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In South Korea, young people don’t ask prospective partners whether they want to “Netflix and chill.” Instead, they ask if they want to come over for some ramen.
This shows just how important ramen is in Korean culture. Now, ramen is being exported to other countries through companies such as Samyang Foods (003230 KS—US$2.9 billion), a producer of extra-spicy instant ramen.
Nobody expected Samyang Foods to become the success it is today. During the Asian Financial Crisis, the company went bankrupt and had to be restructured.
In the midst of the crisis, the founder’s daughter-in-law, Kim Jung-soo, was thrown into the mix. She had been a social worker, so she was an unlikely pick as a future CEO. But she proved adept at slashing costs, including selling the headquarters to help the company survive.
She managed to turn the ship around. And through creative product development and marketing, Kim helped put the company on a sustainable growth path.
For example, in 2006, when heading up sales and marketing, she helped introduce instant ramen with clear soup when all instant noodles had red broth.
Her next masterstroke was in the spring of 2010. She and her teenage daughter were on a stroll in downtown Seoul when they saw a long queue outside a fried rice restaurant. This particular restaurant was famous for its spicy food. Kim and her daughter observed that while customers were sweating and seemingly in pain from eating all those spices, they seemed to enjoy themselves.
Back at the lab, she became determined to develop an extra spicy version of Samyang’s ramen. After months of trial and error, going through 1,200 chickens and two tons of sauce, they created the first “Buldak” (= fire chicken) instant ramen.
Years later, this product went viral on YouTube, TikTok and other social media platforms. BTS fans became intrigued when singer Jimin professed his love for Samyang’s noodles. Members of Blankpink turned out to be fans of the product, too. Even Cardi B became a Buldak enthusiast, speaking highly of the product in a viral TikTok video.
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