The self-made billionaire behind jellyfish and snail masks sees his profits surge 3000%
Kim Jung-woong, founder and chief executive of GP Club poses in Myeongdong's shopping strip, located in central Seoul.This story is part of Forbes' coverage of Korea’s Richest 2019. See the full coverage Liu Jing, 32, is visiting Seoul from China’s eastern seaboard. Other tourists might spend their day taking in the capital’s sights. Not Liu. She’s lining up behind at least a dozen compatriots in a duty-free shop, waiting her turn to buy JM Solution facial sheet masks.
GP’s staggering expansion prompted Goldman Sachs last October to pay 75 billion won for a 5% stake in the company, making Kim, who with his wife and daughter owns roughly 95% of the company, a billionaire. Confident it can sustain the momentum, GP says it has mandated banks to arrange an IPO in Seoul, which could take place later this year.
After a four-year interlude—two years performing Korea’s compulsory military service and another two earning a degree in interior design from a vocational college—Kim started plowing his savings back into expansion. He opened a new branch of his store in an electronics mall, and eventually added five more there.Videogames weren’t the only thing moving out of GP, though.
JM’s first product line was gaining popularity, but its rise was cut short when, in the summer of 2016, Korea had agreed to deploy the U.S. anti-missile THAAD system on its turf, designed to protect it from North Korean missiles. Beijing, worried the system’s radar could penetrate Chinese territory, interpreted that as a national security threat and retaliated swiftly by banning Chinese group tours to Korea.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Korea's Richest 2019: Fortunes Fall For 74% Of Nation's Wealthiest Amid Trade War WoesDespite a volatile economic environment that saw most fortunes fall, three self-made entrepreneurs landed on the list this year.
Read more »
South Korea's Richest 2019: Fortunes Fall For 74% Of Nation's Wealthiest Amid Trade War WoesDespite a volatile economic environment that saw most fortunes fall, 3 self-made entrepreneurs landed on this year's list of South Korea's richest
Read more »
Japan not thinking of scrapping South Korea export curbs: SekoIndustry minister Hiroshige Seko said on Tuesday that Japan was 'not thinki...
Read more »
North Korea’s Weapons Program Fuels Tokyo’s Trade Spat With SeoulA damning accusation underpins a trade dispute between Japan and South Korea: Chemicals and equipment bought by South Korean companies from Japan may be helping North Korea build weapons of mass destruction.
Read more »
Donald Trump risks undoing decades of nuclear arms controlHis foray into North Korea belies the gamble he is taking with Russia
Read more »
Student arrested in North Korea tweets he's 'obviously' not a spyThe Australian student said the situation makes him feel 'very sad,' adding that he will not be able to complete his masters degree and 'may never again walk the streets of Pyongyang, a city that holds a very special place in my heart.'
Read more »