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Binggrae

Binggrae Co., Ltd. is a South Korean multinational food and beverage corporation specializing in dairy products, ice cream, and snacks.^[1] Founded as Daeil Mall Co., Ltd. in September 1967 and renamed Binggrae in 1982, the company has grown into a market leader in flavored milk and ice cream categories.^[2] Binggrae's flagship product, Banana Flavored Milk, launched in 1974, maintains the number one position in Korea's flavored milk market, recognized as a 20th-century national product for its high milk content and enduring popularity.^[3]^[2] The company also produces renowned ice creams such as Melona bars and Bungeo Samanco, contributing to its status as Korea's top ice cream brand for over a decade.^[1] Additional business lines include fermented milk like Yoplait, beverages, nutritional supplements under the TFT brand, and export-oriented products popular in Southeast Asia.^[1] Key achievements include serving as the official ice cream supplier for the 1988 Seoul Olympics and acquiring Haitai Ice Cream in 2020 to strengthen its market dominance.^[2] Binggrae emphasizes innovation in health-focused and eco-friendly products, holding certifications like ISO 14001 for environmental management.^[2]

History

Founding and Initial Expansion (1967–1989)

Binggrae traces its origins to September 13, 1967, when Hong Soon-ji established Daeil Corporation (later Daeil Dairies) amid South Korea's post-war industrialization drive, initially concentrating on basic dairy processing to meet rising domestic demand for affordable milk products in a resource-scarce environment.^[4].pdf) The company navigated early infrastructural limitations by forging a technological partnership with U.S. firm Foremost McKesson in April 1972, enabling improved production techniques for pasteurized milk and yogurt, which helped scale operations despite import dependencies on raw materials..pdf) By 1971, it had rebranded as Daeil Dairies to emphasize its core focus on milk-derived goods, laying groundwork for market entry in a sector bolstered by government campaigns to boost nutritional intake.^[5] A pivotal expansion occurred in June 1974 with the launch of Banana Flavored Milk, formulated with artificial banana essence to make plain milk more palatable and affordable—bananas being a luxury import at the time—aimed at increasing per capita consumption among wary consumers.^[3]^[6] This coincided with the introduction of Together Ice Cream, Korea's first family-pack offering using fresh milk, marking Binggrae's entry into confectionery and diversifying beyond beverages to capture household demand.^[7] These products addressed post-war dietary gaps through domestic flavor adaptations, achieving rapid adoption via cost-effective packaging like the jar-shaped bottles for Banana Milk, which symbolized accessibility.^[6] In February 1982, the firm renamed to Binggrae—evoking "bright smile" in Korean—to align with its consumer-oriented ethos of joy through everyday treats, while completing the Gimhae Plant to enhance capacity amid growing urbanization.^[5]^[7] A 1981 tie-up with France's SODIMA further refined yogurt lines, solidifying Binggrae's foothold in dairy by the late 1980s, with annual outputs scaling to support national distribution networks despite persistent supply chain hurdles overcome via localized sourcing.^[2] By decade's end, it had penetrated urban markets, establishing confectionery staples like ice cream bars alongside dairy, contributing to sector growth in an economy shifting from agrarian to industrial bases..pdf)

Product Diversification and Growth (1990–2009)

In the early 1990s, Binggrae diversified its offerings beyond core dairy products into innovative ice cream formats, capitalizing on South Korea's growing consumer interest in novel treats during economic liberalization. The company introduced Samanco, a fish-shaped waffle cone filled with ice cream, in 1991, blending traditional Korean street food aesthetics with frozen dairy for mass appeal.^[8] This was followed in 1992 by Melona, a honeydew melon-flavored ice cream bar that evoked the rarity and luxury of imported melons, which were scarce and expensive in domestic markets at the time.^[9]^[10] These launches expanded Binggrae's ice cream lineup, including extensions to its established Together vanilla series, positioning the firm to capture rising demand for flavored, family-shareable frozen desserts amid urbanization and rising disposable incomes. To support product quality and shelf-life extensions critical for dairy diversification, Binggrae invested in production standards, obtaining ISO 9001 certification in April 1997 from the Korea Productivity Center and HACCP certification for milk beverages in May 1998 from the Korea Food and Drug Administration.^[11] These measures facilitated entry into fermented milk categories, building on earlier yogurt partnerships like Yoplait (localized since 1983), by improving microbial control and distribution viability for perishable items such as yogurts and cultured drinks.^[12] Such R&D-aligned enhancements helped sustain domestic competitiveness against larger rivals like Lotte Confectionery, where Binggrae maintained a significant ice cream market presence through targeted innovation rather than broad export pushes. The 1997 Asian Financial Crisis prompted operational adaptations, including cost efficiencies in supply chains and a sharpened focus on resilient domestic staples like banana-flavored milk, which earned recognition as a "20th Century National Product" in November 1999 for its enduring popularity.^[11] By prioritizing quality certifications and core product refinements over aggressive expansion, Binggrae navigated the downturn without major retrenchment, emerging as a stable mid-tier player in dairy and frozen goods by the mid-2000s. This era's growth culminated in accolades for value management in 2004 and transparent operations in 2009, reflecting sustained revenue from diversified lines amid Korea's post-crisis recovery.^[11]

Acquisitions, Challenges, and Recent Developments (2010–present)

