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Shinsegae Chair Enters Billionaire Group
Shinsegae, a South Korean luxury department store operator, has seen its share price increase by 220% this year, driven by a surge in wealth among retail investors linked to the global AI chip boom. The company’s chairman, Chung Yoo-kyung, benefitted directly, becoming a billionaire with an estimated net worth of $1.3 billion. The stock rise reflects increased luxury spending among investors in South Korea’s booming stock market.
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