Binggrae is formalizing its third-generation ownership structure following the merger with Haitai Ice Cream. Dongman Kim, the second son of Chairman Ho-yeon Kim, has recently taken on the role of overseeing international operations, further clarifying the management roles between him and his older brother, Dong-hwan Kim. Industry experts are closely watching how the newly merged entity performs and whether it can expand its global business, as these factors may serve as key indicators for evaluating the third-generation leadership.
According to industry sources, Binggrae appointed Dongman Kim as the executive in charge of international operations. This move follows the completion of the merger with Haitai Ice Cream last month and marks the first organizational restructuring since the merger. Since acquiring Haitai Ice Cream in 2020, Binggrae has been working on efficiency improvements, including joint marketing and logistics integration, and has now entered a full integration phase this year.
Industry analysts interpret this appointment as more than just a routine assignment. Previously, Dong-hwan Kim was responsible for strategy and management planning at Binggrae's headquarters, while Dongman Kim gained operational experience at Haitai Ice Cream. With the merger, the two brothers are now clearly delineating their roles within a single corporate structure, indicating a more defined sibling management dynamic.
Born in 1983, Dong-hwan Kim joined Binggrae in 2014 and has since overseen corporate strategy and management planning. Dongman Kim, born in 1987, studied in the United States, served as an Air Force officer, and gained management experience at eBay Korea and logistics subsidiary 'Jae-Ttae' before working at Haitai Ice Cream.
Particularly noteworthy is Dongman Kim's focus on international operations. The domestic ice cream market faces growth limitations due to low birth rates, sluggish consumption, and seasonal constraints, while international business is becoming a core growth driver for Binggrae.
Binggrae is accelerating its efforts to expand internationally, increasing sales of products like Melona, Bungeoppang, and Banana Flavored Milk in markets such as the United States, China, and Vietnam. The company also established a subsidiary in Australia last December. In the first quarter of this year, export sales reached 53.4 billion won, with frozen products accounting for 32.5 billion won, driving overseas growth.
However, Binggrae's business structure still heavily relies on domestic sales. International revenue accounts for less than 20% of total sales, and exports are concentrated on a few flagship brands. Consequently, diversifying the product portfolio beyond Melona and Banana Flavored Milk and integrating Haitai Ice Cream's products, such as Burabocon and Babamba, into existing global distribution networks are seen as critical challenges.
The new role distribution is also drawing attention for its potential implications for succession. Currently, Chairman Ho-yeon Kim holds a 37.89% stake in Binggrae, making him the largest shareholder, while the third-generation brothers do not own shares in the company.
However, in the logistics subsidiary 'Jae-Ttae,' Dong-hwan Kim holds 33.34% of the shares, while Dongman Kim and their sister, Jeong-hwa Kim, each hold 33.33%. Analysts suggest that the performance of the merged entity and the expansion of international business could lead to shifts in influence within the group. This trend aligns with recent practices among major food companies like Nongshim, Ottogi, and Samyang Foods, which are evaluating the performance and global expansion capabilities of the next generation of management ahead of ownership succession.
A Binggrae representative stated, "This appointment is aimed at strengthening our response to overseas markets and expanding our global business post-merger," adding that it is a business decision unrelated to succession.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.