The CEO of Theborn Korea, Paik Jong-won, has found himself at the center of a heated controversy surrounding his company's canned ham product, Paik Ham. Since promoting a significant discount on a gift set of nine 200-gram cans, public opinion has turned against him, leading to a sharp decline in Theborn Korea’s stock market value. Despite Paik's efforts to clarify the situation through his YouTube channel, consumers remain unconvinced and critical of the pricing strategy. The controversy has not only impacted Paik's reputation but also resulted in substantial financial losses for the company.

Paik Jong-won, known for his role as a judge on Netflix’s "Culinary Class Wars," launched a promotion offering a 45% discount on a gift set containing nine cans of Paik Ham. Initially priced at 51,900 won, the discounted price was reduced to 28,500 won. Paik emphasized that the product used 100% domestic pork and offered exceptional value. However, this claim did not sit well with many consumers who compared it unfavorably to Spam, the market leader. They pointed out that despite having less pork content, Paik Ham was more expensive than Spam, which contains 91.3% pork compared to Paik Ham's 85.4%. Additionally, Spam is available for a lower price range of 18,500 to 24,000 won per 10-can box, further fueling consumer dissatisfaction.

In response to the backlash, Paik addressed the concerns on his YouTube channel on January 26th. He explained that as a newcomer in the canned ham market, Theborn Korea faced higher production costs due to smaller manufacturing volumes. This led to increased expenses, making it necessary to set a higher initial price. Paik also highlighted that the discount was possible because the company sold directly to consumers, bypassing traditional retail channels. He assured viewers that if Paik Ham gained popularity and reached mass production, the costs would decrease, allowing for a reduction in the retail price. Regarding the lower pork content, Paik clarified that Paik Ham was specifically designed for budae jjigae (army base stew), with added seasonings to enhance the broth's flavor. He admitted that he should have better explained the recipe and apologized for any misunderstandings.

Despite Paik's explanations, the public remained skeptical. Many argued that the issue went beyond pricing and involved misleading consumers. Critics pointed out inconsistencies between Paik's past remarks on pricing and his recent statements. Previously, he had advised small restaurant owners that high prices could drive away customers, emphasizing the importance of taste over cost. Consumers felt that Paik was now contradicting his own advice by inflating prices and justifying them with less compelling reasons. The controversy has taken a toll on Theborn Korea's stock performance, with the company experiencing a seven-day losing streak, resulting in a market capitalization loss of over 380 billion won. Theborn Korea declined to provide further comments, stating that Paik had already addressed the issue on his YouTube channel.

The ongoing controversy has left Paik Jong-won and Theborn Korea grappling with a damaged reputation and financial repercussions. While Paik attempted to clarify the situation, the public remains unconvinced, highlighting the challenges of balancing transparency and consumer trust in a competitive market. Moving forward, it will be crucial for Theborn Korea to address these concerns effectively and rebuild its image in the eyes of consumers.