Kkanbu Chicken, a South Korean fried chicken joint, is suddenly the hottest table in South Korea right now, after Nvidia's Jensen Huang, Samsung Electronics's Lee Jae-yong and Hyundai Motor's Chung Euisun had a much-talked-about "chimaek" get-together at one of its branches in Seoul on Thursday.
The three moguls’ casual meeting over chimaek — fried chicken and beer — took place around 7:30 p.m. at a Kkanbu Chicken outlet near Samseong Station in Seoul's Gangnam-gu. The dinner lasted about an hour, but the internet couldn't get enough of it.
“I really like chicken and also enjoy beer, especially when sharing them with friends. That’s why I thought Kkanbu was the perfect place for such a gathering,” Huang told reporters before entering the restaurant.
“Kkanbu,” a Korean slang term meaning “close friend,” gained widely known in South Korea, after it was featured in the Netflix hit series "Squid Game."
The venue was selected by Nvidia, and Kkanbu Chicken founder and CEO Kim Seung-il served the dishes himself during the dinner, according to industry insiders.
The meeting of global business titans at the fried chicken joint sparked a social media frenzy, highlighting both the restaurant’s name and Korea’s signature “chimaek” culture. Global coverage soon followed, putting the local franchise into the global spotlight.
The craze spilled over Seoul's stock market, although Kkanbu is not listed on it.
According to the Korea Exchange, shares of Kyochon F&B, the only listed Korean fried-chicken franchise, rose 1.42 percent to 4,285 won as of 11:17 a.m. Friday, after soaring nearly 16 percent to 4,900 won during intraday trading. Shares of Maniker F&G, a local meat processing company specializing in chicken, were also trading 0.38 percent higher at 2,620 won around the same time.
Founded in 2006, Kkanbu Chicken began expanding into a full-fledged franchise business in 2008. While other chicken franchises traditionally focused on home deliveries, it introduced a dine-in style restaurant where customers could enjoy freshly served fried chicken and beer on site.
As of last year, the chain operated 162 outlets nationwide, including 10 company-owned stores and 152 franchise branches, down from 214 in 2018.
Experts say Thursday's gathering could offer a chance for rebound through increased global exposure and marketing opportunities.
“Kkanbu Chicken has made global headlines without spending any money on advertising. The case shows that local fried-chicken market could shift from competition centered on pricing and short-term deals toward a model focused on brand experience and identity,” said Hwang Yong-sik, a business administration professor at Sejong University.
cjh@heraldcorp.com
