Interview with Ryu Byung-seon, CEO of Youngdo Velvet

Helped 1,000 people to create the Splendid Achievement scholarship foundation, the worlds No. 1 market share

Donation to Neighbors Struggling with Corona​Ryu



Byung-seon, CEO of Youngdo Velvet (82, photo), has a small velvet fabric attached to his business card. Velvet is a fiber material with short hair soft and densely studded. CEO Ryu is a textile artisan who has loved velvet all her life and is called the godmother of female entrepreneurs in the Daegu area, to the extent that she advertises her velvet fabric by attaching it to her business card. Youngdo Velvet ranks first in global velvet market share. CEO Ryu recalled in an interview with Maeil Economic Daily held to mark her 61st anniversary, "I think Ive come this far because I only dug one well." He continued, "There were many difficulties, but constant investment in R&D and efforts to improve quality eventually became an opportunity to overcome the crisis."

Youngdo Velvet was founded in 1960 by CEO Ryu and her husband, the late Chairman Lee Won-hwa. He started his business with four looms to weave the hair used for rubber shoes. However, fur shoes were limited to seasonal products, and operation was suspended for six months.

Representative Ryu said, "The factory couldnt continue to operate, so even the livelihood of the employees was difficult." So, he jumped into research to try to localize velvet, which was only imported from Korea at the time. At that time, most of the velvet came in through smuggling. However, the couple, who did not even have any basic knowledge and skills, went through all kinds of trial and error. After working hard without giving up, CEO Ryu eventually succeeded in producing velvet, and in 1973, a velvet batch production system was established from yarn to finished products. Now, it has grown into a textile company with sales of 15.5 billion won. In recognition of this achievement, he was also awarded the Gold Tower Order of Industrial Service Merit in 2019.

He also established a scholarship foundation 10 years ago and has provided scholarships to about 1,000 students so far. Representative Ryu said, "There should be no students who give up their studies because of difficult family circumstances, and isnt a life of giving love the most rewarding life?" Born in Dalseong-gun, Daegu in 1940, CEO Ryu experienced poverty when his father passed away when he was 6 years old, so he knows more than anyone else how poor students feel. CEO Ryu is also conducting various donation activities from time to time, such as delivering 20 million won to be used for neighbors in need due to Corona 19. In 2012, he created Yeongdo Daum, the worlds only velvet exhibition hall in Samdeok-dong, Jung-gu, Daegu, contributing to the development of culture and arts. Built on a 1256㎡ site with one basement floor and three floors above ground, Daum Yeongdo became famous as a must-visit course for Chinese and Japanese tourists even before COVID-19. CEO Ryu said, “Let wisdom in the head, smile in the face, love in the heart, and work in the hands is our company motto. I want to work until the last strength reaches me,” he laughed.
 

[Daegu = Reporter Seongdeok Woo]