Source: Sisa Journal · 경제

What happened

SPC Group’s third-generation owners have returned to Samilp, the conglomerate’s only listed company, after eight years away. Sisa Journal reported on Sept. 14 that Heo Jin-su, Paris Croissant vice chairman, and Heo Hee-su, BR Korea president, became full-time unregistered executives effective Aug. 1, per a semi-annual filing on the Financial Supervisory Service disclosure system.

Heo Jin-su takes chief strategy officer duties and Heo Hee-su chief vision officer duties. Samilp cited “responsible management” by major shareholders of parent Sangmidang Holdings. Both previously served as registered directors until board terms ended in 2018.

The breakdown

Samilp posted 3.3705 trillion won in revenue last year, but operating profit fell 59% to 387 billion won and net income 83% to 140 billion won. First-half 2026 revenue rose 1.3% to 1.6601 trillion won, yet the company recorded a 4.2 billion won operating loss and 9.9 billion won net loss.

Imported raw materials — cooking oil up 18% and pork 11% versus 2024 — and a weaker won drove costs higher. From Sept. 1, Samilp raised prices on about 50 convenience-store bread items by roughly 9% on average, the first increase in 18 months. After a fatal May 2024 accident, SPC moved plants to three eight-hour shifts from September 2024, adding about 33 billion won in annual labor cost.

Weakness is reaching the holding company. Sangmidang Holdings logged 5.5693 trillion won in consolidated revenue last year, down 1%, operating profit of 306 billion won, down 65%, and a 286 billion won net loss after 941 billion won profit in 2024. Samilp earned a dishonest disclosure label from the Korea Exchange and a 16 million won fine over late guarantee filings. A April 2026 finger amputation at the Siwha center was later treated as a serious industrial accident; police referred five officials to prosecutors.

Sisa Journal’s industry sources question unregistered roles that carry less board liability than registered directors under Korean law. Samilp still paid about 5.6 billion won in dividends last year — down from 14.6 billion won — with the owner family estimated at roughly 1.7 billion won.

Why it matters outside Korea

SPC brands such as Paris Baguette and Paris Croissant operate across Asia, North America, and the Middle East. Governance and safety headlines at the listed Korean parent can affect franchise diligence and how overseas customers read “responsible management” claims. Samilp remains the sole listed window into a mostly private empire whose holding company is already under strain.

What travelers and expats should watch

• Convenience-store bread prices: The Sept. 1 ~9% hike on about 50 Samilp SKUs hits everyday purchases at CU, GS25, and similar chains.
• Paris Baguette abroad: Overseas outlets are often franchised; recurring safety and disclosure issues at the Korean listed unit still matter if you track ESG or supplier risk at brands you buy from regularly.

Context

Read this as a succession and crisis move at a distressed listed bakery, not a routine shuffle. The Heo brothers may aim to stop a performance domino before Sangmidang Holdings weakens further, but unregistered titles, continuing dividends, and active penalties sit awkwardly beside “responsible management.” Sisa Journal’s sources say the test is restored profitability and internal controls — not a return to the org chart.

Source

Sisa Journal · 경제: “‘책임경영’ 외치며 귀환한 SPC그룹 오너 3세, 법적 책임은?” — Korean original; paraphrased for briefing. Soft briefing only — not personalized legal, tax, or investment advice.