CJ Group is striving to make breakout changes in the turbulent business environment, which has been roiled by the consequences of the COVID-19 pandemic.
While announcing CJ Group’s mid-term business vision last November, CJ Group Chairman Lee Jay-hyun declared “CJ’s transformation.”
To this end, the keywords cited by Chairman Lee were “future” and “talented manpower.”
Chairman Lee said, “From now on, CJ will concentrate on future innovation growth with unmatched capabilities such as leading trends, technology power and marketing and reinvent its corporate environment in a revolutionary fashion for top-rated manpower spearheading it.”
CJ will grow into a future lifestyle company that will design new lives of people around the world, he said. CJ plans to invest more than 10 trillion won by 2023 to achieve future innovation growth.
Chairman Lee Declares ‘CJ’s Transformation’ Vision
CJ has set four core future growth engines: culture, platform, wellness and sustainability. A CJ official said the business group will seize on new growth momentum by carrying out investments and M&A based on the four future growth engines.
CJ Cheiljedang took a first step to enter the wellness business, one of the new growth engines picked by Chairman Lee.
The company acquired a 76 percent stake in Batavia Bioscience, a Netherlands-based bio-pharmaceutical company, for 267.7 billion won five days after Chairman Lee announced the mid-term vision.
CJ Cheiljedang plans to expand the conventional red bio business portfolio by entering the cell and gene therapy (CGT) contract development and manufacturing organization (CDMO) market.
Prior to its acquisition of Batavia Bioscience, CJ Cheiljedang had already taken over ChunLab, specializing in microbiome, and consolidated the health and medical care business, the red bio business of the company.
ChunLab changed its name to CJ Bioscience in early this year, launching its standing as a full-fledged red bio company.
ChunLab will concentrate on the development of new drugs and securing proprietary technologies in the microbiome segment of the red bio business while Batavia plans to reap stable profits.
CJ ENM struck a partnership with ViacomCBS, the biggest US. media group, after acquiring the Hollywood content production studio Endeaver Content.
CJ ENM struck a partnership with ViacomCBS, the biggest US. media group. An image of “Star Track: Discovery” Season 1 Series of Paramount Plus, a subsidiary of ViacomCBS.
As K-content, such as the Oscar-winning film “Parasite” and Netflix’s “Squid Game,” enjoyed global popularity, CJ ENM said it plans to consolidate its intellectual properties with Endeaver Content’s well-made global IPs.
A CJ ENM official said, “CJ ENM will secure a stronger upper hand over the global market by acquiring an affluent content portfolio encompassing the East and the West.”
CJ ENM plans to fully globalize its production capabilities and system by expanding its creator fool to not only Korea and the United States, but also other parts of the world.
The company strives to build a regime that can closely collaborate with creators of each country in a whole process of content production, ranging from planning to distribution.
CJ Logistics is striving to focus on fostering the platform business.
The company is accelerating efforts to be transformed into an innovation technology company by introducing an AI-based advanced automation system and building a blockchain logistics system, going beyond the conventional logistics company.
To this end, CJ Logistics plans to invest 2.5 trillion won by 2023.
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