CJ Group Chairman Lee Jay-hyun speaks during a video message to employees. (CJ Group)
CJ Group said on Wednesday it would invest more than 10 trillion won over the next three years to cultivate four growth engines -- culture, platform, wellness and sustainability.
In a video message addressed to employees, Chairman Lee Jay-hyun shared the mid-term business plan – the first time the leader of the conglomerate explained his vision to all employees since 2010, the group said.
“With COVID-19 being unpredictable, the world is now going through a fundamental and rapid change,” Lee said in a message to staff.
“Today, we need to take the reality seriously and to brace ourselves for the future, we are beginning the revolution of CJ,” he said.
Describing the group’s current situation as a “growth stagnation,” Lee said its subsidiaries will focus on culture and platforms in an effort to expand their businesses globally and digitally.
Wellness and sustainability will also take center stage as part of the group’s philosophy, the group said.
One of the business goals is to build “lifestyle services and products” ranging from food, music, visual content and beauty, that appeal to global markets, the group said.
Food manufacturer CJ CheilJedang will produce items such as mandu, chicken and sauce.
The group’s entertainment arm CJ ENM plans to launch genre-specific “multi studios” to create content aimed at an global audience, similar to Studio Dragon, its drama production company behind global hits such as “Sweet Home” and “Kingdom.”
It also announced long-term plans to create a super platform that will serve as its own exclusive content eco-system based on its subsidiaries’ digital platforms and logistics infrastructure.
As part of the plan, the group’s streaming service Tving will seek to reach 8 million subscribers by 2023, teaming up with its partners including web portal Naver and TV network JTBC to strengthen its original content offerings.
Plans to improve its portfolio of health products and exploring new eco-friendly and material businesses were also announced.
“Our plan is to see 70 percent of our group’s sales growth generated from the four future growth engines within the next three years,” one CJ official said.
By Yim Hyun-su (firstname.lastname@example.org