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The management paradigm of global corporations is shifting toward ESG. At a time when many are discussing ESG, which integrates a company's sense of mission toward the environment, society, and community into management, Hyosung TNC's ESG strategy has also evolved in line with the trends of the times. Let's explore Hyosung TNC's ESG branding story, which aims to get closer to customers through real change.
The Need and Expected Effects of Building an ESG Brand
As a leading textile materials company, Hyosung TNC primarily produces essential textile materials for daily life, such as spandex, nylon, and polyester. While the company is highly recognized in the global B2B market for its superior quality, it is relatively less known in the B2C sector due to the nature of its materials. Although many have heard of the name, HYOSUNG,, not many know exactly what the company does. Therefore, Hyosung TNC set the goal of establishing a foundation for consolidating the company's image by pursuing ESG branding.
▲ Hyosung TNC's ESG Brand Identity System
According to the results of a survey on the external perception of HYOSUNG conducted in the first half of 2022, the public considers "environment" and "innovation" to be the most important aspects of a company's global social contribution activities. Environment and innovation are also core values of corporate ESG management. The ESG branding of Hyosung TNC, based on the two facts that 1) the ESG branding strategy of Hyosung TNC should be pursued concurrently with corporate brand revisioning, and 2) that ESG management is something that can satisfy two different goals, namely corporate restructuring and raising corporate awareness, aimed to complement HYOSUNG and Hyosung TNC brands. In addition, the ESG brand should break existing stereotypes at the initial stage of its introduction, and once all companies have made a smooth transition to environmental friendliness, the brand's role as a focal point should be strengthened.
Concrete and substantive ESG initiatives, fostering greater synergy through collective solidarity
A key point in Hyosung TNC's ESG branding is its commitment to concrete and substantive activities. ESG should not be seen as a notion of corporate goodwill, but rather as a concrete ‘result of technical innovation and eco-friendly efforts'. While other companies are embracing ESG and making their own efforts, most are based on the intangible outcomes of process innovation to reduce carbon and achieve net zero. For this reason, it was determined that the pursuit of conceptual goodwill alone would not be sufficient to differentiate the Hyosung TNC ESG brand.
HYOSUNG has proprietary technologies and leading products that are the result of continuous innovation and efforts over time, and it is believed that these can substantiate ESG. Therefore, Hyosung TNC aims to pursue technology and concrete ESG branding based on HYOSUNG’s traditional technological DNA.
Another notable aspect of Hyosung TNC's ESG branding is the joint activities of the company’s leading affiliates, such as Hyosung Advanced Materials and Hyosung Chemical, the so-called "Three Hyosung Chemical Companies". Hyosung TNC, Hyosung Advanced Materials, and Hyosung Chemical share the essence of ESG in various aspects. Given their focus on chemicals and materials, some of the various practices these companies are actively pursuing in key areas of ESG management, such as circular economy, net zero, renewable energy, hazardous substance reduction, and resource conservation, overlap with each other. For this reason, it is more effective for the Three Hyosung Chemical companies to conduct activities in solidarity and promote their ESG branding together.
Hyosung TNC's recycled fiber brand 'regen' garnered attention at the global textile material exhibition
In addition, aligning with HYOSUNG’s company-wide ESG strategy and moving in a unified direction to enhance its impact is also one of Hyosung TNC's ESG branding strategies. HYOSUNG’s ESG brand 'RE:GEN' stands for 'Reply to Every Generation's Future', implying a response to the needs of future generations, and shares the same pronunciation as HYOSUNG’s global recycled fiber brand 'regen'. For Hyosung TNC, "RE:GEN" encapsulates the group's overall ESG direction and serves as a keyword that clearly identifies the direction of Hyosung TNC's ESG activities, which aim to achieve a circular economy and net zero based on tangible technological capabilities.
Approaching the public with genuine Hyosung TNC ESG activities
It is important to note that Hyosung TNC's ESG activities are not mere "greenwashing" activities consisting of empty slogans or events. Based on the sincerity of its members, Hyosung TNC develops environmentally friendly technologies and products, and actively engages in recycling and environmental protection activities that involve everyone's participation.
▲ Hyosung TNC's Eco-Friendly Product, CREORA Black
The fact that Hyosung TNC has introduced a wide range of eco-friendly products throughout 2023 is one of many examples. The company launched a significant number of eco-friendly "black" products under its world-leading spandex brand, CREORA. In addition, "regen ocean nylon," a recycled fiber made from discarded fishing nets, was adopted as a material for products of leading domestic outdoor brands. There was also news that Hyosung TNC's recycled fiber ‘regen' was supplied as a material for cleanroom garments used in global semiconductor factories.
▲ Hyosung TNC Members are Engaging in Environmental Cleanup Activities
It is also noteworthy that PET bottle collecting bins have been installed at Hyosung TNC sites nationwide, and substantial environmental contribution activities such as marine conservation and Han River environmental protection have been consistently carried out. In addition, support activities for war veterans were conducted, including housing support, invitations to Heroes baseball games, and cleaning gravesites at the national cemetery. Many other social contribution activities such as supporting artists with disabilities and creating job opportunities for the disabled were consistently carried out throughout 2023.
▲ A Joint Ocean Cleanup Activity of The Three Hyosung Chemical Companies, including Hyosung TNC,
Such ESG initiatives of Hyosung TNC are continuously delivered to the public through social media, press releases, and media PR, instilling pride in its members. Recognizing that the company’s members are the most important ambassadors for brand extension, Hyosung TNC believes that empathy and solidarity for ESG must come first and foremost from its members. Sharing specific technological capabilities and their results with its members first to foster a shared sense of empathy and mission for environmental friendliness and innovation is also a pillar of Hyosung TNC's ESG branding strategy. Activities such as PET bottle collection and marine conservation, in which all members participate, not only serve an external benefit, but also strengthen internal resolve.
As the climate crisis accelerates, corporate environmental activities are becoming more specific and detailed. This is why unique technological capabilities and significant change and innovation is required with ESG management. The public wants changes with an immediate impact. In such times, it is expected that Hyosung TNC's concrete and substantive ESG activities will continue to create sustainable change. HYOSUNG’s traditional technological DNA will continue through Hyosung TNC's technological capabilities and serve as a driving force in creating innovation toward environmentally friendly goals.