Ryu Byung-seon, CEO of Youngdo Velvet, received the Gold Tower Order of Industrial Service Merit

 

Yeongdo Velvet CEO Ryu Byung-seon (80), who built the worlds No. 1 company in the velvet market, a high-end

After establishing Yeongdo Textile Industry with her husband in 1960, Ryu succeeded in localizing velvet, which had been imported from Japan, Germany and the United States. After he developed a water-washable velvet, he was ed as a world-class product and recognized for his technological prowess. Since then, it has focused on exports and has maintained its No. 1 market share in the global velvet market since 2001. Exports accounted for about 76% of last years sales of 24.6 billion won.

During the Asian financial crisis in 1997, it faced a crisis of bankruptcy. He used a lease to import velvet production machinery, but was forced into a situation where he could not repay as interest rates skyrocketed. CEO Ryu recalled that time, saying, "I thought I should not remain as a bankrupt entrepreneur."

In 2005, it developed the worlds first rubbing cloth for wiping liquid crystal display (LCD) panels and exported them to the US and China. Following the opening of the worlds first Velvet Museum in 2012, the Scholarship Foundation was established in 2014 to deliver scholarships worth 300 million won every year. CEO Ryu emphasized, “I will become a confident and confident entrepreneur.”

On this day, a total of 72 female entrepreneurs were awarded awards, including Lee Yong-sook, CEO of 3A, an aluminum wire company, and Kim Jeong-rim, CEO of BNA Service, a security and beautification service company.
 

Reporter Seo Gi-yeol philos@hankyung.com