The recent status of former Girls’ Generation member Jessica, whose company was sued for not repaying an 8-billion-won debt
After leaving Girls’ Generation, Jessica became a businesswoman. How has she been doing now?
On January 22nd, Jessica uploaded several photos on her Instagram story with the message “Happy Birthday”. The released photos showed Jessica enjoying a birthday party with Irene.
Jessica has constantly been communicating with fans through her Instagram and Youtube, but the majority of netizens seem to react coldheartedly to Jessica’s activities. In particular, they commented on Jessica’s Youtube content about luxury bags in November, saying, “Repay your debt first”, “Your company is suffering a hard time, but you can still brag about your Chanel bag?”
In fact, in September last year, a number of Hong Kong media outlets reported that Joy King Enterprises had filed a lawsuit worth about 8 billion won against BLANC & ECLARE, a fashion brand founded by Jessica.
BLANC & ECLARE is known to be a fashion brand established by Jessica and her boyfriend Tyler Kwon in 2014. According to reports, the company failed to repay 8 billion won, including the principle and interest, before the expiry date.
In response, Tyler Kwon claimed, “This is a situation that occurred during the process of transferring creditors. We can repay the full loan”. He then expressed his frustration, saying, “Although it’s the company’s loan, not Jessica’s personal one, her reputation has been badly damaged.”
At that time, a Youtuber compared the financial statements of BLANC & ECLARE stores in Korea, Taiwan, and Canada, then argued that it would be difficult for BLANC & ECLARE to repay its debts.
They said, “Operating profit has witnessed ‘red’ since 2016, and their net profit reached minus 970 million won in 2018”, adding, “Its sales at the level of a shopping mall seller are considered very low, and the accumulated deficit over the past 4 years is more than 2.1 billion won.”
Ever since the news broke out, it has not yet been revealed whether BLANC & ECLARE has repaid the debt worth 8 billion won or not. Regarding the 8-billion-won debts of BLANC & ECLARE established by Jessica, netizens showed various reactions, such as, “I think they’re doing well in the Chinese market”, “Honestly speaking, it’s not Jessica’s debt”.