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Kim Hyo-joo signs contract with Lotte at highest among Korean golfers

Kim Hyo-joo signs contract with Lotte at highest among Korean golfers

Posted December. 03, 2014 07:31,   


Korean female golfer Kim Hyo-joo who gained spotlight after picking up titles in this season`s KLPGA tour will gain strong backing ahead of her advancement to LPGA tour. She signed with existing sponsor Lotte Group Tuesday for a five-year sponsorship by 2019. She will receive 1.3 billion won (1.17 million U.S. dollars) annually for five years including additional costs, the highest among Korean golfers. Kim will also get incentives based on performance, receiving 70 percent of awards if she wins and 30 percent when she lists on top five.

She will also get ample additional bonuses. For every No. 1 ranking in LPGA tour for each season, she will get 300 million won (270,099 dollars). Other bonuses include 500 million won (450,166 dollars) when she ranks world No. 1 and 1 billion won (900,333 dollars) for a grand slam (including career grand slam). In this year`s KLPGA tour, Kim grabbed five wins and received 1.2 billion won (1.08 million dollars) in award, and is known to have gotten 1.1 billion won (990,366 dollars) for incentives. Kim`s annual salary is lower than Park Se-ri`s 2 billion won (1.8 million dollars) signed with CJ Group. But it is bigger than the 1 billion won (900,333 dollars) signed by Shin Ji-ae with Mirae Asset with 500 million won (450,166 dollars) for incentives.

Kim said, "I signed contract in favorable conditions. I have to perform well. I`m nervous. I can`t believe the contract terms. My nickname is scrooge. The highest price for clothes I bought so far is 148,000 won (133 dollars)." "I have many events to attend today and so did my hair for 400,000 won (360 dollars). Please take pictures of me nicely," she said smiling. Noh Byung-yong, CEO of Lotte Mart who joined the signing ceremony, said, "The re-signing was decided on Lotte Group Chairman Shin Dong-bin`s words. We will sponsor Kim so that she can pursue her dreams."