Celebrity chef Paik's fortune tumbles on ingredients controversy
[SEOUL] A South Korean celebrity chef's wealth, fuelled by a hot stock listing, took a tumble after a series of allegations shook confidence in his flagship restaurant chain.
Paik Jong-won's 60 per cent stake in The Born Korea is now valued at about 245 billion won (S$228 million), less than half of its peak shortly after listing. The company on Wednesday (May 14) said operating profit for the three months through March rose 6.6 per cent to 6.2 billion won from a year ago, while sales grew 2.6 per cent to 110.7 billion won.
The restaurant chain that operates about 2,900 outlets was accused of breaches by mislabelling some products as domestic ingredients. Online petitions by citizens triggered a police probe last month, according to a spokesperson for the regional district government. While the company did not respond to an email seeking comment, it and Paik have apologised.
'With ethical management and food safety as top priorities, we are carrying out a complete overhaul across the internal system and external sites,' the company said in a statement last month.
Dubbed South Korea's Gordon Ramsay by local media, Paik rode his success on Netflix's Culinary Class Wars to a blockbuster stock listing in November. Since then, the stock has tumbled 57 per cent after hitting a record on its trading debut to Wednesday's close, as the apologies failed to shore up confidence, the chef last week said he would not sign up any new TV commitments to focus on his core restaurant business.
Founded in 1994, the chain of restaurants offers affordable menus and casual dining experiences. The company owns some 25 brands including New Maul Restaurant, Hong Kong Banjum and Paik's Coffee.
Paik's plight highlights the key-man risks to investors from piling into hot celebrity IPOs, and the damage it could cause to the franchise when the main person driving business is distracted by many commitments.
On Monday, the company offered a temporary 50 per cent discount on its menus, in an effort to win back customers.
Paik is scaling back from a media career on the upswing. His profile has grown thanks to a growing presence on various TV food shows. The celebrity chef has also built up a subscriber fan base of 6.6 million for his YouTube channel that features food-related videos, from simple recipes that can be recreated at home, to travelling overseas in search of local cuisines. BLOOMBERG
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Business Times
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