On September 8, 2018 during the Annual Conference 2018 of the International Textile Manufacturers Federation (ITMF) in Nairobi/Kenya, the Committee of Management of the Federation elected the members of the Board for the period 2018-2020.
Mr. Kihak Sung was unanimously elected as the new President of the Federation. Mr. Ruizhe Sun (China) and Mr. K.V. Srinivasan (India) were elected as Vice Presidents of the Federation. Mr. Heinz Michel (Switzerland) was elected as the new Treasurer.
Mr. Kihak Sung, is the Founder of Youngone Corporation of Korea and currently the Chairman of Korea Federation of Textile Industries. Youngone Corporation is a publicly listed Korea-based company (market cap of US$ 2.2 billion) engaged in the manufacture of a wide range of sports & outdoor clothing, shoes and relative goods. Youngone supplies high-end products to the markets of North America, Europe and Asia (annual consolidated sales excess of US$ 2.0 billion) and owns facilities in Bangladesh, Vietnam, China and El Salvador (hiring over 70,000 local employees). Also the Company distributes its products within Korean domestic market recognized as the top outdoor brand in Korea. Youngone will also be investing in India. The new plant will be set up in the state of Telangana
The Korea Federation of Textile Industries (KOFOTI) is the national federation of all textile-related industries, with 27 textile industrial associations. It is a non-profit organization whose main duty is supporting and promoting the development of Korea’s textile industry.