Family members pay tribute to late Hyosung Group Honorary Chair Cho Suck-rai on the first anniverary of his passing at the group's headquarters in Seoul, Saturday. Among them were Hyosung Group Chairman Cho Hyun-joon, second from left, and HS Hyosung Vice Chairman Cho Hyun-sang, fourth from left. Courtesy of Hyosung Group

Hyosung Group Chairman Cho Hyun-joon pledged on Saturday to instill a challenging and forward-looking spirit across the company, inspired by the will and determination demonstrated by his late father, Cho Suk-rai, the group's honorary chairman, who passed away a year earlier.

"My father always underscored the importance of turning crises into opportunities at any time," the incumbent leader of the group said during a ceremony marking the first anniversary of the death of the honorary chairman.

Hyosung's top executives and the family members of the late chairman attended the memorial ceremony at the group's headquarters in Seoul to pay their respects.

The third-generation heir of the group went on to recall his father's future-oriented mindset and challenging spirit.

"By following the wish of my father, I will do my best to transform Hyosung Group into one that is well-prepared for the future and is agile in global affairs," he said. "Under this spirit, the company will be able to thrive in any crisis."

The Hyosung chairman passed away from a chronic illness on March 29, 2024, at the age of 89. He led the group's growth for nearly half a century and was widely known for his management philosophy, which focused on quality and technology-driven corporate growth.

Against this backdrop, Hyosung established a technology center in 1971, the first of its kind among local private firms. One of the most notable outcomes of the facility was the production of spandex, a synthetic polymer best known for its elasticity.

At that time, only a few countries — such as the United States and Japan — had production capabilities for spandex, but Hyosung succeeded in developing its own spandex products for the first time here in 1992. Hyosung's spandex has since been recognized for its quality both domestically and internationally, maintaining the top spot in the global spandex market since 2010.