sign of recovery.The businesses in Europe reduced their production and put off introduction of new products to the market amid the continued shutdown due to COVID-19; thus, they are in a state of inventory shortage. Hyosung TNC expects to meet the textile demand worth KRW 750 trillion in the recovering market with the expansion of its production capacity. Commenting on the matter, Mr. Cho Hyun-joon said, “We need to solidify our position as the world’s No.1 manufacturer, widening the gap with rivals, strengthening our dominance in the European premium market with the expansion of our production facilities in Turkey, which serves as a production base of Europe.” Hyosung TNC has strengthened its market dominance in Europe through the expansion of the factory in Turkey, which was built in 2008, twice. The company has supplied goods to European customers, displaying advantages over rivals in the following factors: △ prompt delivery based on geographic advantage; △ ability to meet customized needs of customers; and △ sheer technological prowess to fit premium market. □ Global spandex demand growing 6 - 7% a yearAccording to Business Wire, the global leader in press release distribution, the global spandex demand grows 6-7% a year versus 2-3% for ordinary textile. In the COVID-19 era, home wear and athleisure wear are in the spotlight in the global apparel market. They are those that meet the needs of consumers, who spend more time at home for telecommuting or the like. The demand for spandex clothes is also increasing, as they are easy to wear. It is expected that trends like this will continue even in the post-COVID-19 era. Meanwhile, Hyosung TNC has maintained its position solidly as the world’s No.1 spandex manufacturer. It operates a global network of factories as follows: those in China opened in 1999; those in Turkey for the European market; those in Brazil for the U.S. and Latin American markets; those in India for newly emerging Asian countries; and those in Vietnam for the entire Asian continent.
Hyosung was certified anew on 28th as an exemplary entity in ‘the provision of support for culture/arts at a ceremony’ hosted by the Ministry of Culture, Sports, and Tourism (MCST).This year marks the sixth anniversary of said certification following the enactment of the Act on the Revitalization of Support for Culture and Arts in January 2014. The certification is hosted by MCST and sponsored by the Arts Council Korea (ARTCO). ARTCO selects such exemplary entities through the evaluation of diversity, continuity, and operating system of mecenat (patronage) movement carried out by businesses. The certification is valid for three years. This year, 13 businesses including Hyosung were recertified.Hyosung has provided positive support for the culture/art sectors as part of its diverse social contribution activities, including its support for ‘Yoyoma & Silk Road Ensemble’ led by world-famous cellist Yoyoma, Onnuri Love Chambers -- an orchestra composed of young people with development disability -- and ‘Jamsil Creation Studio’ for disabled artists specializing in visual arts.“We wish to build a society where more people can access culture/arts more easily and share the joy of enjoying them with each other through continued support for them,” Hyosung Chairman Cho Hyun-joon said.
Jamsil Creation Studio, which receives financial support from Hyosung, is holding an exhibition “The Value Linked Together” at the Seoul History Museum at Seosomun Historical Park from Oct. 16 until Nov. 4. The said event will display the works created by artists working at Seoul Foundation for Arts and Culture and as part of a mentoring program for disabled children. Hyosung has provided financial support for creative activities of the artists working at Jamsil Creation Studio run by the Seoul Foundation for Arts and Culture and exhibition of their works over the past three years as part of the mecenat (patronage) movement. The Group has provided a total of KRW 200 millon (including 100 million won this year) to them. The number of the artists receiving the support comes to about thirty. Jamsil Creation Studio is a place of creative works for disabled artists specializing in visual arts. It is the only one of its kind in the country. Each year, it selects 12 disabled artists who need a space for making their creative works through open competition. It has identified a total of 130-plus artists. Hyosung official said, “We will continue to strive to foster environment for talented disabled artists. We hope what little help provided by us can energize the culture/art circles, which are having a hard time due to COVID-19.