In 2014, Binggrae established its subsidiary BC F&B Shanghai Co., Ltd., marking a strategic entry into the Chinese market for import and distribution of its dairy and frozen products.^[2] This move aligned with broader efforts to expand beyond domestic sales amid slowing growth in South Korea's saturated dairy sector. A key acquisition occurred in March 2020, when Binggrae purchased 100% of Haitai Icecream Co., Ltd. from Haitai Confectionery & Foods for 140 billion won (approximately $115 million at the time), following the spin-off of Haitai's ice cream division.^[13]^[14] The deal, cleared unconditionally by the Korea Fair Trade Commission in October 2020 despite concerns over reduced competition in take-home ice cream, positioned Binggrae as a leading player with enhanced production capacity and product synergies in the frozen dessert category.^[15]^[16] Binggrae encountered operational challenges, including a failed diversification into instant ramen around 2002, where intense competition from dominant players like Nongshim and Samyang eroded its market share to 3% by that year, prompting an exit by 2003 amid cumulative losses.^[17] This pre-2010 setback underscored vulnerabilities in non-core segments, influencing a post-2010 refocus on strengths in dairy and ice cream. More recently, in November 2024, the company proposed splitting into a holding entity and operating company by May 2025 to boost decision-making agility and corporate value, but withdrew the plan in January 2025 following shareholder pushback over valuation risks and execution uncertainties.^[18]^[19] Regulatory hurdles intensified with antitrust scrutiny; on October 16, 2025, Binggrae lost its final Supreme Court appeal upholding a fine and criminal penalties for participation in a price-fixing cartel among major ice cream producers, including collusion on pricing with competitors like Lotte and Haetae from 2015 onward.^[20]^[21] The case stemmed from Korea Fair Trade Commission findings of coordinated hikes affecting consumer prices, highlighting persistent issues in the concentrated domestic ice cream market.^[22] Amid these pressures, Binggrae pursued export growth, targeting 200 million units in overseas sales of its Melona ice bars for 2025, up from a record 160 million units in 2024, driven by demand in markets like the Middle East, Europe, and Southeast Asia through halal certifications and plant-based variants.^[23]^[24] This initiative reflects efforts to offset domestic stagnation, with export revenue tripling in select regions by mid-2024.^[25]

Products and Innovation

Dairy and Beverage Lines

Binggrae's dairy and beverage lines center on flavored milks and yogurts, with Banana Flavored Milk serving as the flagship product since its launch in June 1974. Introduced to increase domestic milk consumption amid low per capita intake and the luxury status of real bananas, the beverage employs artificial banana essence for cost-effective appeal to youth consumers.^[26]^[27] The product's plastic bottle, designed to mimic traditional Korean moon jars (dalhangari), was trademarked in 2016 and nominated for state-registered cultural heritage status in November 2024 due to its enduring iconic form and association with the drink.^[28]^[29] Annual revenue from Banana Flavored Milk, including variants like light and melon editions, reached 200 billion KRW in 2018, marking it as the first processed milk to exceed 100 billion KRW in yearly sales.^[30]^[31] It has held the top brand power ranking in the Korea Brand Power Index (K-BPI) for 17 consecutive years as of recent assessments.^[11] Complementary offerings include strawberry and mulberry flavored milks, which maintain simple formulations emphasizing scalability and flavor stability through proprietary essence technologies.^[32] Binggrae's yogurt portfolio, notably under the Yoplait brand, commands the leading domestic market share per Nielsen data, with drinkable variants contributing to consistent top-tier sales in the fermented dairy segment.^[33] These products prioritize supply chain optimizations for cost reduction, such as localized sourcing of milk and stabilizers, without reported compromises in microbial safety or nutritional consistency, as evidenced by sustained market leadership in chilled beverages.^[11] Overall, the lines generate significant revenue through high-volume production, with Banana Flavored Milk alone driving core dairy profitability via efficient, essence-based preservation methods that extend shelf life beyond plain milk equivalents.^[30]

Ice Cream and Confectionery Products

Binggrae's ice cream lineup features Melona as its flagship product, launched in 1992 as a melon-flavored frozen dairy dessert bar with a gelato-like consistency. The brand has since diversified into flavors such as strawberry, mango, pistachio, and coconut, alongside chocolate-dipped variants in banana and strawberry.^[34] Melona's packaging, characterized by melon imagery and squared fonts evoking the bar's shape, played a central role in a 2025 appellate court victory for Binggrae against Seojoo Food, which ruled the competitor's "Melon Bar" packaging constituted unfair competition through imitation, barring further production and sales of the design.^[35] This legal affirmation underscores Melona's distinctive trade dress, contributing to its market dominance, including accounting for 70% of Korean ice cream sales in the United States.^[36] Other key ice cream offerings include Together, a vanilla tub selected for the grand prize at the 13th Korea National Brand Awards and holding that status for 11 consecutive years, catering to year-round demand with its smooth texture. The SuperCone series addresses seasonal consumption peaks, while Samanco provides a waffle-cone ice cream option.^[37] In 2020, Binggrae acquired Haitai Icecream for 140 billion won ($115 million), integrating additional varieties like cone-based products to broaden its frozen dessert portfolio and strengthen competitive positioning in the domestic market.^[13] Confectionery elements appear in hybrid products, such as chocolate-coated Melona bars, extending appeal beyond pure frozen formats to non-refrigerated shelf stability gaps, though Binggrae's core emphasis remains on ice cream.^[38] Research and development prioritizes export viability, with Melona and Samanco shipped to Southeast Asia since 2007; participation in THAIFEX-Anuga Asia 2025 highlights adaptations for regional climates, supporting Binggrae's status as Korea's largest ice cream exporter amid a 35.5% year-on-year export growth in the sector through mid-2025.^[39]^[40]

