‘Youngdo​-daum’ is the future of global craftsmanship

“We must remember the blood and sweat of our export-oriented parents”

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YoungdoVelvet Chairman Ryu Byung-sun, Receives the Gold Tower Order of Industrial Service Merit in 2019​ ​

Youngdo​ Velvet Co., Ltd. (CEO Ryu Byung-sun​ and Lee Chung-yeol), known overseas as ‘Three Eagle Velvet’, started as ‘Youngdo​ Textile’ in 1960 and moved to the Gumi Industrial Complex. It has been leading the global market by domestically producing velvet, which had previously been dependent on imports. In particular, since it began exporting to the US in 1975, it was ed as a world-class product in 2006 and won the $30 million export tower award in 2010, becoming a leading domestic velvet textile company.

Youngdo​ Velvet began by renting four looms to produce rubber fur shoes. However, since sales were unstable as a seasonal product, it later turned its attention to velvet. At that time, velvet was difficult to produce and expensive, so most of it was smuggled from Japan and Germany. With the sole purpose of domestically producing velvet, after numerous trials and errors, they succeeded in developing ‘Three Eagle Velvet’ in 1968. Yeongdo Velvet, a textile company whose technological prowess is recognized overseas, exported more than 90% of its sales, boasting the world’s largest export volume in the velvet sector. In addition, in 2012, it established the velvet specialty exhibition hall ‘Youngdo​o Daum’, contributing greatly to the promotion and popularization of velvet fiber. Youngdo​ Velvet did not stop there. It diversified its business and developed industrial velvet for LCD panels and filter velvet used for air purification.

Youngdo​ Velvet has devoted itself to only one path, the development of velvet technology, and has worked hard to pioneer the global market.

The most beloved company rather than the largest company

At the Velvet Training Center located in Gunwi, Gyeongsangbuk-do, with the employees and their families

There is a saying, noblesse oblige. The leaders of society must have high moral obligations commensurate with their status. Historically, wealthy countries and prestigious families can be seen in the leaders’ strong moral awareness and leading by example public spirit. In particular, the spirit of sharing of opinion leaders who lead organizations is emphasized as an important part of the qualities of organizational leaders as a moral obligation to solve social problems. Based on this philosophy, Chairman Ryu Byung-sun spared no effort in social contribution. Chairman Ryu’s ultimate goal has always been to be “the most beloved company rather than the largest company,” and he has been a role model for others by consistently practicing noblesse oblige since the company was founded. Chairman Ryu Byung-sun established the Bogwangmyeong Cultural Scholarship Foundation in 2011 to foster excellent local talent. Through this, he actively carries out scholarship programs and fundraising activities for the underprivileged, providing scholarships to 108 students annually from Buddhist schools such as Neungin High School, Iseo High School, and Seonhwa Girls’ High School, as well as local universities such as Kyungpook National University, Yeungnam University, and Keimyung University. At a meeting where the scholarship recipients were invited to the company, Chairman Ryu instilled pride in them by saying, “You were able to focus on your studies in a good environment because of the blood and sweat of your parents, who are the driving force behind South Korea’s exports.” He added that the virtuous cycle of scholarship recipients is continuing with donations to the Bogwangmyeong Cultural Foundation.

Chairman Ryu’s connection with Buddhism led to his role as the president of the Daegu Buddhist Association, and as the vice president of the Daegu City Sports Association, he has been providing support to youths with 30 million won every year for 12 years.

He also serves as the president of the Korea-Cambodia Association of the Daegu-Gyeongbuk Exchange Association (DGIEA), the only private diplomatic organization established as a non-profit organization under the Ministry of Foreign Affairs, and has played a leading role in private diplomacy. He is also playing a superwoman role in various fields such as domestic and international scholarship programs.

There is a saying that to properly understand a company, look at its CEO. A successful company is the result of the CEOs capabilities, innovation, and passion for creating a lasting company.

