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CH167 | GSI
🕑 Added 2025-02-26 03:30:01 +0000 UTCThe next day.
With just one day left before the one-week deadline, Seok-won received a call from SoftBank. Together with Landon, he met President Masayoshi Son again in a private dining room at the Japanese restaurant in the Walkerhill Hotel.
Seated next to Executive Director Yokouchi, Masayoshi Son wore a heavy expression. He stared intently at Seok-won, as if trying to pierce through him, before letting out a low sigh and finally speaking.
"I knew from our first meeting that you wouldn’t be an easy opponent, but over the past week, I’ve come to realize just how formidable you truly are, President Park."
"That's an interesting way to put it."
"In that time, you've acquired 5% of our company's stock."
Rather than moving covertly behind the scenes, Seok-won had openly purchased shares. The large-scale transactions had caused SoftBank’s stock price to surge significantly over the past few days.
If SoftBank’s IR team had failed to detect such unusual activity, it would have been a serious lapse on their part.
"A few days ago, my long-time business partner, Bill Gates, the CEO of Microsoft, called me. He said that rather than fighting with you, working together would be far more beneficial in many ways."
Masayoshi Son sipped his tea, then turned his gaze toward Seok-won, who was listening leisurely.
"I suppose this was your doing as well?"
Seok-won, showing no intention of hiding anything, responded with his usual composed expression.
"As I mentioned before, isn’t it better to join hands and create mutual benefits rather than engage in conflict? So, I asked for his help."
More like you pressured him, Masayoshi Son thought, biting back the words that nearly escaped his lips.
In reality, Bill Gates had implied that Eldorado Fund, as a major shareholder of Microsoft with a 2% stake, was an important business partner. He had also hinted that if friction arose between the two companies, it could jeopardize SoftBank’s exclusive contracts with Microsoft.
Considering that Microsoft product sales had accounted for 80% of SoftBank’s revenue in the past year alone, losing their exclusive distribution rights would be nothing short of a catastrophe for them.
Because of this, Masayoshi Son completely abandoned the idea of approaching Lycos as a backup plan.
"I never expected you to exploit our weaknesses so precisely."
"I’ll take that as a compliment."
Still smiling, Seok-won asked, "So, judging by the fact that you reached out to meet today, I assume you’ve made your decision?"
Instead of answering, Masayoshi Son met his gaze with a firm expression.
"Before that, there’s something I need to ask."
"Go ahead."
With wary eyes, he scrutinized Seok-won as if trying to uncover his true intentions.
"What was your purpose in acquiring those shares?"
Seok-won shrugged and answered lightly.
"Your company has a stable cash cow in software sales and is swiftly expanding into the internet sector, which has great growth potential. I simply invested in that future."
"Is that really all there is to it?"
Masayoshi Son scoffed lightly, as if to say he didn't believe it for a second.
At that, Seok-won, who had already wiped the smile from his face, spoke in a low, steady voice.
"Of course, depending on the situation, it could also become a sharp dagger aimed at severing the prey’s lifeline."
The sudden shift in Seok-won’s demeanor made Masayoshi Son instinctively tense up, despite his years of experience navigating high-stakes business battles. He swallowed dryly.
Realizing his reaction a moment too late, he forced himself to sit up straight, but once shaken, it was impossible to fully regain his composure.
Seeing no benefit in dragging out the conversation any further, Masayoshi Son decided to put forth the compromise he had prepared.
"You've applied so much pressure that I have no choice. If you agree to adjust the joint venture's ownership ratio to 60:40 and sell off all the shares you've acquired, I'll accept your proposal."
However, Seok-won immediately shook his head without the slightest hesitation.
"50:50. Not a single share more or less. And I have no intention of selling my stake in SoftBank."
Masayoshi Son furrowed his brows at Seok-won’s unwavering stance.
"Running a portal service requires massive investments, from server infrastructure to operational costs. A 50:50 ownership split is far too disadvantageous."