Failed Ventures and Strategic Shifts

In the early 2000s, Binggrae ventured into the instant ramen market by launching multiple stock-keeping units (SKUs) aimed at capturing share in South Korea's competitive noodle sector. Despite initial efforts to differentiate through flavors and packaging, the products faced challenges from established specialists like Nongshim and Ottogi, which held dominant positions due to refined formulations and extensive distribution networks. Consumer feedback highlighted inferior taste profiles compared to category leaders, limiting market penetration and resulting in negligible revenue contributions, prompting full discontinuation by 2002.^[17] The ramen foray exemplified broader risks of extending beyond core dairy and frozen confectionery competencies, where Binggrae's expertise in flavor development and cold-chain logistics provided no decisive advantage in shelf-stable, savory processed foods. Post-withdrawal, empirical sales patterns underscored the venture's marginal impact, with non-core experiments historically accounting for less than 1% of sustained revenue, as diversified lines failed to scale amid specialized competition. This outcome reinforced causal lessons in resource allocation: overextension dilutes focus from high-margin staples, where repeatable demand and production efficiencies yield superior returns. The 1997 Asian financial crisis further exposed vulnerabilities in aggressive diversification, as currency devaluation and credit contraction strained liquidity across South Korean conglomerates, including food processors like Binggrae. Overextension into non-adjacent categories amplified operational risks, leading to a strategic pivot toward consolidating dairy operations—such as flavored milks and yogurt—where established supply chains and brand loyalty buffered downturns. By the early 2000s, this refocus prioritized innovation within proven segments, validating a model of pruning low-fit ventures to channel capital into scalable, core-driven growth rather than perpetuating sunk-cost pursuits.

Marketing and Branding

Key Campaigns and Cultural Impact

Binggrae's 2019 SuperCone Dance Challenge leveraged social media virality by incorporating the popular EBS character Pengsoo, whose participation drove significant online engagement and positioned the ice cream product in trending content.^[41] While such character-driven promotions generated buzz, their impact often manifests as short-term sales spikes rather than sustained loyalty, as evidenced by similar campaigns yielding temporary order increases of around 25% from celebrity endorsements in the same period.^[42] This highlights the limitations of fad-based tactics in a competitive market prone to fleeting trends. In contrast, Binggrae's Banana Flavored Milk has achieved deeper cultural resonance through organic nostalgia rather than contrived advertising, becoming a symbol of post-war recovery and childhood comfort in South Korea since its 1974 launch amid banana import shortages.^[6] Exported as part of K-culture, the product sustains brand affinity via inherent emotional ties, with daily sales averaging 800,000 bottles as of 2020, reflecting loyalty independent of promotional pushes.^[43] The product's chubby bottle, unchanged since inception and modeled after traditional Korean moon jars to evoke premium heritage, underscores this embedded appeal; in November 2024, Binggrae applied for its designation as state-registered cultural heritage, affirming the design's role in national identity over ephemeral marketing efforts.^[28] Targeted millennial campaigns, such as the 2017 MyStraw initiative, have further adapted to youth preferences via interactive social media, contributing to steady domestic and international growth in dairy beverages without relying solely on viral stunts.^[44]

Trademark Protections and Disputes

In 2005, Binggrae sought an injunction against Hyojawon Food, the predecessor of Seoju, to halt sales of its Melon Bar product, alleging similarity to Binggrae's Melona ice cream bar packaging, but the request was denied by the court.^[45] ^[46] The case resurfaced in 2023 when Binggrae filed an unfair competition lawsuit against Seoju, claiming the defendant's Melon Bar packaging plagiarized Melona's distinctive melon imagery and squared font design, which had been established since Melona's 1992 launch.^[47] ^[35] Although Binggrae lost the initial trial, it prevailed on appeal in August 2025, with the appellate court ruling that Seoju must cease manufacturing and selling the infringing packaging, recognizing Melona's design as protectable trade dress that deterred consumer confusion and preserved Binggrae's market differentiation.^[45] ^[48] Binggrae has similarly enforced protections for its Banana Milk line, registering the product's distinctive squat bottle shape as a three-dimensional trademark in 2016 to safeguard its iconic packaging amid rising exports and heritage branding efforts.^[28] ^[49] This followed and supported enforcement actions, such as the 2017 injunction against Dai Food's Banana Milk Jelly, where the court found the jelly packaging diluted Binggrae's famous mark and granted relief to prevent harm to its reputation and sales power, even extending protection beyond dairy to similar non-milk formats.^[50] ^[51] Binggrae's approach emphasizes proactive intellectual property filings for core brands like Melona and Banana Milk, correlating with maintained pricing authority over generic competitors by upholding design exclusivity in a market prone to imitation.^[52] Such defenses have included multiple injunctions and invalidation trials, reinforcing property rights without overlapping regulatory antitrust concerns.^[53]

