Maison & Objet (1)
Monday morning, in the president’s office at Haesol Textile.
“At last, the LVMH contract has arrived.”
Director Hwang Seok-jae came in carrying a document tray. The moment he sat down, he took out a thick stack of papers, and Jung Seung-hyun sat across from him with a slightly tense expression.
“The email came in late last night. It’s the final version, with most of our revisions accepted.”
“Including the design license and the priority negotiation rights on new materials?”
“Yes. Those clauses have been changed to limit the scope. In other words, if you develop an entirely different new material or technology in the future, you’re not automatically obligated to sell it to LVMH first. Of course, if they’re serious about it, we should negotiate with them first. That would only be proper.”
Seung-hyun let out a relieved breath and nodded.
That had been the part that bothered him most throughout the negotiations.
No matter how prestigious the investment from a global luxury conglomerate might be, it would be a problem if the company could no longer move freely in the long term.
“Thank you, Director. This really wrapped things up well.”
“Not at all. You set the standards clearly from the start, so the conversation was easier when we sat down to negotiate. That’s why we got a good result.”
Director Hwang immediately picked up one sheet and continued.
“As you can see, the company has been valued at 40 billion won, with an investment of 10 billion won. That brings the total valuation to 50 billion won, so LVMH will take roughly a 20 percent stake. Since the investment is coming in entirely as a new share subscription, the cash will flow straight into our accounts.”
Seung-hyun skimmed the documents quickly and nodded slowly.
“With this money, we should have plenty of room to expand the factory equipment.”
“Yes. The plant manager said the same thing. Once the investment comes through, the factory can grow.”
Seung-hyun felt excitement rise in him and smiled carefully.
“Right now the site area is limited, so if we’re bringing in new machines and facilities, the current factory won’t have enough room. We should start looking in earnest at buying or leasing a second plant. Even now the floor is packed so tightly with machinery that if one aisle gets blocked, it’s hard to move around. Director, once we sign this contract, everything is settled, right?”
“That’s right. Once it’s stamped and notarized and registered, the funds come in immediately. I was told Gabriel Moreau’s side would cooperate as quickly as possible.”
“Good. Let’s get it done today.”
And just like that, the investment contract between Haesol Textile and LVMH was finalized.
They said there would also be an official announcement soon, in the form of an investor presentation.
“Plant Manager, where do you think would be good?”
That afternoon, Seung-hyun called in the plant manager again and brought up the matter of a second factory site.
Park Han-soo unfolded a file and laid out several photos and maps.
“I looked into a few places nearby, but there aren’t many left that are both large enough and have decent access roads. This one is a former factory site, but it’s been empty for a long time, so the facilities are rather outdated...”
“Hmm. If the facilities are old, couldn’t we just remodel them with our own money?”
“We could, but the land price is higher than expected. The rent isn’t exactly light either.”
Seung-hyun made a troubled face.
“Well, money does keep finding places to go. Still, now that we’ve got the investment, let’s move forward step by step. Please narrow it down to the most promising options and take another look.”
“Understood.”
“We succeeded with the investment and all, so how about a company dinner?”
“I’d like that very much. The employees will like it too.”
“Since we’re on three shifts, let’s have everyone gather this Friday evening. We’ll make Friday night a day off for everyone.”
“Understood. You’ve worked very hard, sir.”
Park Han-soo looked at the young president with a touch of emotion in his face.
After the sudden death of the former president, the company had been left in a daze. The wages that had to be paid right away, the bank loans coming due one after another, the mountain of worries had been enough to crush it. Yet he had steadily brought the company back to normal, and in the end he had even secured investment from a world-class luxury group.
He was young, but truly admirable. Someone worthy of respect.
“I’m not the one who worked hard. You did more, Plant Manager. And our employees, working three shifts without rest, had it even harder.”
“We’re just doing the work that matches our wages, that’s all.”
“Still.”
Seung-hyun nodded and gave a faint smile, and then his eyes happened to catch the gray T-shirt visible under the plant manager’s jumper.
“But what’s that?”
Park Han-soo opened the front of his jumper and smiled.
“Ah, this? You remember the sample Dual-Tex fabric Ms. Yoon Jung-mi took with her?”
“Ah...”
“She turned it into clothes. She couldn’t make a full batch, but she brought five in first and gave some to me and a few others. So I’m wearing it now.”
Seung-hyun nodded, then looked at the English lettering on the left chest and asked, “Lesser... Factory? What’s that?”
“Oh, this? We printed it onto the T-shirt at the factory. I hear Ms. A-young, Ms. Jung-mi’s daughter, did the lettering and the design for the shirt. She’s very handy with her hands.”
“A-young did?”
“Yes. You should go out and ask her yourself.”
Seung-hyun nodded, left the president’s office, and headed into the accounting department.
The space that used to belong to the chief accountant alone was now shared by three people, including Director Hwang Seok-jae and Lee A-young.
When he entered, he saw A-young struggling earnestly with Excel.
“You designed the T-shirt?”
She smiled bashfully.
“Haha, my mom asked me to do it. Is it strange?”
“No, not strange exactly... You did well.”
“Really?”
She clasped both hands together and widened her eyes.
“Yes. But what’s this Lesser Factory?”
“Ah... well, red pandas are cute. And it kind of suits you, sir.”
“Me?”
“Just... a little in the image?”
Seung-hyun blinked, then nodded.
“I see. Understood. Thanks for the design.”
“Not at all.”
After closing the door behind him, Seung-hyun walked back toward the president’s office and noticed the new T-shirts some of the employees were wearing.
He couldn’t tell whether they liked them or not, but at the very least, they looked comfortable.
