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Cheil Industries signed fair-trade and co-prosperity agreements Cheil Industries signed fair-trade and
co-prosperity agreements
Cheil Industries and 121 suppliers have signed a fair-trade and co-prosperity agreement

This refreshes Cheil’s commitment to fair-trade and co-prosperity and includes compliance measures

Presented an opportunity to promote a culture of co-prosperity within the corporate ecosystem 

On the 27th, Cheil Industries announced that it had invited its suppliers to its fashion division headquarters in Susong-dong to hold a ‘Signing Ceremony for Fair-Trade and Co-prosperity 2014’.
 
The ceremony was attended by 10 CEOs from suppliers including Kwang-jin Park, CEO of Hansung Textile, who was representing 121 suppliers of the Cheil Industries fashion division. Joo-hwa Yoon, president of Cheil Industries, and heads of businesses in its fashion division also attended the ceremony to a consensus on co-prosperity with suppliers.
 
 The signing ceremony was arranged to a corporate ecosystem where a large enterprise grows together with its suppliers. At the ceremony Cheil Industries committed itself publicly to the following:
 
  • Comply with standards for subcontractor agreements
  • Negotiate procurement prices in a reasonable manner
  • Improve payment methods and terms
  • Support suppliers with training and technologies
  • Operate a co-prosperity fund
 
In addition, suppliers pledged to pursue continuous technology development and innovation, thereby securing the competitiveness of Cheil Industries products and thus grow together.
    
 During his congratulatory address, Joo-hwa Yoon, CEO of Cheil Industries, said, “This agreement will become an important milestone for spreading the culture of fair trade and co-prosperity across the fashion industry. Cheil Industries will seek various ways to assist suppliers including technical support, production expansion and talent development as well as conduct capacity building programs for suppliers so that it can upgrade the competitiveness of the Korean fashion industry.”
 
 Kwang-jin Park, CEO of Hansung Textile, who signed the agreement on behalf of all the suppliers, said, ”We expect that Cheil Industries’ co-prosperity initiatives will enable us to secure innovative technologies, competitive prices and reliable product quality, thereby becoming a cornerstone for enhancing our levels of technology. We will play the role of a bridge to transfer the know-how we have acquired from Cheil Industries to our suppliers.”
 
 Cheil Industries has installed an External Cooperation Bureau in July 2014, which is dedicated to giving practical support for the co-prosperity programs it has emplaced for its suppliers. Through the Bureau, the company will further solidify its culture of co-prosperity with its suppliers.