The Rising Fortune Of The Kim Family: From "Baby Shark" To Major League Baseball Merchandise

In the world of entertainment and business, few stories capture the imagination quite like the journey of the Kim family, who have managed to turn a catchy children's tune into a billion-dollar empire. We recently told you all about the Korean family behind "Baby Shark," and how they've made $125 million from this viral phenomenon. Now, we’ve just learned that another member of this entrepreneurial family is reaping significant financial rewards through a lucrative licensing deal for Major League Baseball (MLB) branded clothing, caps, and bags. Kim Min-seok's uncle, Chang-soo Kim, is making headlines with an estimated net worth of around $1 billion, thanks to the family's 54% stake in F&F Co. and the booming MLB merchandise sales.

F&F Co., based in Seoul, experienced remarkable growth, with its shares nearly tripling in value in 2019 after clinching a deal to sell MLB merchandise in China. The company launched an online store on Alibaba's Tmall in June 2019 and attracted over 3.5 million visitors in just two months. Furthermore, in December, F&F Co. opened two physical stores in Shanghai, strengthening its presence in the Chinese market. The company also holds a licensing agreement with the Discovery Channel to market outdoor apparel under the brand Discovery Expedition, showcasing its diverse product offerings.

Chang-soo Kim, who studied at Kyung Hee University and Yonsei University, began his career at Samsung Publishing, a venture established by his father. His older brother now leads that company, which is the second-largest shareholder of "Baby Shark" creator SmartStudy. In the 1990s, Chang-soo shifted his focus to fashion, introducing international labels like Benetton to the South Korean market. Today, F&F Co. manufactures and markets various apparel, including men’s and women’s clothing, sportswear, bags, hats, and accessories under multiple licensed brands, such as Renoma, Elle Sports, Banilla, and, of course, MLB.

F&F Co. has reported a remarkable 38% increase in revenue from January to September, reaching $493 million compared to the previous year. Founded in 1992, the company plans to open up to ten additional stores in China in 2020. In an interview with the local newspaper JoongAng Ilbo, Kim shared his ambitious vision for the future of fashion in Korea, stating: “There’s no country like Korea that spends so much on clothing as compared to national income. Fashion can come alive in a place where there are lots of people who love fashion and are keen to catch on trends. Seoul will become the global fashion mecca after 10 years.”