HYOSUNG President Cho Hyun-sang said on October 8 that he has taken part in the ‘Flower Bucket Challenge’, a relay campaign designed to help horticultural households experiencing hardship due to COVID-19. Mr. Cho Hyun-sang took the relay baton from CEO Lee Tae-sung of Seah Holdings, purchased air-purifying plant pots from a horticultural farm in Seoul, and presented them together with KF-94 face masks for COVID-19 to 100-plus office-cleaning and facility management employees and security guards at the corporate buildings in Mapo/Banpo, Seoul."I’m glad to take part in the ‘do-good’ campaign designed to provide support for horticultural households currently experiencing hardship due to COVID-19. I hope what little support provided by us can go a long way in bringing happiness to these people who are working hard for the Company. I always appreciate these employees who are doing their best to protect the Company and other employees from the pandemic,” the HYOSUNG President said. He vowed to do what he could together with the employees to overcome the current difficult situation soon. Mr. Cho Hyun-sang, who heads the HYOSUNG Volunteer Service Corps, has engaged in a variety of social contribution activities. As an acquaintance of world-famous cellist Yo-Yo Ma, he has arranged a ‘Yo-Yo Ma & Silk Road Ensemble Teaching Class’ to be held in the country since 2009 to provide members of ‘Onnuri Love Chambers’, an orchestra composed of young people with development disability, with an opportunity to learn from Mr. Yo-Yo Ma. He, along with HYOSUNG employees, has also taken part in Good Samaritan activities for less-privileged people every year including such activities for ‘Young Nak Aenea's Home’ in Seoul. Meanwhile, he will be the first runner of the in-house relay campaign Thank you! Cheer Up! to be launched this month. The campaign seeks to express gratitude to team leaders of the Group’s affiliates for striving amid the unfavorable business situation.Mr. Cho Hyun-sang has handed over the relay baton of the Flower Bucket Challenge to Hyundai Motor Vice Chairman Chung Eui-sun, President Park Ji-hun of LEEHAN, and President Kim Dong-kwan of Hanwha Solutions.
Now, people can use athletic leisure masks fit for indoor and outdoor exercise and protect against COVID-19. On September 7, Hyosung TNC announced that it has introduced face masks made from antimicrobial fabrics devoid of bad odors by Andar, which is a leading athletic leisure brand.The masks which have been introduced to the market jointly by Hyosung TNC and Andar, allow you to breathe easier than with ordinary KF health masks. These masks include features such as being water proof, antimicrobial, and devoid of bad odors. Andar is known as a domestic brand that has brought about a whirlwind of athletic leisure trending looks. It has engaged in a new marketing campaign with MAMAMOO, a new group of hotshot female singers, as their ‘brand muse’. The government recently made wearing a face mask obligatory for people mingling with others both indoors and outdoors. Thus, there has been an increasing demand for good quality face masks with an inherent function (blocking respiratory droplets) while being easy to breathe and display an individuals’ personality. Andar has worked with Hyosung TNC on the development of materials used for the production of its products and uncovered functional materials made by Hyosung, which were fit for face masks. Commenting on the matter, an Andar official said, “Due to the spread of the pandemic, the demand for masks that can be worn conveniently in people’s everyday lives, including their workout sessions, have increased. We have come to collaborate with Hyosung TNC, known for its global, functional fabrics to make an environmentally-friendly, functional face mask.”For the face masks introduced to the market this time, the following fabrics made by Hyosung TNC were applied: spandex Creora® Fresh odorless, and featuring flexibility Fresh and polyester Aerosilver with good antimicrobial functions. The face masks are being supplied in seven colors including black, rose, and pink. They are washable and reusable. The fabrics made of Creora® Fresh are odorless, with neutralizing ammonia substances and reduces the pressure behind the ears thanks to spandex’s flexibility. Silver ion contained in Aerosilver functions as a defense against microbes. Commenting on the matter, Hyosung TNC President Kim Yong-seop said, “We will cope, flexibly with rapid changes in the market, with safe and convenient goods by listening to customer’s voices.” According to the Korea Research Institute for Fashion Industry (KRIFI), the domestic athletic leisure look market, whose sales stood at about KRW 500 billion in 2008, passed the mark of KRW 2 trillion in 2018, and have grown to KRW 3 trillion this year. The current trend is increasing the demand for fashion masks, as well as matching an individuals’ personality and being effective against diseases. Burberry and the Korea Football Association (KFA) have also introduced their fashion masks to the market.
