GP Club: The story of entrepreneurial success

Strong investment and exports will drive South Korea's economy in the medium term, according to the latest forecast from the Organisation for Economic Cooperation and Development (OECD), a grouping of affluent nations. The OECD noted that the country has enjoyed "a strong rebound" from the covid-19 pandemic, with exports in particular in the driving seat, while consumption is likely to strengthen further after a slower start. The war in Ukraine has only had a modest impact on economic performance, and the economy will receive a further boost from the country's largest-ever supplementary budget-worth $43bn, or 2.9% of GDP. Fuel tax cuts have helped support demand, and the government is moving to strengthen supply chain resilience and energy security.

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The economic rebound is feeding through into the consumer market, as global management consultancy McKinsey reported in May 2022. McKinsey noted that optimism was returning to consumers, particularly Generation Z and millennials, and that several categories of goods were reporting positive results. Consumers are also increasingly shopping across various channels, from online to bricks-and-mortar; they are also increasingly willing to try new outlets.

This dynamic consumer environment should prove a boon for Seoul-based GP Club, one of the world's leading cosmetics companies. The company was founded by serial entrepreneur and self-made billionaire Kim Jung-woong, who is just 47 but is already one of South Korea's 50 richest people. A keen gamer as a youth, Kim launched a video-game business when still at school; GP stands for "Games Paradise". He diversified into gaming accessories and built a strong presence on the Chinese market, even learning Chinese on his regular visits. Ever seeking new opportunities, he then shifted to fashion, then cosmetics.