A Korean media outlet has given an update on the lawsuit of BLANC & ECLARE, the fashion brand founded by former Girls' Generation member Jessica Jung.
Keep on reading to know the latest incident in the legal battle.
How's the Lawsuit of BLANC & ECLARE? Here's What We Know
In September of last year, Joy King filed a lawsuit against BLANC & ECLARE after failing to return their debt of 6.8 million USD (approximately eight billion KRW), which includes four million USD in principal and interest.
BLANC & ECLARE first borrowed three million USD from Spectra SPC in October 2016 and again borrowed one million USD in May 2017.
Spectra SPC then signed a loan transfer contract with Joy King Enterprises in August 2021. The latter company eventually took legal action against Jessica Jung's fashion brand.
ALSO READ: Jessica Jung Garners Attention After Showing Recent Luxury Purchases Amid 'BLANC & ECLARE' Lawsuit
On April 27, the Korean media outlet Chosun reported that Joy King Enterprises had dropped the lawsuit on that day.
Tyler Kwon (Jessica Jung's boyfriend) reportedly provided an update to Chosun, stating, "We got a call from our Hong Kong lawyer today. On Feb. 7, we and Joy King wrote an agreement and submitted it to the court, but the situation was settled in two months as the trial was delayed due to the COVID-19 pandemic. Joy King Enterprise dropped the charges today."
Regarding the content of the agreement, Kwon said that they wanted to tell the media about it, but Joy King told them to never disclose it considering their reputation.
"This is the condition of the agreement," Tyler explained. The reason is presumed to be the excessive amount of interest set by Joy King.
READ MORE: Jessica Jung Spotted Filming Chinese Show With Boyfriend Tyler Kwon's Ex-Girlfriend
When asked to share what he and Jessica Jung felt about BLANC & ECLARE's lawsuit, Tyler Kwon shared, "I felt so unfair for eight months. As for Jessica, she suffered more damage because she was a celebrity. If you look at the articles related to Jessica that have been published that time, you can find titles like 'Jessica who hasn't paid back 8 billion won.'"
He continued, "It was really frustrating and difficult every time. It wasn't the money that Jessica borrowed, it was borrowed by the company."
Jessica Jung and Tyler Kwon began doing fashion businesses in the United States and Hong Kong even before the K-pop idol was "forced out" of Girls' Generation in September 2014.
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In August 2014, Jessica founded BLANC & ECLARE, which now produces clothing, eyewear, denim, accessories, and skincare. The female singer is directly involved in the production of the items.
To date, the fashion brand is available in around sixty stores in different locations such as Seoul, Beijing, New York, Hong Kong, Taiwan, Vancouver, Bangkok, Tokyo, and Shanghai. The flagship stores are also situated in New York and Seoul.
Jessica Jung Confirmed to Compete in Chinese Survival Show
In other news, Coridel Entertainment (Tyler Kwon's company) confirmed on April 4 that Jessica Jung will participate in the Chinese survival show, called "Sisters Who Make Waves."
"Sisters Who Make Waves" aims to give former female celebrities a second chance in the music scene and help them re-debut in a girl group once more. Unlike other survival shows that feature participants in their teens and 20s, the Chinese program is centered on celebrities over the age of 30.
As of this writing, the premiere date of "Sisters Who Make Waves" (Season 3) is yet to be revealed.
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Reported by Maria Scott
