Samyang Foods hits record sales of $10M at China's biggest shopping fest

Samyang Foods' promotional poster for the Double 11 shopping festival in China [SAMYANG FOODS]

Samyang Foods achieved record sales of 13 billion won ($10 million) in China thanks to the popularity of its ramyeon products like Buldak during the nation's largest shopping festival.

The figure, compiled from Oct. 20 through Nov. 11, is a 39 percent increase from the previous year, and surpasses its previous record of 11 billion won in 2021, the company announced Thursday.

The annual Double 11 shopping event in China, commonly referred to as Guanggun Festival or Singles' Day, features extensive discount campaigns hosted by major Chinese retail players, including Alibaba and Jingdong.

During this year's festival, Samyang's products achieved 8 billion won in sales on Alibaba and JD.com, as reported by the company. Additional platforms such as Douyin, Kuaishou, and Pinduoduo contributed another 5 billion won in sales.

The upswing in sales was attributed to the popularity of its flagship Buldak Ramen. Particularly noteworthy was the introduction of the 'Sweet & Spicy Korean Chicken' flavor exclusively sold in China, which saw a rapid sellout of the entire quantity of 2,000 boxes.

“Despite prevailing economic challenges, our expansion of sales channels has proven successful,” a Samyang official said. “Moving forward, we plan to align with trends in the local online commerce market through Samyang Foods' Chinese subsidiary, actively exploring opportunities on live commerce channels like Douyin and Kuaishou.”

Samyang sells more noodles overseas than at home. It recorded its highest-ever quarterly sales of 335.2 billion won in the third quarter, with approximately 72 percent, or 239.8 billion won, of total sales originating from overseas.

China is the top export country, constituting 35 percent of their overseas revenue. In contrast to established K-food leaders such as CJ CheilJedang, Orion, and Nongshim, that have operated in China for approximately two decades, Samyang Foods, a relatively newer player, is fortifying its market presence by expanding its online presence — tapping into the evolving trend toward online channels.

The company established a local sales subsidiary in Shanghai in September 2021, commencing operations in February of the following year.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]