Baek Jong-won, the CEO of The Born Korea [475560], who declared to suspend broadcasting activities and focus on management, has stated that he will turn the crisis he faces, such as errors in origin labeling, into a “second entrepreneurial opportunity” and asked for “just three months to wait.”
According to The Born Korea on the 14th, CEO Baek stated during a media roundtable held on the 12th and 13th, “Quickly resolving the situation of store owners is the most important top priority task.”
He emphasized, “The current situation is definitely not good, but if these issues had arisen after expanding the business, they would have become even bigger problems. I will consider it as a second entrepreneurial opportunity and use it as a stepping stone for growth.”
Regarding errors in origin labeling and hygiene issues, CEO Baek expressed regret, saying, “There were many shortcomings in the company, all of which were my fault.” He also complained about the difficult situation caused by several netizens recently submitting about 70 national petitions and complaints related to the company to local governments and store owners.
In response to criticism that the equipment used at local festivals was poorly managed, he said, “I thought we had to show something through performance,” and added, “There were shortcomings, and I will thoroughly inspect them in the future. I will not compromise on safety and hygiene issues, even if it takes time.”
CEO Baek expressed, “Above all, I feel most sorry for the store owners,” and announced, “I will immediately implement a 30 billion won support plan over the next three months to improve the situation.”
He explained, “Most of the 30 billion won will be used for marketing and supporting store owners,” and added, “Store owners also agree to find ways to bring customers back more than once.”
CEO Baek explained, “Based on last year’s figures, the majority of brands, about 70%, saw an increase in franchise sales, and the number of closures decreased by 23.5% compared to the previous year.”
He clarified, “Baekdabang is one of The Born Korea’s brands, and it is not true that it operates as a separate corporation.” He stated, “Baekdabang is currently focusing on marketing support centered on securing loyal customers through membership and will also hold offline events.”
Regarding future business plans, he emphasized, “Distribution and regional development are key,” and said, “We plan to develop eight sauces for export, and six are already completed. Our ultimate goal is to create sauces that allow people around the world to experience the taste of Korean cuisine, like Sriracha and Tabasco.”
He revealed that he received a request from a large German retailer to create a bibimbap brand and menu, and announced plans to launch the brand next month.
CEO Baek stressed, “Showing the company’s vision is more important at this time than any immediate stock support policy,” and reiterated, “We will overcome this crisis together and transform into a better company.”