PFD globalizes K-Life products as well as K-Beauty

PFD (People, Future, Dream) Video: Provided by PDF

A leading company in K-Beauty trends dreams of “the globalization of K-lifestyle products." Not only cosmetics, but also health supplements and baby products, this dream envisions in popularizing Korean’s daily lifestyle to the world. We are talking about CEO Jimmy Namgung of PFD, a recently named "Global Small but Powerful Giant" by the Ministry of SMEs and Startups. PFD has been working tirelessly in order to achieve such a lofty goal. By the end of 2015, they launched an online distribution channel of K-Beauty products, and is now expanding the business into other K-lifestyle categories such as health supplements, medicine, and baby products. They aimed for the global market from the very beginning, and as a result were able to create a global network with 64 countries and 129 partners in the States, Europe, and South East Asia. Furthermore, they strive to create a global platform for K-life products.


Mr. Namgung reminisces that “PFD was established in December, 2015. It was a time where K-beauty trends was wildly popular. PFD also benefited from that. That’s why we decided to leave the narrow domestic market and aim for the global market from the beginning.”
The name PFD is an acronym that stands for People, Future, and Dream. It means “creating products for the customers’ dreams and future” as well as “becoming a company for the workers’ dreams and future.”

CEO Jimmy Namgung posing in front of the poster for the brand MIZON

Q. PFD seems to be very active in the global market.
A. Although we are slightly impacted by COVID-19 epidemic, I still believe that the trend for Korean cosmetics hasn’t even started yet. I was able to experience first-hand by traveling around the world with just a bag in my hand. Our company currently has a strong global marketing business through the online platforms in companies like Russia, CIS, USA, Europe, and the Middle East. By attaining a global big buyer network with 64 different countries, we are creating a relationship for on-location business. Alongside the untact business that’s booming with the coronavirus, PFD participates with global online platforms like Amazon and Qoo10. Fortunately, Amazon grew 650% last year, showing us that our strategy was the right way to go. With these efforts, we were able to increase sales 862% going from 2.4 billion won in 2016 to 20.7 billion won last year.

Q. This is a very aggressive business strategy. Is there a reason behind it?
A. CEO Im Sung-gi of Hanmi Pharmaceuticals taught me a lot, from management tips to businessman philosophies. He also hand-taught me the morals of running a business, and was basically the headmaster of my business school. With his endless encouragement and support from Hanmi Pharmaceuticals. I was able to become the man I am today as well as make PFD into a global marketing brand.

Mr. Namgung's resume is quite interesting. He majored in engineering in university and worked at Hanmi Pharmaceuticals. He rose to top of his game by bringing in highest sales within the first 3 years, and was promoted to IT executive director in 2005 during the first 9 years of working for the company. He also became the representative director for both Hanmi IT and China IT.


Q. What is the strategy to nurturing an independent brand?
A. There are three big rules. First, rather than indirect exports like OEM and ODM, focus on the direct brand exportations. As a result, our independent product amass to 167 categories of MIZON, 166 categories of VILLAGE 11 FACTORY, and 15 categories of STEBLANC. Secondly, it is the “one country, one buyer” technique. Our strength lies in a brotherhood relationship between us and global partners. Lastly, localization of your products. With the immense support of our global partnership, we met the needs of the local partners and were able to localize 82 products.

Q. I heard that you have a unique management style.
A. I prioritize our workers’ dreams and future. They are the assents of our company. Since we plan on globalizing, 11 of our 40 member team are foreigners. Their teamwork is what leads our company to success. I do not meddle in the work process of our team members. There are no assigned seating nor are there 9-6 set work hours. Each member decides everything on his own, and I plan on introducing working at home from now on too. So far, we have evenly distributed 16.7% of our total profits to our workers, and plan to continue to do so in the future.

Q. What are your future plans and visions?
A. PFD focuses not only on K-beauty and cosmetics, but also in expanding the global markets for medicine, health supplements, and baby products. We want to contribute to globalizing K-lifestyle, and we plan on doing so by developing products that will lead the world trend.

Mr. Namgung emphasized that “Winners have winning habits. When you lack skill you can always ask for help, but no one can make you have a positive mindset, passion, and dream. To the younger generation going through hardships, never give up on your passions, positivity, and dreams.”

He also added, “working as a government employees or part of a large corporation are not the only solutions. I want to boldly claim that working alongside a Hidden Champion with vision is a better way to go. What we need right now are not people who got accepted to civil service exams, but rather revolutionaries like Jang Bo-go, the King of the Seas and merchant Im Sang-ok."

[Editor's Note: Money Today collaborates with the Seoul Business Agency to provide media usage, marketing and consulting to companies in Seoul that show innovative growth and global growth competitiveness.]