[비즈한국] It has been confirmed that Kang In-chan (30), the second son-in-law of HL Group Chairman Chung Mong-won (71) and son of broadcaster Baek Ji-yeon (62), has established a company called ‘Formare.’ Kang appears to be pursuing business independently of HL Group, as he holds a 100% stake in Formare and HL Group has made no equity investment. Kang does not participate in the management of HL Group. This stands in contrast to Chairman Chung Mong-won’s two daughters and his first son-in-law, all of whom are involved in the group’s management.
According to the corporate registry, Formare was established in May of this year. Kang In-chan serves as the CEO, and his mother, Baek Ji-yeon, is listed as an internal director. The registered office address matches Kang’s private residence, which is owned by Baek Ji-yeon. In effect, the company is using Kang's home as its headquarters rather than a separate office space.
The business objectives listed in Formare's corporate registry include: △manufacturing of perfumes and cosmetics; manufacturing and distribution of clothing and lifestyle products; manufacturing and sale of food and beverages; lodging and space operations; brand design and consulting; content production and media business; exhibition and space planning operations; manufacturing and sale of household goods; intellectual property management and licensing; and the entertainment industry.
While it is difficult to pinpoint a core business due to the broad nature of these objectives, there is a possibility that the company will focus on design-related projects. This is because Kang In-chan majored in design and has previous professional experience in the field. Furthermore, "brand design" is explicitly listed as a business objective, and the clothing industry is closely tied to design. However, there have been no public disclosures regarding Formare’s current business activities.
Kang In-chan married Chung Ji-soo (31), the second daughter of Chairman Chung Mong-won and a managing director at HL Mando, in 2023. Following their marriage, there was speculation in the business community that Kang would join HL Group’s management. However, Kang has yet to hold any position within the group. The establishment of Formare suggests he is leaning toward pursuing his own independent ventures.
The household goods and media sectors specified as business objectives have little connection to HL Group. While there is a possibility of future business cooperation, it is currently difficult to see the company operating in conjunction with HL Group. This is evidenced by the fact that no HL Group affiliate has invested in Formare, and the company’s board consists solely of the mother-son duo of Baek Ji-yeon and Kang In-chan.
Little has been heard about Kang In-chan since his marriage to Director Chung Ji-soo. A business industry source remarked, "It was known that Kang worked in a design-related field at the time of his marriage, but I haven't heard any news about whether he is still working in that sector. If he had joined HL Group, there would have been some rumors, so the lack of news suggests he is likely focused on his personal activities."
This differs from the situation involving Chairman Chung Mong-won’s eldest daughter, Chung Ji-yeon (44), an executive at HL Holdings, and her husband, Lee Yoon-haeng (44), CEO of HL Klemove. Both are actively involved in the management of HL Holdings and HL Klemove, respectively. HL Klemove is an HL Group affiliate that develops autonomous driving technology.
The possibility of Kang In-chan joining HL Group in the future cannot be entirely ruled out. The first son-in-law, CEO Lee Yoon-haeng, also married Chung Ji-yeon in 2012 but did not join HL Group until 2017, having practiced as a lawyer until then. However, unlike CEO Lee, Kang has established his own company where he acts as the largest shareholder and CEO. All eyes are now on Kang’s future moves and the strategic direction of Formare.