Technology and Quality Improvement through R&D
New Products Launched at an Average Rate of One per Month
Continuous Growth of Company and Brand
Record-Breaking Business Performance Expected This Year
Kim Jung-hee, CEO of Wonbong, is posing next to environmental home appliances displayed on the first floor of the new office building located in Magok-dong, Gangseo-gu, Seoul.
[Asia Economy Reporter Kim Daeseop] "We must boldly invest in research and development (R&D) to establish our own technological differentiation that can survive competition with large corporations."
Kim Junghee, CEO of Wonbong (42), said this in an interview at the new headquarters in Magok-dong, Gangseo-gu, Seoul, adding, "Since the beginning of this year, we have been launching about one new product per month on average, and we have set an R&D budget of 15 billion KRW for this year."
Since its establishment in 1991, Wonbong has introduced various environmental home appliances, starting with the first domestic production and sales of water coolers and heaters, followed by water purifiers and air purifiers. In the first half of this year, through the 'Luhens' brand, it released new products such as direct water purifiers, compact air purifiers, home electrolyzed water generators, vitamin shower heads, and washing machine water filters. An ice maker is also planned for release in the second half of the year.
CEO Kim emphasized, "We must continuously invest, and business becomes obsolete the moment it stops. Rather than reducing costs to make profits, we are striving to increase added value by continuously developing products with higher technical difficulty."
Wonbong recorded sales of 118.7 billion KRW last year. The sales target for this year is 150 billion KRW. Although many companies are struggling with management due to the impact of COVID-19, Wonbong expects an upward trend in both sales and exports this year. Wonbong exports products to over 60 countries worldwide, including Asia, Europe, the Americas, and the Middle East.
CEO Kim said, "Interest in hygiene has increased due to COVID-19, and as customers spend more time at home, demand for our environmental home appliances has grown." The production line at Wonbong’s headquarters in Gimpo, Gyeonggi Province, is running at full capacity, and this year’s business performance is expected to be the best ever, according to CEO Kim.
Kim Jung-hee, CEO of Wonbong, is discussing investments in research and development (R&D) in his new office located in Magok-dong, Gangseo-gu, Seoul.
CEO Kim is a second-generation manager. He graduated from Seoul National University College of Engineering and KAIST Graduate School of Management, worked at LG Philips LCD (now LG Display), and joined Wonbong, founded by his father Kim Youngdon, in 2007. He worked in the planning office and gained experience across sales, production, and management departments, overseeing overall operations.
He improved processes across product development, production, and management by introducing Enterprise Resource Planning (ERP) and Manufacturing Execution System (MES). He personally traveled abroad to meet buyers and worked hard to open new sales channels. The overseas sales team and workforce have steadily increased. Wonbong’s export volume surpassed 70 million USD three years ago.
CEO Kim said, "I communicated with employees about growth vision and promoted new changes and innovations across management. Although there were many difficulties during the process of change and innovation, we worked together to improve shortcomings. Sales, which were around 40 billion KRW when I joined, have since tripled."
In 2018, when the new headquarters in Magok-dong, Seoul was completed, CEO Kim expanded and relocated the R&D center. The research staff increased from fewer than 10 to 30. He was appointed CEO in March last year. The 'Luhens Homecare Service,' which he prepared for over a year, was launched in May last year. Homecare Masters, hygiene management experts, provide air conditioner, washing machine, and mattress care services for customers, receiving positive market responses.
CEO Kim said, "I manage with the highest goal of fully realizing Wonbong’s core values of honesty, innovation, and trust," adding, "We will continuously strengthen our capabilities with technology and quality, our core competitiveness, to grow the company and brand."
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