Billionaire Kim Jung-woong leveraged the craze for Korean bands and TV dramas to create a Korean beauty kingdom
, has sold more than a billion skin-care masks, mostly in China, since launching them in mid-2017. “It’s the No. 1 seller in China,” Liu says, adding that she can earn as much as 20% selling JM masks back home in Shandong province. “I’ve been coming here once a month for the past six months.”Korea’s 50 Richest
Kim would open shop after school and sell video games until 11 p.m., fashioning homemade loyalty cards—“Buy 10, get one free”—to encourage repeat business. When he’d made enough money, he used it to open a second store in another apartment nearby. By the time he was 20, Kim had amassed a small fortune of 300 million won .
With the new craze for Korean bands and TV dramas came a yearning to emulate the fair and dewy skin of their stars: the K-Beauty trend. Korea’s biggest beauty brands had been exporting to China for years; now even smaller brands could sell to Chinese consumers online or to the rapidly rising number of Chinese visiting Korea.
GP wasn’t spared. “I lost a billion won I couldn’t get back from one retail partner. We had orders of three billion won being cancelled,” Kim says. “People were literally telling me, ‘Stop producing.’” He didn’t. Instead, Kim invested all his money at the time—1.5 billion won—into a new product: facial sheet masks.
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