Kim Jung-woong
| Company type | Private |
|---|---|
| Industry | Video games, Cosmetics |
| Founded | September 5, 2003 |
| Founder | Kim Jung-woong |
| Headquarters | South Korea |
Area served | China, South Korea |
Key people | Kim Jung-woong (Chairman) |
| Products | Video game accessories, Cosmetics (JM Solution) |
| Owner | Kim Jung-woong and family (95%) |
Kim Jung-woong (; born ) is a prominent South Korean entrepreneur, serving as chairman and principal shareholder of GP Club, a company specializing in video games and cosmetics. As of December 2024, his estimated net worth by Forbes stands at US$1 billion, ranking him 33rd among the wealthiest individuals in South Korea.
Biography
Kim was born in 1975 as the youngest child among three siblings. His early years were marked by financial difficulties following the loss of the family fortune and the death of his father—a former bank manager turned politician—when Kim was just 15. While still attending school, he took on part-time work at a video game retailer and subsequently launched his own store, "Game Paradise." By the age of 20, this venture had expanded into multiple locations, accumulating savings of approximately US$500,000. After fulfilling his mandatory military duties and completing studies in interior design at Daelim University College, Kim continued to grow his chain of video game outlets.
On September 5, 2003, Kim founded GP Club and initiated business travels to China. During this period, he immersed himself in learning the Chinese language and culture, leveraging the momentum of the Korean Wave. The company initially focused on trading video game accessories but pivoted by 2013 to distributing South Korean cosmetic products within China. In April 2016, GP Club introduced JM Solution ("Journey to Miracle"), a line featuring body washes and lotions.
Despite facing obstacles during the 2016 Chinese boycott against South Korean goods, GP Club circumvented conventional marketing channels by utilizing Chinese social media personalities and daigou resellers. This approach propelled significant growth, with sales surpassing 800 million face masks by late 2018 and exceeding one billion units in 2019. In October 2018, Goldman Sachs acquired a 5% ownership stake in the company. However, subsequent challenges including the COVID-19 pandemic and tightened Chinese import regulations led to decreased sales and failure to meet pre-IPO financing goals. By 2021, the company's operating profit had dropped to half of its 2018 level. Goldman Sachs divested its shares at a loss in 2022.
Personal life
As of 2019, Kim Jung-woong, together with his wife Park Oak and their daughter, held a combined ownership stake amounting to 95% of GP Club.