Chairman Ryu Byung-sun said, "Along with sincerity and patience, cherishing customers is the greatest driving force for the growth of a company and an individual." He added, "You can only succeed if you take the lead and are humble before knowledge and learning." He also delivered a message of hope, saying, "If you are faithful to your work with a firm sense of the nation and a grateful heart, a better future will surely come."

Youngdo​, a family community that has been together for generations

He has held the fashion show event every year since 2012, and in November 2023, with the event attendees,

Chairman Ryu had a difficult time starting a business, but based on sincerity and trust, he has built his business with several times more passion and effort than others. In the process, he learned that passion and trust are the greatest driving forces for the growth of a company and an individual. In particular, employees of Youngdo​ Velvet Co., Ltd. receive the best treatment and high wages that cannot be compared to any other company in the same industry, and manage their household finances in a house provided by the company as soon as they join the company. They can also raise their children without worrying about tuition from elementary school to college graduation. Chairman Ryu often uses the term “our family”.

When you join Youngdo​, you are family to him. He takes care of his employees as if he were his family, and runs the company as if he were running his own house. Since most of the executives and employees work until retirement age, he has earned the trust of his employees through communication. Chairman Ryu’s heart for “family” continues regardless of his work and private life. Following last year, this year he officiated the wedding of a disabled couple and made a velvet folding screen to celebrate their marriage. He engraved each folding screen with a congratulatory message containing a saying of wisdom to bless their beautiful encounter. In particular, on Textile Day, he gave awards of merit to talented employees in the company to encourage them.

Also, the world-class velvet exhibition hall ‘Youngdo​ Daum’ is a 5-story building with a total area of ​​1,056㎡, and it has a velvet experience and education center, as well as a velvet clothing, furniture, wallpaper, accessories, and small items exhibition and sales center, and a gallery. Except for the glass windows and floors, the entire building is covered only with velvet, including the ceiling, wallpaper, sofas, chairs, lights, curtains, and even the toilet seat covers. This place is filled with the dreams and passion of Yeongdo Velvet Chairman Ryu Byung-sun​, who has lived with velvet for over 60 years.

Doing his best to create a happy workplace

“Chairman Ryu Byung-sun​ never calculated personal gain while doing business. He worked hard to create the best working conditions so that employees would always be happy and joyful while working at the company,” he said. “It is my wish for the ‘Yeongdo’ family to be proud of working at the best company, and I will do my best so that everyone who has become part of the Youngdo​ family can feel even happier.”

Meanwhile, Chairman Ryu Byung-sun has been recognized for his contributions to the local economy and social development through exemplary management activities and scholarship programs for youth, and has received numerous awards. In 1988, he received the $10 million Export Tower Award, the Gyeongbuk Small and Medium Business Encouragement Award in 1999, the Gyeongsangbuk-do Governors Award in 2000, the Iron Tower Industrial Medal in 2004, and the Bronze Tower Industrial Medal in 2006. In addition, he received the Presidential Citation for Women Entrepreneurs in 2005, the Gyeongbuk Pride Product Designation in 2008, the Gyeongsangbuk-do Industrial Peace Award, and the Minister of Strategy and Finance Award (ed as an exemplary taxpayer), as well as the $30 million Export Tower Award in 2010, the Gold Tower Industrial Medal in 2019, and the Presidential Citation on the 60th Trade Day last year, and the 2023 Korea Mecenat Grand Prize held at Western Chosun Seoul on November 26. Chairman Ryu is still writing a luxury legend today with the conviction that he can improve the quality of life of consumers and contribute to job creation.

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“Based on the dream and challenge of being world-class, I like the saying that Youngdo​-ness is global’ and the dream of Youngdo​ as an artisan company, promising a new millennium, and the path that I walk alone is lonely, but if I go together, I make history. I am confident that I will do all of these businesses well in the future,” said Chairman Ryu Byung-sun, expressing his aspirations. We look forward to Chairman Ryu’s new myth creation.

Reporter Park Dong-woong vnews@hanmail.net

KNS News Agency (https://www.kns.tv)​