[Interview] A Man with More Failures than Successes: "Inspiring and Delighting with Confectionery"

Interview with Youngdal Yoon, Chairman of Crown Haitai Confectionery
From Bankruptcy During the Financial Crisis to the Acquisition of Haitai Confectionery
A Philosophy of "Bringing Inspiration and Joy Through Confectionery"

"Out of 36,500 days, how many have you lived?"

Youngdal Yoon, Chairman of Crown Haitai Confectionery (age 80), often asked people this question. Even if one lives to be 100, that amounts to just 36,500 days. His philosophy is that how you use that limited time determines the success or failure of your life.

On the 12th, Crown Haitai Confectionery Chairman Youngdal Yoon is receiving an explanation at the Crown Haitai booth at the Yeongdong World Gugak Expo.
[Photo by Crown Haitai Confectionery]

Chairman Yoon's life has been a series of choices. As an elementary school student, he explored the principles of machines by disassembling a then-rare bicycle with a screwdriver. Although he failed repeatedly, he eventually succeeded in reassembling it, which sparked a lifelong interest in machinery. After majoring in physics at university, he joined Crown Confectionery, the company founded by his father. However, he soon became independent and established Korea Automatic Machinery, a manufacturer of industrial machines. He wanted to break free from the label of "the eldest son of Crown Confectionery." However, fifteen years of business were filled with hardship, and in 1995 he returned to Crown Confectionery and became CEO.

The company he returned to was in crisis. When the foreign exchange crisis hit in 1997, the company faced a liquidity crunch, and in January 1998, it eventually went bankrupt. It was the worst-case scenario-filing for court receivership just three years after becoming CEO. Chairman Yoon personally visited partner companies, appealing to them and vowing, "I will definitely save the company."

Chairman Yoon soon made a decisive move. Out of about 300 products, he boldly discontinued 230 that were not profitable and reorganized the product lineup to focus on approximately 70 core items. In 1999, he sold the 33,000-square-meter factory site in Muk-dong, Seoul, which had been a symbol of Crown Confectionery. He then closed three additional factories, securing 40 billion won and covering short-term debt. By partnering with overseas confectionery companies, he also expanded the sales base. This was a strategy of selection and concentration, born from asking, "What can only Crown do?"

Standing at the threshold of a turnaround, Chairman Yoon chose to take another risk: the acquisition of Haitai Confectionery in 2005. At the time, Crown Confectionery’s sales were 289.7 billion won, while Haitai Confectionery’s were 618.7 billion won-more than double. There was significant internal opposition. Nevertheless, he pushed forward, insisting, "This is our only chance." By securing funds from the Military Mutual Aid Association, he finally succeeded in the acquisition. Chairman Yoon emphasized, "I have experienced more failures than successes," but added, "My commitment to creating snacks that bring joy and inspiration to people has never changed."

This content was produced with the assistance of AI translation services.