Business Operations

Subsidiaries and Global Expansion

Binggrae maintains several subsidiaries that support its operations, including Haitai Ice Cream Co., Ltd., which it fully acquired in March 2020 for 140 billion won ($115 million) from Haitai Confectionery & Food, enhancing its domestic frozen dessert portfolio and market position to 40.7% share in South Korea's ice cream sector following regulatory approval in September 2020.^[13]^[14] Overseas, the company established BC F&B Shanghai Co., Ltd. in August 2014 to facilitate entry into the Chinese market, focusing on distribution and local adaptation of products like banana-flavored milk and ice cream bars.^[11]^[54] Additional international subsidiaries include BC F&B USA Corp., founded in July 2016 in San Francisco to handle imports, sales, and marketing primarily for Melona ice bars in North America, and BC F&B Vietnam Co., Ltd., established in September 2019 to tap into Southeast Asian demand.^[55] These entities underpin Binggrae's global expansion, with exports reaching over 60 countries and products like Melona achieving strong traction in markets such as the United States, Canada, and Europe, where plant-based variants launched in 2023–2024 addressed vegan preferences and regulatory hurdles for dairy imports.^[40]^[56] In North America, ice cream exports surged, with Canada seeing an 84.9% year-on-year increase to $4.8 million in value by mid-2025, driven by Melona's availability at chains like Costco.^[56] The U.S. subsidiary has bolstered localized promotion, contributing to triple-digit sales growth for dairy-free Melona in Europe since 2023, while Vietnam operations support ambient-stable banana milk variants for Southeast Asia.^[57]^[58] Despite these advances, expansion faces barriers like stringent labeling requirements and varying import tariffs, limiting deeper penetration beyond export-led models in key markets.^[59]

Headquarters, Facilities, and Workforce

Binggrae's administrative headquarters are located at 11-12F, B-dong, 19 Seosomun-ro 11-gil, Jung-gu, Seoul, handling corporate management and operations.^[60] The company's primary production facilities are situated in Namyangju, Gyeonggi-do, at 45 Dasansunhwan-ro, which serves as a key hub for manufacturing dairy and confectionery products, including high-volume output for items like Banana Flavored Milk.^[61] Additional plants operate in Gimhae, Gwangju, and Nonsan to support nationwide distribution and product diversification.^[62] These facilities enable substantial production scale, with the Namyangju plant contributing to daily outputs such as approximately 800,000 bottles of Banana Flavored Milk.^[6] Infrastructure emphasizes streamlined manufacturing processes to maintain efficiency in a competitive domestic market dominated by dairy and ice cream segments. As of December 31, 2023, Binggrae employs 1,787 workers across its operations.^[54] In April 2025, the Korea Fair Trade Commission launched an investigation into Binggrae and subsidiary Haitai Ice Cream for alleged unfair work allocation practices, focusing on potential imbalances in task distribution to affiliates.^[63] This scrutiny underscores ongoing regulatory attention to internal operational equity amid high-output demands.

Achievements and Market Position

Awards and Industry Recognitions

In 2008, Binggrae received the Grand Prize for Corporate Ethics Management from the Korea Academy of Business Ethics, recognizing its implementation of robust governance frameworks, compliance mechanisms, and ethical standards in operations.^[62] This accolade evaluated the company's anti-corruption policies, internal auditing processes, and stakeholder accountability, positioning it among top performers in ethical business conduct.^[64] The company has earned multiple packaging innovation awards, including the 2022 President's Award from the Korea Packaging Federation for its strawless cap design on cup beverages, which reduces plastic waste while maintaining functionality and user convenience.^[65] In 2024, Binggrae's T'aom fruit juice packaging secured a Bronze A' Design Award, commended for its creative material use, ergonomic form, and alignment with sustainable design principles that enhance product appeal without compromising environmental impact.^[66] Binggrae has also been honored for sustainability initiatives, receiving the 2024 Global Standard Management Awards for its comprehensive sustainability reporting, which details progress in environmental, social, and governance metrics such as resource efficiency and emissions reduction.^[11] In 2021, it obtained a Presidential Commendation in the low-carbon lifestyle promotion category from the Korean government, citing contributions to eco-friendly technologies and consumer engagement in reducing carbon footprints through product innovations.^[67] These recognitions underscore verifiable advancements in ESG practices, often corroborated by third-party audits, distinguishing Binggrae in an industry prone to greenwashing claims from less rigorous self-reporting.

Financial Performance and Economic Contributions

Binggrae's consolidated revenue reached 1.463 trillion KRW in 2024, up 4.9% from 1.394 trillion KRW in 2023 and continuing a trajectory that surpassed 1 trillion KRW annually starting in 2021 following the acquisition of Haitai Ice Cream.^[68]^[69] This growth reflects earlier phases of 10% annual increases, such as from 1.268 trillion KRW in 2022 to 2023 levels, primarily driven by demand for core ice cream and dairy products rather than external subsidies.^[68]^[70] Ice cream and dairy segments, including hits like Melona bars and banana flavored milk—which alone generated about 20% of total revenue through 800,000 daily domestic sales—accounted for over 70% of operations, underscoring adaptation via product innovation in a competitive landscape dominated by larger conglomerates.^[71]^[69] In the domestic market, Binggrae maintained a leading 42.7% share of ice cream sales in 2024, bolstered by steady volume growth from established brands amid seasonal demand spikes.^[72] Facing saturation in core categories, the company pivoted toward exports, with ice cream shipments hitting 82.9 billion KRW in 2024—representing roughly 60% of South Korea's total ice cream exports—and targeting further expansion for Melona variants, including plant-based versions whose European sales tripled in early 2024.^[23]^[57] These efforts generated foreign exchange inflows and fostered upstream innovations among suppliers in flavoring, packaging, and logistics, contributing to sector-wide efficiencies without reliance on government intervention.^[73] Binggrae's performance exemplifies mid-sized enterprise resilience in South Korea's chaebol-influenced economy, where competitive product differentiation—evident in export surges tied to global K-food trends—drove net income to 103.2 billion KRW in 2024, a 20% rise yielding a 7.1% profit margin.^[74] Operations centered in Gyeonggi Province facilities supported localized manufacturing jobs and rural economic activity through procurement from regional dairy and ingredient providers, amplifying multiplier effects in a market where such firms counterbalance conglomerate dominance via agile market responses. Overall, these dynamics highlight causal links between innovation-led revenue gains and broader macroeconomic stability, independent of protective policies.^[75]

