
Paik Jong-won, CEO of Theborn Korea, addresses the ‘Paik Ham’ pricing controversy on his YouTube channel on Jan. 26. (Captured from YouTube channel ‘Paik Jong-won’)
Paik Jong-won, CEO of meals and beverage firm Theborn Korea and a decide of Netflix’s cooking competitors present “Culinary Class Wars,” has been embroiled in controversy over his canned ham product, „Paik Ham,“ for greater than ten days.
Regardless of his clarification, public sentiment has turned towards him, damaging his popularity for trustworthiness. Theborn Korea’s inventory has additionally suffered, dropping for seven consecutive buying and selling days and dropping over 380 billion gained ($290 million) in market worth.
The controversy started after Paik promoted a forty five % low cost on a present set of 9 200-gram cans, lowering the value from 51,900 gained to twenty-eight,500 gained. He claimed the product, made with one hundred pc home pork, supplied nice worth, saying, “If I had been you, I’d purchase ten units.” The set rapidly bought out on Theborn Korea’s on-line mall.
Nevertheless, some customers in contrast Paik Ham with Spam, the market chief, and located it comparatively costly regardless of having decrease pork content material.
A ten-can field of Spam (200 grams every) was priced between 18,500 gained and 24,000 gained on on-line buying websites as of Jan. 31, as much as 10,000 gained cheaper than Paik Ham. Moreover, Spam accommodates 91.3 % pork, whereas Paik Ham has 85.4 %. Though Paik Ham makes use of solely home pork, Spam’s pork is sourced from Korea, the US, Spain, and Canada.
Some accused Paik of inflating the unique worth to create the phantasm of a bigger low cost. Critics additionally questioned why a product with decrease pork content material was priced greater.

Paik Jong-won promotes the sale of Paik Ham on his YouTube channel on Jan. 17. Captured from his YouTube channel
Paik defends pricing
Paik responded on Jan. 26 by means of his YouTube channel, insisting the value was not a advertising trick. “Since Theborn Korea is a latecomer within the canned ham market, our manufacturing prices are greater than these of bigger producers. We produce in smaller volumes, which considerably raises prices,” he stated. “This isn’t a gross sales tactic.”
He added that the value lower was attainable as a result of Theborn Korea sells on to customers, bypassing conventional retail distribution. “If Paik Ham sells nicely and we attain mass manufacturing, the price of manufacturing will drop considerably. At that time, we are going to decrease the retail worth.”
Concerning the decrease pork content material, he stated that Paik Ham was particularly developed for budae jjigae (military base stew), with added seasonings to reinforce the broth’s taste. “The distinction in pork content material is 14 grams per can, which prices lower than 100 gained. We wouldn’t scale back the pork content material simply to save lots of 100 gained.”
Paik admitted he ought to have defined the recipe higher, saying, “We targeted on making it style higher, and that’s why the pork content material is barely decrease. I ought to have talked about this when asserting the low cost.”

Paik jong-won defends Paik Ham pricing on YouTube. Captured from his YouTube channel
Public stays unconvinced
Regardless of his clarification, the backlash has not subsided. As of Jan. 31, Paik’s video had surpassed 500,000 views with over 11,000 feedback, most of them important.
Many customers argued that the problem was not nearly pricing however about deceptive customers. One client stated, “It’s not simply that Paik Ham is dear. Different on-line shops additionally promote it for 20,000 to 30,000 gained, but Theborn Korea claimed it was initially 51,900 gained and supplied an enormous low cost. That’s what misled customers.”
Some additionally highlighted inconsistencies in Paik’s previous remarks. On a earlier TV program, he suggested small restaurant homeowners, “Style is prime, however excessive costs will drive away prospects.” He additionally stated that pork content material is a key think about pricing processed meat, saying, “Sausages with extra pork are costlier.”
Nevertheless, in his current video, he claimed he had not thought of pork content material comparisons when pricing Paik Ham.
One person stated, “On TV, he scolded small enterprise homeowners, saying prospects gained’t simply open their wallets as a result of the proprietor has struggles. Now, he’s doing the very same factor.” The remark acquired almost 4,000 likes.
Because the controversy drags on, Theborn Korea’s inventory has taken a success. The corporate, which was listed on the Korea Trade (KOSPI) final November, noticed its market capitalization fall from 4.86 trillion gained on Jan. 16 to 4.47 trillion gained as of Jan. 31, marking a seven-day dropping streak — the longest since its itemizing.
Theborn Korea declined to problem an additional assertion, saying on Jan. 31, “Paik has already addressed the problem on his YouTube channel, and now we have nothing extra so as to add.”

Paik Jong-won emphasizes that style is important however costs shouldn’t be excessive whereas advising restaurant homeowners on a previous terrestrial TV program. Captured from broadcast
This text from the Hankook Ilbo, a sister publication of The Korea Instances, is translated by a generative AI and edited by The Korea Instances.