Ramen and Snacks 'Shin's Masterstroke'... Led National Representative Companies
Personally Managed Product Names Like Shin Ramyun
Snacks Like Saewookkang Also Hit Success
Promoted 'Food Patriotism' While Expanding Overseas
[Asia Economy Reporters Hye-seon Lim, Seung-jin Lee] ‘Ramen King’ Shin Chun-ho, Chairman of Nongshim (92, photo), is stepping down from his registered director position held for 56 years. On the 5th, Nongshim announced that at the regular shareholders' meeting scheduled for the 25th of next month, the agenda for reappointing Chairman Shin as an inside director will be amended, and Vice President Lee Young-jin will be newly appointed as a director. Chairman Shin’s term ends on March 16.
Despite his advanced age, Chairman Shin had been commuting daily to the headquarters in Shindaebang-dong, Dongjak-gu, Seoul, personally overseeing management issues. While detailed management matters were entrusted to his three sons and professional managers, Chairman Shin directly led the group’s strategic direction and core issues such as new business ventures. Now, having reached the age of nearly 100, it appears he has decided to fully retire from the front lines of management.
First Generation Food Industry Founder
Since founding Nongshim, Chairman Shin’s steadfast management focusing solely on ‘ramen’ and ‘snacks’ has built a company with annual sales of 2.6 trillion KRW, ranking as the world’s fifth-largest ramen company. In his autobiography titled “A Fighter with Philosophy is Happy,” he introduced himself as "a lifelong ramen maker, so I like to call myself a ramen fighter. Since I have also made snacks, I like to call myself a snack fighter as well."
Chairman Shin is the fifth son among six sons and four daughters of the Lotte family. He is the younger brother of the late Shin Kyuk-ho, Honorary Chairman of Lotte Group. At age 35 in 1965, he started the ramen business by bringing in a ramen-making machine with a capital of 5 million KRW to Shindaebang-dong, Dongjak-gu, Seoul.
The business faced challenges from the start. In the early 1970s, Nongshim did not gain attention in the domestic ramen market, which was centered on chicken broth. Chairman Shin turned the tide by launching ‘Beef Ramen’ using beef broth instead of chicken broth. Subsequently, he increased market share by releasing products such as ‘Neoguri’ and ‘Yukgaejang Bowl Noodles’ in 1982, ‘Anseongtangmyun’ in 1983, and ‘Chapaghetti’ in 1984.
In the mid-1980s, Chairman Shin embarked on developing ‘Shin Ramyun,’ emphasizing spicy flavor. Despite concerns from those around him about the spiciness, he insisted, "The unique spicy taste of Shin Ramyun will bring differentiation to the monotonous ramen market." He personally oversaw everything from product development to naming and packaging design. Shin Ramyun achieved sales of 3 billion KRW within three months of its launch and has maintained the undisputed number one position in the domestic ramen market for 27 years since 1991. Chairman Shin’s challenge extended to snacks. He entered the snack market and created Korea’s first snack, ‘Saewookkang.’ Following the success of ‘Saewookkang,’ he launched hit products such as ‘Yangpokkang’ and ‘Gamjakkang,’ securing the top position in the snack industry as well.
Food Patriotism, Overseas Sales of 1 Trillion KRW
As a first-generation founder, Chairman Shin promoted ‘food patriotism’ by introducing Korean flavors to the world. Nongshim achieved overseas sales of 1 trillion KRW last year. The overseas sales ratio exceeded 40% of total sales for the first time. In June, Shin Ramyun Black was selected as the world’s best ramen by Wirecutter, a product review site of The New York Times in the United States.
Nongshim began its overseas business by exporting beef ramen to the U.S. for the first time in 1971. Despite suggestions to alter the ramen flavor to suit foreign tastes, Chairman Shin persistently targeted the U.S. market, encouraging employees with the belief that "Korean taste will become the most global taste." This steadfastness resulted in the creation of ‘the most delicious ramen in the world.’
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