WSJ highlights Samyang Vice Chairman Kim Jeong-soo
Introducing the story behind the development of ‘Spicy Sauce’
“A rare daughter-in-law management success story in Korea”
Kim Jeong-soo, Vice Chairman of Samyang Round Square (formerly Samyang Food Group), received attention overseas as a key player in the success of ‘Fildak Bokkeummyeon’, which caused a global boom.
On the 6th (local time), the Wall Street Journal (WSJ) focused on Vice Chairman Kim as ‘the woman who shook up the $50 billion (approximately 66 trillion won) ramen market.’ WSJ said, “The global ramen market grew by 52% compared to five years ago, reaching approximately $50 billion last year,” and added, “Fildak Bokkeum Ramyun is considered to be a product with excellent sales volume among Walmart’s premium ramen products.”
According to WSJ, Vice Chairman Kim is at the center of the success of Buldakbokkeummyeon. While walking through downtown Seoul with his daughter in the spring of 2010, he became convinced of the ‘extremely spicy’ ramen after visiting a fried rice restaurant famous for its spicy taste. Vice Chairman Kim immediately ran to the supermarket, bought three of each spicy sauce and seasoning, sent them to the research center and marketing team, and then began researching the rest at home. He used 1,200 chickens and 2 tons of sauce and worked hard for several months to find the optimal taste.
Vice Chairman Kim is the daughter-in-law of the late Honorary Chairman Jeon Jung-yoon, founder of Samyang Foods. When Samyang Foods went bankrupt during the foreign exchange crisis, she joined the company in 1998 and began assisting her husband, former Chairman Jeon In-jang. Kim Gyeong-jun, CEO of CEO Score, a corporate management analysis company, commented to the WSJ, “Most Korean companies, such as Samsung, LG, and Hyundai, are led by male heirs, but Vice Chairman Kim is unusual in reviving the company as her daughter-in-law.”
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.