Controversies and Criticisms

Antitrust Violations and Regulatory Penalties

In February 2022, the Korea Fair Trade Commission (KFTC) imposed a fine of 38.8 billion won (approximately $32 million at the time) on Binggrae for its role in an ice cream price-fixing cartel spanning 2016 to 2020, the largest penalty among five confectionery firms involved, including Lotte Confectionery, Lotte Foods, Haitai Confectionery & Foods, and Lotte Corporation.^[76]^[77] The cartel coordinated multiple price hikes—up to 10-15% annually—on products like cone ice creams and bars, citing volatility in raw material costs such as sugar and dairy, though the KFTC determined these actions suppressed competition in South Korea's concentrated ice cream market, where the top firms hold over 90% share.^[78]^[79] Binggrae contested the decision, arguing insufficient evidence of intent and that price adjustments reflected legitimate market pressures, but lower courts upheld the KFTC's findings, including calculations of illicit gains tied to 3-5% of affected sales.^[20] On October 16, 2025, the Supreme Court rejected Binggrae's final appeal, affirming the 38.8 billion won antitrust fine and an additional 200 million won criminal penalty on the company, while executives faced suspended sentences in a related June 2025 criminal trial for collusion under South Korea's Monopoly Regulation and Fair Trade Act.^[20]^[21] The penalties, equivalent to roughly 10-15% of Binggrae's annual operating profits from the period, prompted internal compliance reforms, including antitrust training and monitoring protocols, but caused no reported shutdowns or major operational halts.^[78] Separately, in April 2025, the KFTC launched on-site probes into Binggrae and subsidiary Haitai Ice Cream for potential unfair internal transactions and supplier interventions, alongside labor practice inspections amid broader scrutiny of oligopolistic sectors, though no antitrust fines have resulted from these as of October 2025.^[63]^[80] These cases highlight regulatory pressure on dominant players to prevent coordinated pricing in volatile input markets, without evidence of broader systemic excuses for the violations.

Product Safety Issues and Recalls

In January 2023, Binggrae recalled select dairy and ice cream products after detecting contamination with bacteria and iron fragments, posing risks of foodborne illness and physical injury to consumers.^[81] The company promptly notified affected distributors and offered refunds, limiting potential exposure in line with South Korean food safety protocols.^[81] In 2020, consumer backlash linked Binggrae indirectly to scandals at supplier Namyang Dairy Products, which involved coercive sales tactics and unsubstantiated health claims, prompting online boycott demands for Binggrae to end procurement ties despite no confirmed defects in Binggrae's own products.^[82] This episode highlighted vulnerabilities in supply chain oversight but resulted in no verified safety lapses attributable to Binggrae.^[82] Subsequent voluntary recalls, such as those in 2025 for undeclared milk in Power Cap Watermelon Flavored Ice Tube exported to Canada, Singapore, and New Zealand, addressed allergen risks primarily through labeling corrections rather than inherent product contamination.^[83]^[84] These incidents, isolated from broader production flaws, underscore ongoing compliance with international notification systems but indicate persistent challenges in export labeling accuracy.^[85]

Corporate Governance and Stakeholder Backlash

In November 2024, Binggrae announced plans to split into a holding company (Binggrae Holdings) and an operating entity by May 2025, aiming to streamline management for third-generation succession and enhance operational efficiency through treasury share retirement (10.25% of issued shares).^[86]^[87] The proposal, approved by the board, set a split ratio of 0.4592159 for the holding entity and 0.5407841 for the operating company, but it quickly drew criticism from minority shareholders concerned over potential value destruction in a family-controlled structure lacking robust protections.^[88]^[89] Shareholder opposition intensified amid broader Korean corporate governance challenges, where family dominance often prioritizes internal control over diversified investor interests, leading Binggrae to withdraw the entire plan on January 24, 2025, citing needs to bolster corporate value without restructuring.^[18]^[90] The reversal triggered immediate stock declines, including a 4.66% drop on November 25, 2024, following initial disclosure, and further plunges such as 6.62% to 73,400 KRW after the cancellation announcement, reflecting cumulative 10-15% volatility tied to eroded investor trust in managerial decisions.^[91]^[92] This episode underscored demands for greater transparency in Binggrae's opaque, family-led governance, where succession-driven moves risked misaligning incentives in a competitive dairy sector, prompting calls from activists for reforms to prioritize empirical shareholder returns over structural maneuvers.^[89]^[93] Stakeholder backlash extended beyond investors; in 2020, consumer groups pressured Binggrae to sever ties with scandal-plagued Namyang Dairy Products—amid Namyang's distributor coercion and false advertising controversies—highlighting ethical sourcing expectations that clashed with profit-focused affiliations.^[82] Such frictions revealed systemic tensions in aligning family opacity with stakeholder demands for verifiable accountability.

