Amorepacific chairman's 2nd daughter emerges as 3rd-largest shareholder

Amorepacific Group, South Korea’s cosmetic giant, announced on Thursday that Chairman Suh Kyung-bae has donated a 2.5% stake to his second daughter, Suh Ho-jung. 

Chairman Suh gave a total of 2.4 million shares to his second daughter, including 672,000 common shares and 1.72 million convertible preferred shares, worth 63.7 billion won ($48 million) as of the closing price on May 3. 

The convertible preferred shares will be converted to common shares in 2029. 

Suh Ho-jung had only 0.16% of Amorepacific Group’s common stock so far, but the share donation made her the third shareholder with a total stake of 2.63% in the company. 

The largest shareholder in Amorepacific Group is Chairman Suh, who holds a 47.14% stake, and his eldest daughter, Suh Min-jung, is the second-largest shareholder with a 2.66% stake. 

Chairman Suh’s second daughter currently holds no position at Amorepacific Group. 

On the other hand, Suh Min-jung works for the luxury brand division AP team at the company.

She has also been considered a successor to her father as she owns an 18.18% stake in Innisfree, a major subsidiary of Amorepacific Group. 

“This stock donation is an exercise of the property rights for the largest shareholder, so there is no particular change for the company,” said a company source.

“There are currently no plans for Suh Ho-jung to join the company or participate in management,” he added.

Write to Ji-Yoon Yang at yang@hankyung.com