From Yongjin Chung and Yoo-kyung Chung to Dongbin Shin and Kyungbae Suh... Major Retail Owners Gather at 'Frieze Seoul' (Comprehensive Review 2)

Yongjin Chung Appears at 6:14, Yoo-kyung Chung at 6:21

Attending the Gala Dinner

Dongbin Shin, Kyungbae Suh, Youngdal Yoon Also Present

Frieze Emerges as a Cultural Social Hub for Business Leaders

The global art fair 'Frieze Seoul 2026' drew the top management of Korea's leading distribution and consumer goods companies. Chung Yongjin, Chairman of Shinsegae Group, and his sister, Chung Yookyung, Chairwoman of Shinsegae Co., arrived together at the venue to attend the gala dinner. Shin Dongbin, Chairman of Lotte Group, Sukyung Bae, Chairman of Amorepacific Group, and Yoon Youngdal, Chairman of Crown Haitai, also made appearances. With the Shinsegae siblings, who are about to split their corporate affiliates, gathering alongside the leaders of rival distribution groups, Frieze Seoul is fast becoming a key platform for cultural and artistic exchange among Korea's business elite.

Yongjin Chung, Chairman of Shinsegae Group. Photo by Yeju Han

Chung Yongjin, Chung Yookyung, and Sukyung Bae Gather in One Place... Owners United at the Gala Dinner

According to the business community on September 2, Chairman Chung Yongjin appeared at the Frieze Seoul venue at the COEX in Gangnam, Seoul, at around 6:14 p.m. that day. Seven minutes later, at 6:21 p.m., Chairwoman Chung Yookyung arrived accompanied by her husband, Moon Seongwook, CEO of Shinsegae Live Shopping.

The siblings came to attend the Frieze Seoul gala dinner held that evening. The gala dinner, timed to coincide with the opening of Frieze Seoul, is an exclusive, invitation-only event that brings together leading collectors, gallery representatives, and business figures from Korea and abroad. In addition to viewing artworks, it is one of Frieze’s signature social occasions where both art and business professionals network and engage.

After Chairman Chung Yongjin and Chairwoman Chung Yookyung, Sukyung Bae, Chairman of Amorepacific Group, also arrived at approximately 6:35 p.m. to attend the gala dinner. Yoon Youngdal, Chairman of Crown Haitai, who has been a steady supporter of the Korean sculpture scene, also made an appearance. Cho Won-tae, Chairman of Hanjin Group, was present as well.

Chung Yoo-kyung, Chairwoman of Shinsegae. Photo by Hanyeju

Earlier that day, Shin Dongbin, Chairman of Lotte Group, also visited Frieze Seoul and toured the exhibition halls. He exchanged greetings with exhibition officials and thoroughly examined the artworks. However, he did not visit the Shinsegae Lounge. He declined to answer journalists' questions regarding which pieces had caught his eye or whether he had any plans to purchase art.

The venue also attracted figures from the entertainment and cultural worlds, in addition to the business elite. Chairwoman Chung Yookyung’s daughter, Annie (Moon Seyoon), as well as Han Sohee, Chae Si-ra, Jung Ilwoo, Shiho Yano, Seol Inah, Wendy, Jang Donggun, Ko Soyoung, and Chef Son Jongwon, were among those spotted at the event. With second- and third-generation successors, celebrities, and business owners all in attendance, Frieze Seoul is expanding beyond an art fair where artworks are traded to become a venue for interaction between Korea’s business, cultural, and fashion sectors.

Sukyeong Bae, Chairman of Amorepacific. Photo by Yeju Han

Shinsegae Siblings, on the Verge of Corporate Split, Reunite Through Art

Particularly noteworthy is that Chung Yongjin and Chung Yookyung, who are solidifying separate management systems through a corporate split, stood together thanks to their shared interest in art. This is the first time in three years that the siblings have made a joint appearance at a Frieze event, the last being the ‘Shinsegae x Frieze VIP Party’ in 2023.

This public appearance is especially notable as Chairwoman Chung Yookyung rarely appears in official settings. Following her appearance at the opening of Daegu Shinsegae in 2016, she has largely avoided public events. Her attendance at the 2023 ‘Shinsegae x Frieze VIP Party’ marked her first formal public outing in about seven years, which was also attended by Chairman Chung Yongjin.

This year is also the first time Shinsegae Group has been elevated to the status of headline partner for Frieze Seoul. Shinsegae Group will participate as headline partner for five years from this year until 2030—the first Korean retail company to do so.

This partnership is known to have been personally overseen by Chairman Chung Yongjin throughout negotiations. The move is aimed at securing customers' "time and experience" through cultural and artistic content, and expanding art marketing, previously centered on department stores, into a comprehensive group branding strategy.

Chairwoman Chung Yookyung has been the key figure in leading Shinsegae’s “art management.” A graduate of the Rhode Island School of Design (RISD) with a degree in graphic design, she has worked to strengthen Shinsegae Department Store’s high-end strategy by integrating art and fashion. Shinsegae has continuously combined culture and art with its shopping spaces through in-store galleries and art exhibitions.

Shin Dongbin, Chairman of Lotte Group. Photo by Han Yeju

'Heavy Spenders' Gather at Frieze: The Retail Industry's VIP Marketing Battleground

The reason owners of distribution and consumer goods companies are focusing so much attention on Frieze is that the major customers of the art market overlap significantly with the core consumer base of these companies. Frieze brings together not only world-class galleries and collectors but also a large number of high-net-worth individuals from Korea and abroad. For premium markets such as department stores, luxury brands, and cosmetics, it provides a chance to offer new experiences to key clients through art and cultural content.

From a corporate perspective, supporting art and culture goes beyond mere sponsorship. It also enhances the company's brand image and creates more touchpoints with affluent customers. The fact that company owners are personally present at these events further underscores the growing importance of art and culture in corporate premium strategies.

Meanwhile, Frieze Seoul, organized by the world-renowned art magazine Frieze, has been held in Seoul since 2022 as the first Frieze art fair in Asia. Now in its fifth edition, the event has become a stage where high-net-worth individuals and business leaders, both local and global, come together and where distribution, finance, and fashion companies interact with their VIP clientele.

This content was produced with the assistance of AI translation services.