BY Julie Jones | Oct 10, 2014 09:18 AM EDT
Whatever the truth is behind the timing of Jessica Jung's departure from Girls Generation, both sides agree that it had something to do with the launch of Jessica's fashion business, now called Blanc & Eclare.
Her agency, SM Entertainment, felt that Jessica's responsibilities toward her new fashion brand conflicted with her responsibilities toward the popular girl group. And although she previously discussed leaving the group to focus on her fashion line, Jessica Jung said that she had their support and could handle both ventures through the release of one more Girls Generation album. SM disagreed and moved up the date of her departure.
And as soon as Jung's departure from the group was announced disparaging rumors began spreading about the state of her new business. The rumors included allegations that the business was having problems attracting financial investors.
In answer to those rumors, Jung's boyfriend and business partner Tyler Kwon, has issued a statement about the state of her new fashion line. The press release was issued on Oct. 10 on the fashion brand's official website. Kwon, a Korean-American businessman, wants the public to know that Jessica Jung's company is privately owned. Blanc & Eclare has no plans to seek outside investors and the company has no debts. None of the rumors that circulated have any basis in fact.
"In response to speculation regarding the Blanc & Eclare corporate structure, capital investor Tyler Kwon responds on behalf of the Company's Board of Directors:
Blanc & Eclare is a privately owned company. Founder Jessica Jung took the helm as Head Designer and sought support from Coridel Capital Partners, the only other party providing investment capital to the Company, to support the Founder's goals and ambitions. To date, the Company and its Board of Directors have not approached any other outside equity investors and there are no plans for the debt-free Company to do so in the near future. We have tremendous confidence and remain fully committed to the Blanc & Eclare team that continues to be focused on and executing its global strategic vision."
Tyler Kwon is Chairman and CEO of the Coridel Group, which includes Coridel Capital Partners.
Jessica Jung, who appeared in the drama "Wild Romance," joined Girls Generation in 2007, the year the group debuted. Although she is no longer a member of the group, she will continue to be represented by SM Entertainment as she focuses on her solo career. Her Blanc & Eclare fashion line will include eyewear, fragrance, accessories and ready-to-wear-clothes that are described as both classic and fashion forward.
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