"If that's the issue, we’re willing to contribute a portion of the investment. Since this is a joint venture, wouldn’t an equal division of shares be the fairest approach?"
Seok-won responded nonchalantly, though inwardly, he scoffed.
'As if I’d fall for that. Even with an even split, I know they’d still try to stab me in the back and pull shady moves to seize control of the company. Why would I hand over a bigger share?'
Masayoshi Son’s expression turned troubled upon hearing Seok-won’s response.
"With that structure, efficiently managing the joint venture will be difficult."
"In that case, I’ll concede all executive appointment rights to your side, except for the auditor. That should resolve the issue, no?"
Seok-won’s willingness to relinquish management control so easily left Masayoshi Son speechless. He had planned to use efficiency as an excuse to push for a better ownership ratio, but Seok-won had shut that door before he could even step through it.
In truth, Seok-won saw no downside to this arrangement—it simply allowed him to offload a burdensome responsibility.
Establishing the joint venture was only the beginning. To succeed, they would have to break new ground and carve out a portal service market in Japan from scratch. Seok-won had no desire to take on such a grueling and tedious task himself.
"All I have to do is hold onto my shares tightly and keep sucking out the sweet profits."
Once again caught off guard by an unexpected move, Masayoshi Son scowled in frustration.
Seok-won had coolly conceded management rights, so continuing to push for a different ownership ratio would be unreasonable.
But Masayoshi Son wasn’t about to back down so easily. Clenching his teeth, he pressed on.
"Then why won’t you sell the shares you acquired? Are you up to something?"
"Come on now. You’re being overly sensitive."
"You—!"
Masayoshi Son was about to say something, but Seok-won seized the moment before he could.
"I believe you still hold nearly 30% of the company’s shares despite going public. On top of that, with various friendly stakes combined, defending your management rights shouldn’t be an issue. What exactly are you worried about?"
"……"
"If anything, with this deal, you’d be gaining an additional 5% in friendly shares. That’s a win for you, isn’t it?"
Masayoshi Son let out a low grunt, his expression as sour as if he had swallowed something bitter.
He wanted to argue back, but there was simply no flaw in Seok-won’s reasoning.
Seok-won, wearing a composed smile, watched him struggle.
The back-and-forth continued for a while, but in the end, Masayoshi Son had no choice but to accept Seok-won’s original terms—a 50:50 split in the joint venture.
In addition to securing exclusive rights, Seok-won agreed to invest an extra $50 million. But considering the potential profits Yahoo Japan would generate in the future, it was a price he was more than willing to pay.
***
Later that evening…
Having secured the investment contract just as he wanted, Seok-won left work a little earlier than usual and headed back to his family home.
"I'm home."
As he stepped through the front door, he was met with an unexpected sight—a bustling living room filled with people.
Rolling racks overflowing with clothes took up most of the space, and luxury handbags and jewelry were spread across the dining table.
Shoe boxes were stacked high on the floor, making the house look more like an upscale department store than a home.
"Oh my! You're home, brother-in-law!"
A beautiful woman, standing in front of a full-length mirror as a department store staff member adjusted her outfit, greeted him in a cheerful voice.
It was his sister-in-law, Choi Bo-kyung.
Once the hottest actress in Chungmuro, dominating both the film and advertising industries, she had made headlines when she married into a chaebol family.
Even after retiring from the entertainment industry and having a child, she still possessed the breathtaking beauty and figure that had once earned her the title of the most stunning woman of her time.
"It’s been a while, sister-in-law."
"Really! It’s so hard to see you these days."
Choi Bo-kyung beamed as she looked at him.
Dressed in a soft pink blouse layered with a lace flared skirt, she looked as if she had just stepped onto a fashion magazine set rather than a family living room.
"You’re home early today."
Sitting on the sofa, leisurely watching her daughter-in-law’s personal fashion show, Madam Jo Deok-rye set down her teacup and spoke.
