Korean businessman Chung Yong-Jin has an estimated net worth of $945 million in May 2016 according to Forbes. Most of his net worth is obtained from Shinsegae.

Recently, Chung Yong-Jin was reported to have resigned from Shinsegae following the investigations of the labor ministry with regards to rumors that the group illegally monitor employees to prevent them from joining the union. However, the group strongly denies that this was the reason why he quit from the company.

Currently, Lee Myung-Hee, Chung Yong-Jin's mother, serves as the Chairman of Shinsegae. Nonetheless, Chung Yong-Jin still owns stakes in Shinsegae and Samsung Electronics.

Literally meaning "New World", Shinsegae has its flagship store set in Centum City, Busan. Today, it is considered as the largest department store in the world after surpassing New York City's Macy's department store in 2009. Initially, Shinsegae was a part of the Samsung Group. Today, it is considered as South Korea's largest retailer. Also, Shinsegae is hailed as South Korea's first ever credit card company.