The fashion brand founded by Kpop star Jessica Jung Soo-youn is embroiled in a lawsuit over a loan of US$6.5 million (HK$53.04 million).
Jung, a former member of the girl group Girls' Generation, founded the international fashion brand Blanc & Eclare.
Joy King Enterprises filed a High Court case to recover over US$6.8 million from a Blanc & Eclare investor.
The company said that Blanc & Eclare has borrowed US$4 million and failed to repay on time.
Therefore it sued the investor Tyler Y Kwon, who is also the Chairman and CEO of the brand company Coridel, to recover US$6.8 million of principal and interest.
The case alleged that the Blanc Group, which operates the international fashion brand Blanc & Eclare, first borrowed US$3 million from Spectra SPC in October 2016 and then borrowed US$1 million from the same company in May 2017.
Joy King Enterprises entered into a loan assignment agreement with Spectra SPC in August 2021, and has since become the lender of Blanc Group.
As of September 10 this year, the loan had yet to be repaid.
Joy King Enterprises filed a High Court case to recover over US$6.8 million from a Blanc & Eclare investor.
The company said that Blanc & Eclare has borrowed US$4 million and failed to repay on time.
Therefore it sued the investor Tyler Y Kwon, who is also the Chairman and CEO of the brand company Coridel, to recover US$6.8 million of principal and interest.
The case alleged that the Blanc Group, which operates the international fashion brand Blanc & Eclare, first borrowed US$3 million from Spectra SPC in October 2016 and then borrowed US$1 million from the same company in May 2017.
Joy King Enterprises entered into a loan assignment agreement with Spectra SPC in August 2021, and has since become the lender of Blanc Group.
As of September 10 this year, the loan had yet to be repaid.