Hite Jinro said it will hold an overseas business briefing in major U.S. cities from Feb. 17 to 21. It will be held in New York on Feb. 18, Boston on Feb. 19, Salt Lake City on Feb. 20 and San Francisco on Feb. 21.
Hite Jinro will explain its management performance last year through a corporate briefing session and explain its growth trend and future outlook in overseas markets, including in Korea.
In addition, it plans to announce the current status of products such as Terra, Jinro and Filite that were released last year. In particular, the Filite has drawn keen attention for its recent appearance in the movie "Parasite."
Hite Jinro posted 2.35 trillion won in sales last year as its new products, including Terra, gained explosive popularity. This is the first time in seven years that sales exceeded 2 trillion won, up 7.9 percent from 2018.
Hite Jinro CEO Kim In-kyu will participate in the briefing session and meet with overseas institutional investors.
“We will use this presentation to raise the company`s awareness and corporate value in overseas markets. Our goal is to raise the rate to 20 percent when foreign ownership in Hite Jinro is low in the 10 percent range," he said, adding that sales and operating profits have improved since last year and will be even more different this year.
Kim stressed, “We will raise sales of the beer business from 1.83 trillion won last year to 2 trillion won this year. The beer business is growing along with Terra. Although we have become a firm No. 1 player in Korea, we will not be satisfied here."
Hite Jinro's soju is called "Korean whiskey" and has become "a liquor representing Korea." According to the export results of each country, the Korean wave of soju is growing evenly in Southeast Asia and the United States.
On the back of its advance in the Asian market, Hite Jinro's soju exports grew 12.5 percent on-year to $53.84 million in 2018. In 2019, soju exports also hit more than $50 million.
In particular, Hite Jinro plans to select Vietnam, the Philippines, Thailand, and Cambodia as strategic countries for the globalization of soju and gradually expand its soju culture to neighboring countries.
Kim expressed his ambition to approach the global market through hallyu culture such as food and sports. “Through this briefing, our company plans to raise U.S. sales from $30 million a year to $35 million this year,” he said, adding that it is also targeting Southeast Asia and China as promising markets.