‘Baby Shark’ producer’s uncle sees triple fortune after spin-off to focus on startups

Less than a year after debuting on Forbes’ Korea Rich List, apparel entrepreneur Kim Chang-soo’s net worth has tripled to $ 2.1 billion, catapulting him into the ranks of the 20 richest people. of the country, thanks to a spin-off in which to focus on investing. Opening.

Kim’s Korean-listed company F&F spun off its core apparel business last month, which includes the MLB and Discovery Expedition brands. The spin-off company, called F&F Co. Ltd., which is listed on the Korean Stock Exchange on May 21. Its shares have risen about 15% since then, as investors optimistic about its clothing brands followed the spin-off.

The remaining company was renamed F&F holdings and now he will focus on investing in other companies. His shares, which were suspended on April 28, have fallen roughly 50% since he resumed trading after the listing of his spun off company. Shares of F&F Holdings stabilized last week and are still up 90% from 2019.

Kim, 60, is the largest shareholder of both F&F Co. Ltd. Y F&F holdings, with a 45% stake in each company. With a net worth of $ 2.1 billion, he is ranked 18th among Korea’s billionaires on the real-time billionaires list, right behind LG Chairman Koo Kwang-mo and Naver co-founder Lee Hae-jin. .

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While investors are more optimistic about F&F Co. Ltd.’s apparel business, F&F Holdings appears to be serious about investing in startups. A month after F&F Holdings decided to spin off its apparel business, it launched an investment subsidiary in December called F&F Partners. According to the Korean startup funding site the VC, F&F Partners has invested a total of more than 3.9 billion won (about $ 3.5 million) so far in three content production startups: Bamboo net, OCT Channel and WhyNot Media.

F&F Holdings also set Park Eui-heon, former CEO of Korean financial powerhouse Meritz Financial Group, as its new CEO on March 26, replacing Kim.

Kim’s nephew, Min-seok, is also a successful entrepreneur. Min-seok is the producer of the viral video “Baby Shark Dance,” which has 8.7 billion views, making it the most viewed video on YouTube. The two-minute worm about a family of sharks, released in 2016, went viral in 2018 and surpassed Despacito by Luis Fonsi and Daddy Yankee in November of last year as the most viewed video on YouTube. In 2010, Min-seok, along with two former colleagues from Korean gaming firms Nexon and NHN, co-founded online education provider SmartStudy, which launched “Baby Shark Dance.”

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