South Korean food and beverage giant SPC Group has established Sangmidang Holdings, a new holding company, to enhance governance.

Paris Croissant, SPC's flagship affiliate, was previously the group's holding company. Sangmidang will now serve as the holding firm, and Paris Croissant will act as the operating arm under the new holding company structure.

Sangmidang Holdings will oversee mid- to long-term strategy and global expansion, while supporting subsidiaries so they can focus on core operations.