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Paik Jong-won’s Theborn Korea shares drop to record low after product quality and legal concerns

Published: 18 Mar. 2025, 11:28 Updated: 18 Mar. 2025, 17:14

Paik Jong-won promotes pork ham, or "Paik Ham," in a YouTube video. [SCREEN CAPTURE]

Theborn Korea, the F&B company founded by celebrity chef Paik Jong-won, saw its share price hit a record low on Monday amid concerns over product quality and potential legal violations involving Paik.

The company’s share price dropped to 27,800 won ($19) on Monday, marking its lowest point since its public listing on Nov. 6, 2024. Previously trading within the 30,000-won range, the stock has been on a downward trend since dipping to 29,600 won on Feb. 28.

The decline follows a series of controversies involving both the company and Paik in recent months.

Just before the Lunar New Year holiday in late January, Theborn Korea faced backlash for heavily discounting a pork ham gift set, sparking accusations of exaggerated marketing and quality concerns. Further scrutiny emerged over the company’s tangerine beer, which was criticized for its minimal tangerine content, alongside other allegations regarding product standards.

At the heart of the issue is Paik Jong-won being reported to police for alleged violations of food labeling laws. "Paik Jong-won’s Baekseok Doenjang," produced at Theborn Korea’s Baekseok factory, and "Hansin Pocha Nakji Bokkeum" (stir-fried small octopus), sold through the company’s online store, were advertised as being made with domestic ingredients despite containing imported components.

On March 14, Paik issued a formal apology on Theborn Korea’s official website, saying, "I sincerely apologize and feel a deep sense of responsibility for causing concern to many due to various issues related to Theborn Korea." He also acknowledged “unacceptable mistakes that occurred during production and distribution.”

Update, March 18: Day that stock hit record low changed from Tuesday to Monday.

BY WOO JI-WON [[email protected]]