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How Banana Milk Became An Iconic Drink In South Korea
Jan 8, 2025 · Banana milk became iconic in South Korea after Binggrae introduced it in 1974 to encourage milk consumption, becoming a sought-after, nostalgic ...<|separator|>
[28]
Chubby banana milk bottle eyes national heritage listing
Nov 10, 2024 · The plastic bottle for Binggrae's iconic banana-flavored milk was designed to resemble the shape of traditional Korean porcelain moon jars, ...Missing: production facts
[29]
Is Binggrae's banana milk South Korea's next national treasure?
Nov 11, 2024 · In 2016, Binggrae trademarked the bottle's design to protect its distinct shape. The Korea Herald said, if successful, the banana milk bottle ...
[30]
Binggrae offers variations of steady-seller 'Banana Flavored Milk'
Aug 25, 2019 · The combined revenue from Banana Flavored Milk in and outside of Korea reached some 200 billion won ($165 million) last year, a record high.
[31]
Binggrae Banana Flavored Milk - NamuWiki
Oct 14, 2025 · Binggrae's banana-flavored milk was also the first processed milk product to record annual sales of 100 billion won.
[32]
Guide To Binggrae's Many Milk Flavours - Korea (Creatrip) - Creatrip
Binggrae was established in 1967 and has become a massive company. Binggrae produces products like ramen, ice cream and beverages and is well-known for its ...
[33]
[PDF] 2022 BINGGRAE Sustainability Report
Jan 8, 2022 · 1967 Founded Daeil-Dairies Co., Ltd. ○ Apr. 1972 Established a technological partnership with Foremost McKesson, U.S.A.. ○ Jun. 1973 Built ...
[34]
Melona - Wikipedia
Melona (Korean: 메로나) is a South Korean ice pop, manufactured by Binggrae Co. Ltd. Although the product is called "Melona" and is identified by its melon ...
[35]
Enjoy Melona!
Our Products · Pistachio Melona. A flavor for every mood, a treat for every moment · Strawberry Melona. Every bite is a moment of sweet escape · Melona Original.
[36]
Binggrae wins design plagiarism lawsuit against Seojoo, impacting ...
Aug 28, 2025 · Binggrae positioned melon images on both sides of the packaging and used a squared font to evoke the image of the Melona ice cream bar.
[37]
Why Melona frozen dessert bars are suddenly so hard to find ... - CBC
Jul 31, 2024 · Melona bars alone account for 70% of all Korean ice cream sold in the US. Melona is America's favorite Korean ice cream, to say the least! 4.
[38]
Binggrae - Wikipedia
Binggrae Co., Ltd is a South Korean multinational food and beverage corporation that manufactures ice cream, milk products, and snacks. Binggrae was founded ...
[39]
Brand - 빙그레
[Export Product] JuicyCool; 3Products · Banana-Flavored Milk; 6Products · Melona; 4Products · Samanco · Yoplait Greek · Yoplait Dr.Capsule 1000 · Together · Yoplait ...Ice Cream · Brand · Fermented Milk · Coffee
[40]
https://biz.chosun.com/en/en-retail/2025/07/27/6QOGDAROXNER3K7JBUT4NN6OZQ/
[41]
Binggrae to Expand Presence in Southeast Asia Through ...
May 23, 2025 · Binggrae has been exporting its ice cream products including Melona and Samanco to Thailand since 2007. These items are currently sold at ...
[42]
Korean ice cream exports expected to surpass $100 million, led by ...
Jul 27, 2025 · As of the second quarter of this year, the export growth rate for ice cream products was 35.5% year-on-year, while Binggrae achieved 45.3%.Missing: R&D stability
[43]
http://koreabizwire.com/binggrae-to-stage-eco-friendly-campaign-featuring-iu-and-unique-washing-machine/165562
[44]
Binggrae enjoys brisk ice cream sales on 'Son boom'
May 2, 2019 · “Thanks to Son, the volume of Super Cone orders has increased around 25 percent compared to the week before the commercial went viral,” a ...Missing: Challenge impact
[45]
Binggrae to Stage Eco-friendly Campaign Featuring IU and Unique ...
Jul 24, 2020 · Currently, an average of 800,000 bottles of Binggrae banana flavored milk sell every day, with aggregate sales amounting to 200 billion won last ...Missing: social dairy
[46]
Innored Redefines the Straw in Milennial Campaign for Korea's ...
Aug 14, 2017 · Seoul-based Innored created the 'MyStraw' campaign, an innovative and fresh new approach to engage millennials as the new generation of Banana Flavored Milk ...
[47]
Binggrae wins appeal in Melona packaging copycat case
The appellate court ruled that Seoju can no longer manufacture or sell its “Melon Bar” in packaging that closely resembles Binggrae's signature ...Missing: Seju | Show results with:Seju
[48]
"Green Packaging Looks Just Like Merona"... What Is Binggrae's ...
In 2005, Binggrae filed an injunction to ban the sale of 'Melon Bar' against Hyojawon (Seoju's predecessor), which was dismissed. At that time, the court ...
[49]
Binggrae Wins Appeal Over Melona Packaging in Landmark Ruling
Aug 22, 2025 · This case originated in 2023, when Binggrae raised concerns that the packaging of Seojoo's Melon Bar closely mirrored that of Melona, leading to ...Missing: Seju | Show results with:Seju
[50]
