Aman's global growth spurt just got a deep-pocketed new backer.
Shinsegae Group, one of South Korea's largest retail conglomerates, and OKO Group, the international real estate development firm led by Vlad Doronin, announced a strategic partnership July 21 with an initial shared investment of $500 million. The joint venture will develop luxury hotels and branded residences for Aman Group — including projects for the ultra-luxury Aman and Janu brands in South Korea and internationally — along with mixed-use commercial real estate.
The tie-up also signals Aman's first real foray into South Korea, a market where Shinsegae knows the terrain better than almost anyone. The group's Shinsegae Property subsidiary specializes in large-scale, multi-purpose developments, while OKO Group brings a global track record in luxury residential, hospitality, and commercial real estate.
"We are pleased to enter this strategic partnership with Vlad Doronin," said Yong Jin Chung (YJ Chung), chairman of Shinsegae Group. "By bringing together complementary expertise in development, hospitality and placemaking, we believe we can create exceptional destinations that set new benchmarks in luxury hospitality and residential living around the world. This partnership reflects Shinsegae Group's continued ambition to expand its global presence and pursue long-term value creation through world-class projects."
Doronin — founder and CEO of OKO Group and chairman and CEO of Aman Group — has spent recent years steering the famously remote-resort brand into cities, with openings in Tokyo, New York, and Bangkok and a construction pipeline spanning Dubai, Beverly Hills, Saudi Arabia, Singapore, the Maldives, the Bahamas, and Bodrum. Janu, the sister brand he launched to court new markets and a younger guest demographic, debuted in Tokyo and has its own runway of projects ahead.
"Under Chairman YJ Chung's leadership, Shinsegae Group has demonstrated a remarkable ability to develop vibrant destinations that combine hospitality, culture, retail and lifestyle experiences," Doronin said. "We share his long-term vision for creating distinctive projects that resonate with global travellers, residents and local communities. Together, we look forward to exploring opportunities that draw upon our respective expertise and deliver exceptional developments in key international markets."
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