남양유업의 비참한 몰락, "회사 넘기겠다" 각서 쓰고 도망친 회장의 결말
경제꽈배기
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How did Namyang Dairy, the milk empire that dominated supermarkets for 60 years, end up in such a miserable downfall that even its chairman was ousted?
If you visit the dairy section of a supermarket, you will find shelves filled with familiar products that still dominate today. From Delicious Milk and Bulgari to French Cafe and 17 Tea, Namyang Dairy was a massive milk empire that vied for the top spot in Korea alongside Seoul Milk and Maeil Dairies, producing mega-hits with every product it touched.
In the 1960s, when suitable infant formula was scarce, the company developed the nation's first Korean-style formula, instantly dominating 80% of the infant market. It was a solid, blue-chip company that had accumulated hundreds of billions of won in cash without a single bank debt. In 2012, it achieved a record-breaking annual revenue of 1.365 trillion won, appearing like an impregnable fortress that no one could bring down.
However, beneath the massive walls lay the tears of blood shed by its distributors. In May 2013, the "distributor abuse and verbal harassment scandal" and forced product dumping practices that rocked South Korea were exposed to the world, causing the company to turn to a deficit for the first time in 19 years. Enraged consumers continued a boycott by checking the tiny print on the back of products to identify the manufacturer, and Namyang Dairy's brand value plummeted endlessly.
The real tragedy is that the owner family showed no remorse even amidst a decade-long boycott. In an attempt to weather the crisis in 2021, they spread the absurd lie that Bulgari suppresses the coronavirus by 77.8% in an attempt to boost the stock price, only to commit a monumental act of self-destruction.
From the tearful resignation show and the "no-show" incident where the chairman fled on the day of the sale contract, to the final conclusion of the chairman who was ousted by a Supreme Court ruling after holding out for three years—Economy Twist presents the full, intriguing story of the downfall of Namyang Dairy, a family business that was blown away in an instant by the owner's insatiable greed.
Economy Twist #NamyangDairy #CorporateCollapse #Bulgaris #BusinessFailure #NamyangDairyAbuseOfPower
Economic Twist
남양유업의 비참한 몰락, "회사 넘기겠다" 각서 쓰고 도망친 회장의 결말
경제꽈배기
61,479 views
How did Namyang Dairy, the milk empire that dominated supermarkets for 60 years, end up in such a miserable downfall that even its chairman was ousted?
If you visit the dairy section of a supermarket, you will find shelves filled with familiar products that still dominate today. From Delicious Milk and Bulgari to French Cafe and 17 Tea, Namyang Dairy was a massive milk empire that vied for the top spot in Korea alongside Seoul Milk and Maeil Dairies, producing mega-hits with every product it touched.
In the 1960s, when suitable infant formula was scarce, the company developed the nation's first Korean-style formula, instantly dominating 80% of the infant market. It was a solid, blue-chip company that had accumulated hundreds of billions of won in cash without a single bank debt. In 2012, it achieved a record-breaking annual revenue of 1.365 trillion won, appearing like an impregnable fortress that no one could bring down.
However, beneath the massive walls lay the tears of blood shed by its distributors. In May 2013, the "distributor abuse and verbal harassment scandal" and forced product dumping practices that rocked South Korea were exposed to the world, causing the company to turn to a deficit for the first time in 19 years. Enraged consumers continued a boycott by checking the tiny print on the back of products to identify the manufacturer, and Namyang Dairy's brand value plummeted endlessly.
The real tragedy is that the owner family showed no remorse even amidst a decade-long boycott. In an attempt to weather the crisis in 2021, they spread the absurd lie that Bulgari suppresses the coronavirus by 77.8% in an attempt to boost the stock price, only to commit a monumental act of self-destruction.
From the tearful resignation show and the "no-show" incident where the chairman fled on the day of the sale contract, to the final conclusion of the chairman who was ousted by a Supreme Court ruling after holding out for three years—Economy Twist presents the full, intriguing story of the downfall of Namyang Dairy, a family business that was blown away in an instant by the owner's insatiable greed.
Economy Twist #NamyangDairy #CorporateCollapse #Bulgaris #BusinessFailure #NamyangDairyAbuseOfPower
Economic Twist