HYOSUNG TNC

Hyosung Group has a strong presence in its local market and has been steadily extending its global production facilities to achieve greater recognition on the international stage. This has enabled us to establish a global production and sales network, spanning 106 locations in 28 countries, offering exceptional and exclusive products and services that are distinctive to Hyosung. Hyosung Group currently operates in various international locations. These include 8 sites in a North American country, 8 sites spread across three countries in Central and South America, 12 sites located in eight European countries, 6 sites in four Middle Eastern and African countries, 71 sites in eleven Asian countries, and one site in Oceania.

Hyosung showcases its cutting-edge technology on a globally through our numerous international corporations. Our technical expertise has earned us widespread recognition and demonstrated impressive accomplishments across the world. These achievements have been made possible by the dedicated individuals working in the closest proximity to the world for the cause of Hyosung Global. We would like to introduce you to the people working to help Hyosung connect with the world and promote Global Hyosung.

On the Front Lines of Global Hyosung, Our Overseas Expatriate

There are those who endure unfamiliar environments, constantly experiencing alien cultures, and the discomfort of using a language other than their mother tongue - all standing on the front lines of creating Global Hyosung. Hyosung’s overseas expatriates play an important role in connecting us with our customers. They leverage the technical expertise of Hyosung to establish Global Hyosung. Those who have completed their overseas assignments and returned to Hyosung will share their experience.

Q) Could you please introduce yourself?

A) Hello. I worked as an overseas expatriate at our branch in New York for about three years. Currently, I am working in the Brand Marketing Team of Hyosung Corporation's Strategic Headquarters. In my role as project manager (PM), I handle brand strategy development for the group and OCs, the collection and management of execution strategies for brand marketing, the coordination of guides, eco-friendly brand marketing, and IMC campaigns.

Q) You mentioned that you worked in New York. How was the working environment and atmosphere?

A) Although I was in New York, we didn’t have an office at that time. It was tough as I had to work alone without administrative support. From finding a place to live in New York to handling receipts, everything was a challenge to do on my own.

Q) How was it when you first started working overseas? Were there any issues with communication or cultural differences?

A) As mentioned earlier, starting overseas work without a home or office was difficult. Communication with the headquarters was difficult due to the time difference and distance. Not being able to quickly respond to the atmosphere, issues, and management directives from the headquarters to my work was frustrating. More surprising than the cultural difference was that the key to business success lay not in customer relationships but in the company and its products. In Korea, 1:1 customer relationships are crucial and can be the key to business success, but in the U.S., while 1:1 relationships are necessary; they don't have a significant link to business success. It was both beneficial and challenging to realize that consumers thoroughly consider brand power, exposure through marketing, product excellence, and whether it meets their needs. In the U.S., a customer-centric approach is needed as the focus of customer interaction differs from how we deal with business in Korea.

I dedicated extensive effort to maintaining strong business connections between Hyosung's rear industry and front industry companies while simultaneously establishing relationships with U.S. customers to prevent any breakdowns. Each process of trying to develop a business, finding a new marketing angle, developing new products, researching, and excavating ideas was a bit hard as I put my heart and soul into it. I felt pressure about my own performance and results then!

Q) How far do you feel the status of 'Global Hyosung' has come, as you have experienced as an overseas Expatriate?

A) Hyosung is widely recognized and highly regarded as a producer of yarns, thanks to its efforts to enter the textile fashion market in the United States. I felt proud and gratified to see that Hyosung's strategic products were gaining traction with customers through ongoing exposure. However, we needed to establish a more clear, more advanced, and global image to reach 'Global Hyosung.' To engrave that we are a company with a clear identity, philosophy, and vision as an equal partner, I felt a necessity to break away from the image of making and supplying excellent technical yarns. When I returned to Korea and joined the Brand Marketing Team, I was able to participate in brand renewal work.

Q) When was the proudest moment while working in the U.S.?

A) It's the achievements, for sure. Nothing is more rewarding than seeing the work I've continuously built become successful and yield good results. It was exciting to see the final consumer products using Hyosung materials launch. Still, seeing the positive customer reactions, excellent sales results, and more applications in more programs in the next season gave me even greater satisfaction as it became a core material. The good performance made every process of managing and handling work enjoyable.

Q) Now that you have returned after serving as an overseas Expatriate, what is your current goal?

A) My goal is to create 'Global Hyosung' not as a 'supplier' providing high-quality products recognized for its technology, which I felt was lacking while working abroad, but as an equal partner. This year, I plan to work even harder to renew the Hyosung Group and OC brands, and our goal is to properly inform and show our vision, future-oriented nature, philosophy, and core technology to our customers.