In truth, they could hardly be uncomfortable. Dual-Tex was a fabric whose outer surface blocked cold air, rain, and wind, while the inner surface absorbed and released sweat to a certain degree, helping regulate humidity.
In a sense, it wasn’t much different from Aero Coolbreeze, which formed a fine air layer between the fabrics to quickly vent sweat and heat in the summer while blocking hot outside air and lowering the perceived temperature.
But Dual-Tex, combining double weave and an air layer, had evolved one step further and added insulation that minimized heat loss in cold weather.
So if Aero Coolbreeze was a high-performance sports fabric limited to summer, Dual-Tex was an all-weather functional fabric.
That wasn’t even the end of its advantages.
Because the inner and outer layers were separated, it suffered little damage even when tossed into the washing machine, making it ideal for rough work clothes.
And since the inner layer that touched the skin was made of cotton, even sensitive people would be able to wear it without irritation.
Of course, this failed fabric wasn’t true Dual-Tex, so it couldn’t fully deliver its original functions, but it would still be far better than ordinary clothing.
“Well, that’s a good thing.”
Come to think of it, if the employees wore them and reported anything uncomfortable or any improvements they wanted, they could make clothes out of the failed fabric and gather feedback at the same time. A two-for-one deal.
He went back into the president’s office and spent several hours looking for the reason Dual-Tex had failed.
By the time evening was drawing near, Plant Manager Park Han-soo came rushing into the office again, looking urgent.
“Sir, Daeryung Trading has notified us that they won’t be placing any additional orders for the Art Fabric sofa line for the time being.”
“What? Why? I heard their store opening went well...”
“It seems sales at the new ‘Aureum’ showroom in Nonhyeon-dong aren’t meeting expectations. They said their current inventory should last them a good six months.”
Seung-hyun nodded.
So not everything could go smoothly after all.
“So the response is weaker than expected... They seemed to be pushing it pretty hard before. All right, I understand. If we keep working until next week, then the Art Fabric volume will be cleared out, right?”
“That’s right. And if we end up with downtime, we can always shift to Aero Coolbreeze and produce as much as Hanil Global wants, so it’s not something to worry over too much.”
“Yes. Hanil Global will be pleased, then.”
Seung-hyun decided that, in a way, this might turn out well, since it would let him fill Hanil Global’s demand after they had been left waiting. Thinking the matter was settled, he forgot about it.
But the next day, a familiar woman came to the company.
“I came in a hurry. Is this all right?”
It was Yu Se-rin of Roche Bobois, a refined beauty with sharp eyes.
They had crossed paths once before, but this was her first time coming directly to the company.
“You should have let us know in advance.”
“It seemed like you wouldn’t make time for an appointment. You’re always so busy...”
Seung-hyun quietly avoided her gaze.
Whenever she stared at him as if she meant to pry open every hidden thought, he felt a little guilty, fearing she might ask sharp questions about Art Fabric right from the start.
“Ahem. So, what brings you here...?”
“Naturally, I came because I wanted to discuss something. I looked into it, and I was told the Art Fabric they supply to Daeryung Trading isn’t exclusive. Is that right?”
“...That’s right, but supplying the same fabric to two places...”
“Don’t worry. I have no intention of doing that.”
“Is that so? Then...”
No matter how much he liked the idea of selling as much as possible, Seung-hyun believed Haesol Textile should at least avoid doing anything that would invite criticism.
So he had no intention of supplying the exact same fabric to Roche Bobois as he did to Daeryung Trading. Hearing her say that she wasn’t asking for that made the burden in his chest lighten at once.
“And there’s no reason we should. It may be rude to say so, but even if Haesol Textile supplied the same Art Fabric we give to Daeryung Trading, we wouldn’t want it.”
“Why is that?”
She flipped her silky black hair over one shoulder and said, “It isn’t really the kind of style domestic consumers would like very much.”
At her words, Seung-hyun suddenly remembered that the Art Fabric sofa sales at Aureum, Daeryung Trading’s store, had been merely so-so.
“Then why were you so persistent with us...?”
“You mean why I kept pushing?”
“Haha, yes.”
She held up two slender white fingers.
“First, because you’re the only company in Korea that knows how to make Art Fabric. Second, because your artistic sense is exceptional.”
“Ah...”
“The concept of Art Fabric itself is excellent. Patterns that bring out Eastern beauty, with highly refined finishing. The problem is that wealthy domestic consumers want something even more ‘European’ and ‘modern’ than expected.”
“Are you saying Eastern aesthetics actually put them off?”
“Not put off so much as unfamiliar. And people don’t usually want to spend a fortune on something unfamiliar. Besides, there’s the fear that it won’t match their home interior. In any case, when domestic consumers think of luxury, they first think of the sophistication of the West. My judgment is that Eastern-style Art Fabric is more suitable for export, if you look at it carefully.”
“I see.”
Seung-hyun nodded as though he understood to some extent.
In fact, the domestic high-end market was dominated by Italian and French furniture brands anyway.
Yu Se-rin took out the drafts she had brought with her.
Virtual rendering images showing several patterns. On the screen, the sofas, cushions, and rugs had been reinterpreted in subdued, calm colors while retaining European lines and motifs.
“What do you think? It’s still an early concept, of course.”
“Wow... this is better than I expected. It definitely feels European, but the curved elements also give it a properly Eastern sense of beauty.”
As Seung-hyun turned through Yu Se-rin’s pattern drafts, he couldn’t hide his admiration.
It clearly harmonized with the kind of European furniture commonly seen on the market, while also carrying a modernity that Haesol Textile had never had before.
“You like it?”
“Yes. So then...?”
“That’s right. Your Eastern painting skills were good, so this time I thought I’d do Western painting with me.”