The company’s poor performance is attributed to the aftermath of the boycott in Japan, which began in 2019. The company was established in 1974 as a joint venture with Linnai, Japan, and is virtually a Japanese-owned company as a major shareholder with a 97.7% stake when Kang Sung-mo, chairman of Linnai Korea, sold his 49% stake to his Japanese headquarters in 2009. Due to this reason, Linnai Korea was named as ‘NoNo Japan’ at the time of 2019.
Unknowingly, there are a lot of Japanese companies all over our lives.