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CH174 | GSI
🕑 Added 2025-02-28 03:35:00 +0000 UTCTwo days later.
Penthouse, Plaza Hotel, New York.
Seok-won sat at the outdoor table on the balcony, sipping a refreshing iced Americano with one hand while holding and reading The Wall Street Journal with the other.
[U.S. Secretary of State Milburn Makes Historic Visit to Hanoi]
During his Southeast Asia tour, Secretary of State Milburn has officially visited Vietnam, following his stop in Cambodia. This marks the first visit by a U.S. Secretary of State in 25 years.
The last visit occurred in 1970, during the height of the Vietnam War, when then-Secretary of State William Rogers traveled to Saigon—now renamed Ho Chi Minh City.
This visit comes just 25 days after the two countries announced the full normalization of diplomatic relations last month. During the trip, the U.S. and Vietnam are expected to sign official diplomatic agreements and attend the opening ceremony of the U.S. Embassy in Hanoi.
With this, the wounds left by the U.S. withdrawal from the Vietnam War have finally begun to heal, paving the way for practical cooperation between the two nations.
Additionally, Secretary Milburn stated that he would discuss economic cooperation with Vietnamese leaders, including the entry of U.S. businesses into Vietnam and the potential granting of Most-Favored-Nation (MFN) trade status to Vietnam.
With a population exceeding 90 million…
"So, Vietnam is finally opening its doors."
After the collapse of Soviet-style communism and China’s rapid economic growth following its reform and opening-up policies, Vietnam had begun following suit, integrating itself into the global economy.
It was indeed historic that two nations, which had fiercely fought a bloody war just 20 years ago, were now establishing diplomatic ties.
"The U.S. may call it a ‘withdrawal,’ but let’s be honest—it was practically a defeat. And now they’re shaking hands with Vietnam? The world really is changing."
With the decisive U.S. victory in the Gulf War and the collapse of the Soviet Union, the Cold War had ended, leaving the U.S. as the world's sole superpower. This historic visit symbolized America’s full recovery of its pride, finally closing the chapter on its Vietnam War humiliation.
"Right now, China looks like the bigger market with its 1.4 billion people, but in the long run, investing in Vietnam might be the smarter move."
Of course, as a communist country, Vietnam also had its fair share of bureaucratic interference and restrictive policies.
However, unlike China—where foreign investors were initially welcomed with open arms, only to be pushed out after their technology and expertise had been extracted—Vietnam still seemed like the lesser of two evils.
"Looking at it that way, Sa-Seong Electronics really made a brilliant move—relocating all their factories from China to Vietnam before China started showing its true colors."
Rumors in Yeouido’s financial circles claimed that the Future Strategy Office of Sa-Seong Group had better intelligence than the National Intelligence Service—and perhaps, those whispers weren’t so far from the truth.
"Still, for the next decade or so, it wouldn’t be a bad idea to keep running factories in China. Extract as much value as possible before pulling out—just like Sa-Seong Electronics did. I should give my brother a heads-up about that."
There was no way he’d sit back and watch as their hard-built factories were seized for pennies.
As Seok-won organized his thoughts, a familiar voice suddenly called out.
"Good morning, boss."
Landon, dressed in a black pinstripe suit, stepped onto the balcony, greeting Seok-won as he entered.
"Welcome."
Seok-won casually folded the newspaper in half, placed it on the table, and looked at Landon, who naturally took the empty seat across from him.
"Microsoft officially announced its web browser development yesterday. How’s the market reacting?"
Landon shrugged before replying.
"Surprisingly, it hasn’t affected Netscape’s stock much."
Seok-won raised an eyebrow at the unexpected response, prompting Landon to elaborate.
"Netscape’s market dominance is so strong that people associate ‘web browsers’ with Netscape itself. No matter how powerful Microsoft is, most believe it won’t be easy to break that."
"Well, with Netscape holding nearly 90% of the market share, I suppose that’s a fair assumption."