Binggrae Wins Second Trial Against Seoju in 'Melona Packaging' Trial
Aug 22, 2025 · Throughout the appeal, Binggrae argued that the Melona packaging possessed unique identifiable characteristics and that it had invested ...Missing: cartel | Show results with:cartel
[51]
Binggrae is pushing to register its processed milk product "Banana ...
Nov 10, 2024 · The shape of the container with a moon jar motif is said to have been designed to express the image of high-end products at the time of release.Missing: bottle | Show results with:bottle
[52]
Banana Milk Jelly banned from sale - The Korea Times
Feb 1, 2017 · Banana Milk Jelly, which has been embroiled in a lawsuit since last December over alleged trademark infringement of Binggrae's signature Banana ...
[53]
Copycat packaging enjoined for unfair competition on dilution grounds
Jul 10, 2017 · In this case, Binggrae's product packaging had already been determined to be a well-known source identifier in a 2005 preliminary injunction ...Missing: lawsuit | Show results with:lawsuit
[54]
Kim & Chang
The injunction was granted because the copycat packaging was similar to Binggrae's, likely harming its reputation, and the court found the packaging was a well ...
[55]
[PDF] 법무법인 세종
Trademark Rights. Represented Binggrae in injunction case against trademark infringement, invalidation of trademark registration related to “Danji Milk”. ○.
[56]
Binggrae - NamuWiki
Sep 29, 2025 · Establishment date. 1967 Sep 13[1] ; Founder. Soonji Hong ; Chairman. Hoyeon Kim[2] ; CEO. Kim Kwang-soo ; location ...
[57]
Binggrae's Iconic Melona Ice Bar Now Available at Costco Australia
Nov 20, 2024 · To expand its presence in the U.S., the company established a local subsidiary in San Francisco in 2016, bolstering its sales and marketing ...
[58]
South Korean ice cream exports to North America surge
Aug 20, 2025 · South Korean ice cream exports are rising fast, rivalling ramyeon as a top food export driven by strong demand and popularity in the North ...Missing: texture stability
[59]
Dairy-free Melona a hit in Europe as sales skyrocket 300%
Aug 28, 2024 · Binggrae aims to expand its plant-based ice cream portfolio globally, tailoring its offerings to specific countries and consumer preferences.
[60]
Binggrae to Expand Presence in Southeast Asia Through ...
May 22, 2025 · The company intends to strengthen brand recognition for its ice cream portfolio through targeted marketing campaigns, with Melona at the ...
[61]
Binggrae Targets European Market with Dairy-Free Melona Ice Bars ...
Aug 29, 2024 · In the first half of 2024, sales of plant-based Melona in Europe tripled compared to the previous year, according to Mail Business Newspaper.Missing: share | Show results with:share
[62]
Direction - 빙그레
Headquarters · 11~12F, B-dong, 19, Seosomun-ro 11-gil, Jung-gu, Seoul · 080-022-0056.
[63]
BINGGRAE Co., Ltd. Company Profile | Namyangju, Gyeonggi
Address: 45 Dasansunhwan-ro Namyangju, Gyeonggi, 12253 Republic Of KoreaSee Other Location ; Phone: ; Website: www.bing.co.kr.
[64]
[PDF] BINGGRAE SUSTAINABILITY REPORT
This report aims to provide information on Our ESG main business strategies, as well as its activities and strategies related to the UN Sustainable. Development ...
[65]
Fair Trade Commission probes Binggrae and Haitai Ice for work ...
Apr 21, 2025 · Fair Trade Commission probes Binggrae and Haitai Ice for work allocation issues. Regulatory body investigates allegations of unfair practices in ...Missing: labor | Show results with:labor
[66]
Honorable Company of Ethical Management Award
Honorable Company of Ethical Management Award. 2022, The 35th, Korea Midland ... 2008, The 10th, KT,Binggrae. The 9th, SKT, Ktoto Corporation. 2007, The 8th ...
[67]
Binggrae Wins 'Korea Packaging Federation President's Award' at ...
Jun 17, 2022 · Binggrae was recognized for its cup beverage packaging featuring a cap that allows drinking without a straw, receiving the 'President Award ...Missing: recognitions | Show results with:recognitions
[68]
T'aom Fruit Juice by Binggrae Design Team
T'aom is a Bronze A' Design Award winner, a much prestigious recognition granted to outstanding designs distinguished by creativity, ingenuity, and astuteness.
[69]
새소식 - 빙그레
Mar 17, 2021 · 브랜드, 캠페인, 시상명, 상세수상내역. 빙그레 기업 수상, 친환경 기술진흥 및 소비촉진 유공 정부포상, 저탄소 생활 실천 부문 대통령 표창.
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https://simplywall.st/stocks/kr/food-beverage-tobacco/kose-a005180/binggrae-shares/past
[71]
Binggrae achieved a good performance last year, surpassing 100 ...
Jan 29, 2024 · Binggrae acquired Haitai Ice Cream in 2020 and opened the era of KRW 1 trillion in sales from the following year. In particular, for the first ...<|separator|>
[72]
Binggrae (KOSE:A005180) - Earnings & Revenue Performance
Binggrae Past Earnings Performance ; Food Industry Growth, 10.52% ; Revenue growth rate, 9.66% ; Return on equity, 11.58% ; Net Margin, 5.73% ; Last Earnings Update ...
[73]
Banana milk a hit at Incheon airport as Chinese tourists snap it up by ...