The bridge between Hyosung and our consumers, the International sales division

Hyosung's International Sales department connects customers in various countries worldwide with a wide range of products developed through Hyosung’s technological expertise. Hyosung team members in this department work closely with the global community, ensuring they are always on top of the international market despite their location in South Korea.

Q) Could you please introduce yourself and share the reasons that led you to work in international sales?

A) As the department head for managing the export and sales of Korean-made spandex to America and Europe, I have previous experience overseeing our Türkiye branch. Working in international sales was a natural fit for me, as our team members often have overseas postings or dispatch experiences, gaining diverse cultural competencies through their work.

Q) How do you overcome time differences to communicate with customers in the Americas and Europe?

A) In certain countries like Europe, their morning tasks only begin around 3-4 PM in Korean time. Therefore, we manage basic outbound and documentation tasks in the morning while responding to emails from clients or local staff sent after our workday ended the previous day. We also gather the necessary materials during this time. After 4 PM, we start working on the tasks that require communication with the local clients and staff who have just started their day.

Q) Sounds really tough. The global political climate, exchange rates, and time differences must all be considered. Do you have any special stories brought about by these difficulties?

A) We typically conduct business in dollars, thus we face relatively fewer currency risks. However, there's a distinctive episode from my tenure in Türkiye. Türkiye operates a DBS (Direct Banking System) involving businesses, customers, and banks. Initially, customers provide collateral to the bank, determining a limit for them. During transactions with customers, we register the invoice with the bank, and they settle the amount due on the maturity date within the determined limit. These transactions between the bank and customer occur in local currency, known for its high volatility. On one occasion, the exchange rate surged from 3.5 Lira to 7 Lira per dollar, causing a decrease in our limit and presenting challenges for us. On the other hand, our local clients were burdened by the fact that the amount of Lira they were required to pay had doubled.

Q) Are there any other challenges besides exchange rates and world affairs?

A) It is common for us to travel abroad. Since the pandemic has been contained, we’ve been able to revisit customers. There are two main challenges when traveling: time zones and language barriers. In Latin America, initial communications are in English but gradually shift to Spanish with the locals. I request a native speaker to translate to communicate with clients. But unfortunately, a ten-word statement is often reduced to two or three in translation, causing us to miss small details. Getting used to time zones is more challenging! I sent the first week in a foreign country just getting used to the local time. Jet lag follows the return to Korea after the trip. No matter how much you travel, you never get used to time zones. Ha ha.

Q) Are there any specific skills you believe a successful overseas salesperson needs?

A) Having a comprehensive understanding of our products is essential. To communicate effectively with foreign customers, it is crucial to have a broad understanding of global economic trends and the political, economic, and cultural aspects of the countries and regions you oversee, both at a macro and micro level. It is crucial to have a deep understanding of market trends and economic conditions in the relevant country. To be able to comprehend customers better and prevent significant errors during meetings or consultations, it is equally essential to have a high level of language and cultural comprehension. Obviously, trade knowledge is also important.

Q) Over the course of your work thus far, have there been instances that made you particularly proud or satisfied?

A) When I was working in Türkiye, I met a client from Egypt. We made frequent visits to Egypt since it was a highly sought-after market. Initially, our competitors held a monopoly, securing more than 150 tons. Despite this, we continued to visit our customers and gradually developed meaningful connections with them. After four years, our competitor could only supply around 10 tons, while we were able to supply over 250 tons. The positive results of cultivating long-term relationships are truly rewarding.

Q) This is the last question. Do you have a goal you're determined to achieve this year?

A) My goal is to increase our market share in Mexico and Colombia, countries under my jurisdiction with relatively low market share. This is my short-term goal, and I plan to pursue it aggressively. We are halfway through the year, so achieving the sales plan we established last year remains a top priority.

Hyosung's remarkable success in foreign markets and continuous growth with a significant market share can be attributed to the unwavering dedication of our team members who work directly with our global clients. We appreciate the contributions of Hyosung's global team members, who skillfully manage diverse cultures and management systems in their roles. Their efforts are instrumental in driving Hyosung's competitiveness on a global scale. At Hyosung, we uphold the Hyosung Way, which unites all our global members to work together with strength and determination to turn our dreams into reality. We acknowledge that our success on a global scale is a result of the hard work put in by our members worldwide at Hyosung. Therefore, we strive to encourage to continuous development of those managing our overseas divisions. At Hyosung, we offer a variety of programs to cultivate global talent and provide ample support and recognition. We firmly believe in our technology and are driven by our determination to tackle future challenges. Our commitment to becoming a leading global corporation remains unwavering.