"Exactly. It might take a hit, but I doubt Microsoft can actually overtake Netscape in the browser market."
Given how Netscape’s stock kept hitting record highs on the NASDAQ, it was understandable why people felt that way.
If Seok-won hadn’t known what the future held, he, too, would have assumed that the unstoppable Netscape would remain dominant. The idea that it would fall from grace within just a few years in the brutal browser wars would have seemed unthinkable.
"Netscape may have the upper hand now, but Microsoft is no pushover. We’ll have to wait and see who the ultimate winner is."
Taking a sip of his iced Americano, Seok-won placed the glass back on the table and continued.
"Netscape’s stock split is set for August 9, correct?"
"Yes. It’ll be a 2-for-1 split, so based on today’s price, each share would be split into two at approximately $75.50 per share."
With the stock split announcement, many investors—previously hesitant due to the high price—had jumped in eagerly, driving the stock even higher. There was a good chance the post-split price would exceed projections.
"Once the stock surpasses $100 again after the split, start selling my Netscape shares gradually."
At this unexpected order, Landon’s eyes widened in shock.
"You're selling your Netscape stock?"
Landon hesitated for a moment before lowering his voice slightly.
"Didn’t you say you’d hold onto the stock until the end of the year?"
"I’ve changed my mind."
Landon paused in thought, then cautiously asked, "Is this because of Microsoft?"
"That played a part."
Seok-won nodded slightly as Landon studied him.
"Are you saying Netscape will lose the browser war?"
"Microsoft is a formidable opponent, but Netscape has the advantage of being the first mover in the market. It’s hard to predict the outcome."
"Then why sell now?"
"Regardless of who wins, the fact that a battle has begun introduces uncertainty. On top of that, the stock has risen far beyond expectations, making this the right time to secure profits."
Considering that Netscape's IPO price was just $28 per share, its value had already increased nearly sixfold.
And given that Seok-won had instructed the shares to be sold gradually once they surpassed $100 post-split, the return on investment would soar to over seven times the initial price.
"Not to mention, I originally acquired 30% of Netscape’s shares for just $6 million—"
Even with rough calculations, the profit margin easily exceeded 100 times the original investment.
Landon sighed, accepting the decision but still looking regretful.
"With the internet boom in full swing and investment enthusiasm reaching new heights, holding onto the stock until next year, as you originally planned, could yield even greater returns."
But Seok-won shook his head.
"Sure, the price may rise even further. But the higher it climbs, the greater the risk of a sudden crash."
Although overshadowed by the internet frenzy, even Landon knew that Netscape's valuation was widely considered inflated, given the company's actual earnings.
That was why he couldn't refute Seok-won's reasoning and had no choice but to listen attentively.
"Greed always leads to downfall. We've already made more than enough profit, so this is the right time to cash out and walk away."
Seok-won leaned back against the cushion of his chair.
"As a major shareholder holding 30% of the company, selling now—while investor enthusiasm is high and the stock is rising—is the best opportunity."
Hearing this, Landon nodded in agreement.
"Since we have a significant number of shares to offload, it’s best to sell while there are enough buyers to absorb the supply."
"Exactly."
Seok-won smirked slightly.
"Understood. I’ll inform Andrew to begin selling your Netscape shares."
"Make sure he doesn’t dump everything at once. That could not only halt the stock’s momentum but also trigger a crash. There’s no rush—it can be sold gradually over the next few months, even into next year."
"Don’t worry. Andrew will handle it carefully."
Selling over ten million shares without causing major market disruptions was an extremely delicate task.
However, with Andrew, the senior chief, and a team of top-tier specialists within the Eldorado Fund, Seok-won wasn’t too concerned.
"If they can’t even manage this after taking home hundreds of thousands in salary and bonuses every year, they don’t deserve their positions."
Of course, given Andrew’s meticulous nature, there was little chance of things going wrong.