"Yes, work wrapped up a bit earlier than expected."
Seok-won glanced around the room before asking,
"What’s all this?"
"The new season’s collection just came out, so we’re having a look."
Madam Jo replied nonchalantly.
He had heard that a select few VVIPs didn’t need to visit luxury boutiques in person—staff would bring the latest collections directly to their homes. And this was precisely that kind of service.
Of course, Madam Jo wasn’t just any VVIP—she was the wife of the owner of Mido Department Store. A single phone call from her, and employees would promptly pack up and deliver luxury goods straight to her door.
"Alright, I’ll head upstairs."
"Have you had dinner?"
"I’ll eat later when Father gets home."
"Alright, then."
Carrying his briefcase in one hand, Seok-won gave a small nod to his sister-in-law before making his way up to his room on the second floor.
"Mother, I think this bag looks nice. What do you think?"
Bo-kyung asked warmly as she stepped over the scattered shoe boxes on the floor.
The handbag she held was a mini-sized bamboo bag, slightly rounded at the bottom, with a bamboo handle and closure.
"It’s not bad."
"Right? Then I’ll take this bag, the skirt I’m wearing, and the jacket I tried on earlier."
"The shoes looked nice too. Why don’t you get those as well?"
"Should I?"
"With a face as pretty as yours, everything looks good on you."
"Oh, Mother!"
Choi Bo-kyung smiled and sat down next to Madam Jo Deok-rye.
"I think I’ll go with the gray suit and the silk two-tone shawl."
"That sounds lovely. When you tried it on earlier, it looked elegant and refined. Plus, draping it over your shoulders makes it versatile and easy to wear anywhere."
"Last season, the designs felt a bit uninspired, but this time, there are quite a few pieces I really like."
Madam Jo, pleased with her shopping for once, flipped through the catalog as she spoke.
"They say there’s a new designer. The overall aesthetic feels much more sophisticated."
"I heard he’s American and quite young. His name was…."
"Tom Ford."
"Ah, that’s right. I remember seeing his name in a fashion magazine."
Seok-won, who had been heading up the stairs while absentmindedly listening to their conversation, suddenly stopped in his tracks at the mention of Tom Ford.
It was only natural.
Tom Ford was the legendary designer who had revived Gucci from the brink of collapse with his bold, unconventional designs, later launching his own brand to massive success.
"Come to think of it, this was around the time Gucci started making a comeback under Tom Ford’s direction."
Seok-won’s mind raced. He was well aware of how luxury brands would explode in value as China’s massive consumer market opened up.
"Gucci hasn’t fully completed its revival yet. This is the last chance to buy the brand while it’s still undervalued."
Realizing he had nearly overlooked a golden investment opportunity, Seok-won turned his head back.
In the living room, Madam Jo Deok-rye and his sister-in-law were still chatting excitedly about Gucci’s latest collections, completely unaware of what was running through Seok-won’s mind.
Seok-won resumed his steps, ascending the stairs while pulling his phone from his inner pocket. He dialled Landon.
[Yes, Boss.]
“There’s something I need you to take care of.”
[What is it?]
“I want to buy Gucci. Look into possible ways to acquire it.”
[Excuse me?!]
TL/n -
Tom Ford is widely credited with reviving Gucci in the 1990s.
By the early 1990s, Gucci was struggling with declining sales and a damaged brand image. In 1994, Tom Ford was promoted to Creative Director, and he transformed Gucci with a bold, sexy, and modern aesthetic. His sleek, minimalist designs, like velvet hip-huggers, satin shirts, and provocative advertising campaigns, made Gucci a symbol of luxury and glamour again.
Under his leadership, Gucci’s sales skyrocketed, and by the late 1990s, it became one of the most desirable fashion brands. His revival of Gucci also led to the brand acquiring Yves Saint Laurent (YSL) and forming the foundation of what later became the Kering Group.
