Kim Jung-woong
Kim Jung-woong | |
|---|---|
김정웅 | |
| Born | 1975 (age 48–49) |
| Citizenship | South Korea |
| Occupation | Businessman |
| Employer | GP Club |
| Korean name | |
| Hangul | 김정웅 |
| Revised Romanization | Gim Jeongung |
| McCune–Reischauer | Kim Chŏngung |
Kim Jung-woong (Korean: 김정웅; born c. 1975[1][2]) is a South Korean businessman. The chairman and significant majority owner of video game and cosmetics company GP Club, he is among the richest people in South Korea. In December 2024, Forbes estimated his net worth at US$1 billion and ranked him 33rd richest in the country.[3]
Biography
Kim was born in as the youngest of three, with an older brother and sister.[1] His father was a bank branch manager. However, he lost his job and the family's money after attempting to go into politics. He went into manual labor, and the family fell into financial hardship. When Kim was 15, Kim's father died of liver cancer.[1][4]
While still in school, he worked part-time in a video game store. After saving up enough money, as a high schooler he was able to start his own videogame store he called "Game Paradise" (the origin of the name of "GP Club").[4] He was able to found a second branch of his store. By age 20, he had saved around US$500,000. He then served his mandatory military service for two years and studied interior design[1] in Daelim University College[3] for another two. Afterwards, he opened six more branches of his store.[1]
On September 5, 2003,[5] he founded GP Club and began making business trips to China.[1][6] He learned the Chinese language and culture, and observed the rise of the Korean Wave in the country. He began trading video game accessories between the countries. In 2013, he leveraged his connections in the country and worked as a distributor for South Korean cosmetics products there. After his prospects in this area faded, in April 2016[1] he began selling his own brand of body washes and lotions called JM Solution[6] ("Journey to Miracle").[1] However, it quickly became caught up in the boycott of South Korean products in China beginning around 2016.[1]
GP Club, instead of advertising, sent products to Chinese social media influencers. The product quickly became popular in China, despite the boycotts. Chinese daigou (international resellers) would purchase the products in South Korea and bring them back to China for resale. This led to the company's explosive growth; by the end of 2018, they sold more than 800 million face masks. By 2019 they sold more than a billion.[1] Investment bank Goldman Sachs purchased a 5% stake in the company in October 2018.[1] However, GP Club's sales were negatively impacted by the COVID-19 pandemic and by Chinese bans on South Korean imports. The company failed to secure its targeted pre-IPO funding. By 2021, its operating profit was half that of its 2018 profit.[6] Goldman Sachs exited their position at a loss in 2022.[6]
Personal life
He has a wife (Park Oak[6]) and daughter. Together, the family owned 95% of the company in 2019.[1]
References
- ^ a b c d e f g h i j k l Chung, Grace. "South Korea's Richest 2019: Self-Made Billionaire Behind Jellyfish And Snail Masks Sees Profits Surge 3000%". Forbes. Retrieved 2024-12-25.
- ^ 이, 다비 (2020-07-17). 사드사태에도 中사업 '대박'...억만장자 등극한 김정웅 GP클럽 대표. The Chosun Ilbo (in Korean). Retrieved 2024-12-25.
- ^ a b "Kim Jung-woong". Forbes. Retrieved 2024-12-25.
- ^ a b "How JM Solution face masks made Kim Jung-woong a billionaire in two years". South China Morning Post. 2020-11-06. Retrieved 2024-12-25.
- ^ 지피클럽. 지피클럽 (in Korean). Retrieved 2024-12-25.
- ^ a b c d e Park, Si-Eun; Cha, Jun-Ho (2022-03-18). "Goldman exits Korean beauty startup without profit". The Korea Economic Daily. Retrieved 2024-12-25.