WSJ Highlights Kim Jeong-su, Samyang Vice Chairman
"The Woman Who Shook the 66 Trillion Won Ramen Market"
The Wall Street Journal (WSJ) has drawn attention by highlighting the success of 'Buldak Bokkeummyeon' and featuring an article focusing on Kim Jeong-su, Vice Chairman and CEO of Samyang Round Square (formerly Samyang Foods Group). WSJ described Vice Chairman Kim as "the woman who shook the $50 billion (about 66 trillion KRW) ramen market" and said, "Her life seems to have been torn from the pages of a Korean drama."
Kim Jung-su, Vice Chairman of Samyang Round Square, is delivering the keynote speech at the Samyang Round Square Samyang Ramen 60th Anniversary Vision Declaration Ceremony held on September 14, 2023, at Nudite Ikseon in Ikseon-dong, Jongno-gu, Seoul. [Photo by Yonhap News]
On the 6th (local time), WSJ spotlighted Vice Chairman Kim's background and the behind-the-scenes story of the creation of Buldak Bokkeummyeon in a 9,000-character article. WSJ introduced her by saying, "She lived as a full-time housewife in the Samyang chaebol family before suddenly joining a ramen company that declared bankruptcy in the late 1990s."
The media reported that Buldak Bokkeummyeon, led by Vice Chairman Kim, has entered major U.S. retailers such as Costco, Walmart, and Albertsons, and is expected to soon be available on Kroger's shelves. It explained that the global ramen market's rapid growth is due to consumers seeking easy-to-cook and affordable food. Market research firm Euromonitor International revealed that the global ramen market grew to about $50 billion last year, a 52% increase compared to five years ago.
WSJ introduced the extremely spicy Buldak Bokkeummyeon as targeting more adventurous consumers and noted that its price is about three times higher than other products in the U.S. market. Nevertheless, it evaluated, "We were deeply impressed by the product's taste and quality, and it has tremendous potential."
The origin of Vice Chairman Kim Jeong-su's development of Buldak Bokkeummyeon dates back to the spring of 2010. While taking a weekend stroll in downtown Seoul with her high school daughter, Vice Chairman Kim noticed a long line at a fried rice restaurant famous for its spiciness, and saw customers finishing their bowls clean. Confirming the demand for extremely spicy food, she got the idea to create a ramen version of it.
Vice Chairman Kim immediately ran to a nearby supermarket and bought three of every spicy sauce and seasoning available, sending one each to the research lab and marketing team, while keeping one at home. It took several months just to create the prototype. She said, "At first, the prototype was so spicy that I could hardly eat it," but added, "After eating it for a long time, it gradually became more delicious and familiar."
Buldak Bokkeummyeon was launched in 2012 and began gaining attention as YouTubers started mukbang videos featuring it. Later, K-pop stars BTS and BLACKPINK introduced it, further boosting its popularity. Walmart told WSJ that Buldak Bokkeummyeon is currently one of the best-selling premium ramen products. Samyang stated that after testing sales at some Costco stores on the West Coast, they are considering a nationwide U.S. launch this year.
WSJ quoted Kim Kyung-jun, CEO of the corporate management analysis firm CEO Score, saying, "Samyang was a company on the brink of collapse," and added, "It is unusual for a daughter-in-law to revive a company, especially since most large corporations like Samsung, LG, and Hyundai are led by male heirs of the founders."
Meanwhile, while the KOSPI rose 19% last year, Samyang Foods' stock price surged 70%.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
