This photo taken Nov. 12, 2024, and provided by Theborn Korea Inc. shows the South Korean food and beverage company’s CEO Paik Jong-won speaking during an interview with Yonhap News Agency at the company headquarters in southern Seoul. (Image courtesy of Yonhap)
SEOUL, Nov. 13 (Korea Bizwire) — Bornga and Saemaeul Restaurant are some of the more popular Korean restaurant brands frequently visited by South Korean tourists and local residents alike in many countries around the globe for a taste of popular Korean dishes seen on Korean TV shows.
And Paik Jong-won, a more popular TV personality and CEO of the company behind the restaurant chains, Theborn Korea Inc., says the number of his company’s restaurants in other countries will increase drastically to serve more people hoping, possibly for the very first time, to try some of the Korean dishes made famous by popular K-content, including Netflix’s recent hit cooking competition show, “Culinary Class Wars,” where Paik served as one of two judges.
“We expect the number of our overseas outlets to increase ‘dramatically’ in the next two years as popular K-content is driving up demand for Korean foods,” the South Korean restaurateur and TV personality said in an exclusive interview with Yonhap News Agency on Tuesday.
Theborn Korea currently operates 149 outlets in 14 countries, including China, Japan, Thailand, Malaysia and the United States, in addition to 2,917 shops under 25 food and beverage franchise chains, including Paik’s Coffee, Paik’s Bakery, Hong Kong Ban Jeom and Hanshin Pocha, in South Korea.
“We signed a master franchise deal with a local firm in Taiwan (last year). There might be more master franchise contracts in a couple of months as we are in talks (with some overseas companies),” Paik added, noting master franchise deals with overseas firms will help his company strengthen its presence in global markets.
Under a master franchise deal, the master franchisor allows the master franchisee not only to open franchise units itself in a specified area but also to sub-franchise them to third parties.
The ambitious plan to expand the overseas presence of Theborn Korea restaurants follows the successful initial public offering (IPO) of the company on South Korea’s main stock market.
Of the IPO proceeds, worth over 100 billion won (US$71 million), the company plans to invest at least 90 billion won to acquire companies specialized in sauces and food technologies for business synergies, according to Paik.
Exports of sauces will become “a major growth driver” as demand for Korean foods, such as the traditional Korean side dish kimchi, is on the rise globally, the 58-year-old Korean native said.
“If there is a good company up for sale, we may inject more than 100 billion won,” he added of his plan partly aimed at finding a way into the sauce market and boosting exports.
To grow further, he said the company sees a huge business opportunity in the large-scale “K-town” projects pushed for in some countries, in which Theborn Korea can supply its own brands’ foods and beverages to the town’s stores and operate them.
On top of its franchise business, Theborn Korea also sells ready-made meals, processed goods and sauces through online and offline networks, while also manufacturing kitchen utensils. It runs a hotel on the southern island of Jeju.
This year, the company expects to achieve a 10 to 15 percent on-year growth in sales. It posted record sales of 410.7 billion won last year.
Asked if he is returning for Season 2 of the Netflix cooking competition show, Paik said he is willing to join the show though he has yet to sign a contract.
“Culinary Class Wars” is Netflix’s first Korean original cooking competition show, which pits elite chefs (White Spoons) against lesser-known underdogs (Black Spoons) in intense culinary battles to determine the country’s top cook.
“I was intrigued by the potential for a Netflix show to showcase Korean cuisine, which in turn could help expand the country’s culinary industry,” Paik said at a media event held in September.
(Yonhap)
