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.
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