Interview with Park Hyosu, CEO of Onnuri Store
Confident in Healthcare Industry Growth Potential
From Restructuring Expert to 'Super Growth' Entrepreneur
Synergy of Desired Items × Value-Delivering People
"Building a Profitable Ecosystem, Fostering a 'Commercial Academy'"
[Asia Economy Reporter Lee Gwanju] If you were to name the most notable platform company in this year’s domestic healthcare and wellness market, ‘Onnuri Store’ cannot be left out. In the fiercely competitive domestic healthcare market, it has repeatedly achieved ‘super growth’ in a short period, leading the creation of a profitable ecosystem. Onnuri Store recorded sales of 15 billion KRW in 2020 when it officially launched its business, 30 billion KRW last year, and is expected to reach around 55 billion KRW this year. What is particularly striking is that it started with a capital of 50 million KRW and realized ‘super growth’ over three years without receiving any external investment. Park Hyosu, CEO of Onnuri Store, said, “At first, we made nutritional supplements with the money earned from selling hot packs, building the framework for healthcare e-commerce,” adding, “I want to emphasize that we operated and reinvested only with the money we earned, leading to profitability without any investment funds.”
CEO Park was a corporate restructuring expert in globally successful companies. After graduating from Seoul National University’s Department of Industrial Engineering, he spent 10 years leading over ten projects worth more than 10 trillion KRW at prestigious firms such as McKinsey & Company, Dell Computer, and Orix Private Equity Fund. Domestically, he also oversaw the post-merger integration (PMI) of Lotte Delivery and Hyundai Delivery. His entry into the healthcare business was driven by his conviction in the industry’s growth potential. Park said, “What I realized while leading restructuring is that ‘there is no answer ahead of the market,’” and asserted, “Healthcare is the only market in Korea expected to grow sixfold within the next ten years.” Aging demographics will bring changes to the food, clothing, and shelter industries, and healthcare-related markets such as health functional foods, dermocosmetics, food, living, and home medical devices are expected to account for 30% of the entire domestic market. Park stated, “Among the essentials of life?food, clothing, and shelter?‘food’ will completely transform into the healthcare market,” and added, “I want to leverage my accumulated profitable career to build a major company in the healthcare market.”
Based on CEO Park’s philosophy, Onnuri Store entered a growth trajectory in a healthy way without excessive discounts or costly giveaways. It secured a large number of loyal customers based on exclusive distribution rights for global top-tier health and wellness brands. Particularly effective was the strategy of discovering items that consumers ‘want to have.’ A representative example is the oral rinse brand ‘Therabreath’ distributed through Onnuri Store. Many existing products contained alcohol, causing dry mouth after use, but Therabreath, a mild alcohol-free oral rinse, met this unmet consumer demand and achieved sales exceeding 10 billion KRW in its first year of introduction in Korea. CEO Park explained, “The products people want are those we currently do not have,” and added, “We continuously discover good items that make life valuable by significantly improving discomfort, solving problems, and enhancing quality of life.”
Equally important as the items are the ‘people.’ One of CEO Park’s biggest goals is to create ‘value communicators’ who can properly convey the value of the items. This aligns with his description of Onnuri Store as a ‘commercial academy with 70 cadets.’ Park said, “Using famous celebrities for advertising can widely promote products, but it is very inefficient in terms of cost,” and added, “We aim to nurture and coach people who can convey the value and story of our items.” This philosophy is also reflected in company management. Each employee is given ‘Brand Owner (BO)’ authority to think and decide independently. Regardless of credentials or experience, those who deliver results are boldly promoted. The CEO and executives act more as consultants to support them rather than giving orders or making decisions. The goal is to motivate and develop all members to become self-sufficient earners.
Furthermore, CEO Park expressed his determination to create a profitable ecosystem for the domestic healthcare industry. This is why Onnuri Store has invested in over 70 healthcare-related companies. Park emphasized, “A tight-knit alliance is necessary for the growth of the healthcare industry,” and stated, “Our will is to lead the industry by sharing the philosophy of a healthcare commercial powerhouse and profitability.”
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