Shifting the conversation, Seok-won asked another question.
"By the way, how's the Gucci acquisition going?"
"We're still negotiating with the Bahraini investment firm that holds the controlling stake, but progress is slow—they’re demanding an excessively high price."
"How much are they asking for?"
“They’re asking for $800 million.”
Hearing this, Seok-won rested his interlocked fingers on his knee and spoke.
“Investcorp originally acquired Gucci's stake for a total of $460 million, correct?”
“That’s right. Their latest fashion show received positive reviews, causing a brief rebound, but just last year, Gucci was on the brink of bankruptcy. Demanding twice the acquisition price is pure greed.”
Landon, frustrated by the stalled negotiations, frowned in irritation.
But Seok-won, stroking his chin with one hand, pondered for a moment before speaking again.
“Proceed with the acquisition at their asking price.”
Landon blinked in surprise. He had fully expected Seok-won to push for a lower price.
Doubting his ears, he asked again.
“You mean to sign the deal at $800 million?”
“Yes.”
Seok-won nodded without the slightest hesitation.
“It’s $800 million now, but its value will only rise over time. If we delay, we’ll end up paying even more. Finalize the contract before that happens.”
Landon, still in disbelief, opened his mouth slightly before asking,
“Do you really believe Gucci will reclaim its brand prestige?”
“Of course. If I weren’t certain of Gucci’s revival, why else would I spend that much to acquire it?”
His matter-of-fact tone nearly convinced Landon, who quickly snapped back to reality.
Gucci’s reputation had plummeted due to the scandals of its founding family and the brand’s uninspired designs. The idea of a resurgence seemed highly questionable.
Yet, it was Seok-won saying this—the man whose investment instincts had never failed.
Landon tried to reassess the situation, wondering if he had overlooked something.
'The new creative director is getting decent feedback, but he's too young and lacks formal fashion training. Industry insiders are still skeptical. What exactly does he see that I don’t?'
Despite racking his brain, he found no clear answer. But one thing was certain—Seok-won was determined to acquire Gucci.
“Understood. I’ll proceed with the $800 million deal as you instructed.”
“Oh, and to revive Gucci, the key players are Creative Director Tom Ford and CEO Alexander Bindman. No matter what, they must remain in their positions.”
“Got it. I’ll make sure of it.”
“Good.”
With a satisfied smile, Seok-won took a long sip of his iced Americano, already envisioning Gucci in his hands.
TL/n -
Founding and Early Years (1921–1950s)
1921: Guccio Gucci founded Gucci in Florence, Italy, initially as a small leather goods and luggage shop.
Inspired by his time working at The Savoy Hotel in London, he brought elegant designs to Italy.
The brand became famous for high-quality craftsmanship, attracting wealthy clientele.
Growth and Iconic Designs (1950s–1970s)
1953: Guccio Gucci passed away; his sons Aldo, Vasco, and Rodolfo Gucci expanded the brand internationally.
1950s–60s: Gucci introduced iconic products like:
Bamboo bag (1947)
Horsebit loafer (1953)
Green-red-green stripe (inspired by equestrian saddles)
Gucci opened stores in New York (1953), Paris, and Tokyo, gaining Hollywood and elite customers.
Family Feuds & Financial Struggles (1980s–1990s)
1980s: Internal conflicts between family members hurt the business.
1988: Bahrain-based Investcorp bought a 47.8% stake in Gucci.
1993: Maurizio Gucci, the last Gucci family member involved, sold his shares to Investcorp.
1995: Maurizio Gucci was murdered, and his ex-wife Patrizia Reggiani was later convicted for orchestrating the crime.
Revival & Rise as a Luxury Powerhouse (1990s–2000s)
1994: Tom Ford became Gucci’s creative director, revamping the brand with bold, sexy designs.
1999: French luxury giant Kering (then PPR) bought a major stake, taking control of Gucci.
2000s: Gucci expanded into new markets, accessories, and perfumes.