Sep 22, 2025 · In Korea, around 800,000 bottles are sold daily, accounting for about 20 percent of Binggrae's annual revenue. Other convenience chains are also ...
[74]
Binggrae and LOTTE Wellfood compete fiercely for zero sugar ice ...
Apr 10, 2025 · According to market research firm Nielsen Korea on the 10th, Binggrae achieved a 42.69% market share in the domestic ice cream market in 2024, ...
[75]
Binggrae's overseas exports soar to record in H1 2023 - KED Global
Aug 16, 2023 · From logging 49.3 billion won in 2018, Binggrae's international sales surpassed 104.2 billion won in the previous year, reflecting a growth ...Missing: campaigns | Show results with:campaigns
[76]
Binggrae Full Year 2024 Earnings: EPS Beats Expectations
Mar 6, 2025 · Key Financial Results · Revenue: ₩1.46t (up 4.9% from FY 2023). · Net income: ₩103.2b (up 20% from FY 2023). · Profit margin: 7.1% (up from 6.2% in ...<|separator|>
[77]
A Hotter Earth... 'K-Ice Cream' Melts It Down - The Asia Business Daily
Apr 1, 2025 · Binggrae is making its presence felt in the domestic ice cream export market. Binggrae accounts for about 60% of Korea's total ice cream ... Share.
[78]
5 confectionery firms fined 135 bln won for price fixing
Feb 17, 2022 · No. 2 industry player Binggrae is expected to be slapped with the largest fine of 38.8 billion won, followed by Haitai Confectionery with 24.5 ...Missing: violation | Show results with:violation
[79]
S.Korea Fines 5 Confectionery Cos. 135b Won for Price Fixing
Feb 16, 2022 · South Korea's Fair Trade Commission imposes combined 135b won in fines on Lotte Confectionery, Lotte Food, Lotte Corp., Binggrae, Haitai Confectionery for ...Missing: cartel | Show results with:cartel
[80]
[Reporter's Notebook] Unfair Blow to the Ice Cream Industry with 135 ...
Feb 18, 2022 · The Fair Trade Commission previously announced that it would impose corrective orders and a total fine of 135.045 billion KRW on five ice cream ...
[81]
Quarterly Cartel Catch-Up: Recent Developments in Criminal ...
May 10, 2022 · The KFTC fined Binggrae, Lotte Holdings, Lotte Confectionary, Lotte Food, and Haitai Confectionery & Foods 135 billion won ($112.8 million) for ...
[82]
Title: Korea's Fair Trade Commission Launches On-Site Probe Into ...
Binggrae is accused of improperly intervening in its subsidiary Haetae Ice Cream's decision-making process to switch suppliers for packaging and snack products ...
[83]
Dongwon, Binggrae recall contaminated products - The Korea Times
Jan 15, 2023 · Dongwon Food & Beverage (F&B) and Binggrae have issued recalls for their products that have been found to contain bacteria and iron fragments.Missing: safety | Show results with:safety
[84]
Customers demand Binggrae dump Namyang Dairy
Aug 19, 2020 · Binggrae owns a production facility in Gimhae but currently it doesn't make milk products there. Therefore, the confectionery giant selected ...Missing: plants | Show results with:plants
[85]
Binggrae brand Power Cap, Watermelon Flavored Ice Tube recalled ...
Jun 6, 2025 · Issue. Binggrae brand Power Cap, Watermelon Flavored Ice Tube recalled due to undeclared milk. Related recalls and alerts.Missing: MFDS 2023
[86]
Recall of Binggrae Power Cap Watermelon Flavoured Ice Tube due ...
May 16, 2025 · The New Zealand Ministry for Primary Industries has issued a notification on the recall of Binggrae Power Cap Watermelon Flavoured Ice Tube from South Korea
[87]
Binggrae brand Power Cap Watermelon flavoured Ice Tube
Jun 10, 2025 · 14 May 2025: Asian Savour World Pty Ltd is recalling a specific batch of its Binggrae brand Power Cap Watermelon flavoured Ice Tube due to the ...
[88]
Dairy producer Binggrae to separate into holding and operating ...
Nov 22, 2024 · Korean food and dairy producer Binggrae will carry out an entity split, separating into a holding entity and an operating entity by May next year.Missing: Seoju lawsuit<|separator|>
[89]
Binggrae, human division in May next year… Conversion to holding ...
Nov 22, 2024 · Binggrae announced on the 22nd that at its board meeting, it had resolved to split the company into a holding company and an operating company ...Missing: proposal | Show results with:proposal
[90]
Binggrae, about to be transferred to the 3rd generation, to be ...
The split ratio is 0.4592159 to 0.5407841 for Binggrae Holdings and Binggrae, respectively. In addition, Binggrae plans to burn all of its treasury stocks ( ...Missing: proposal | Show results with:proposal
[91]
Korea reform - Metrica Partners Pte. Ltd.
May 2, 2025 · Binggrae, a manufacturer of dairy products, was forced to withdraw its plan to split into a holding company + operating company after the ...
[92]
Binggrae decided to withdraw its plan to change the holding ...
Jan 24, 2025 · Binggrae was set to split and re-listed in May this year, but it withdrew altogether, saying it would make efforts to enhance corporate value.Missing: 2024 | Show results with:2024
[93]
https://www.banquedeluxembourginvestments.com/en/bank/bli/blog/-/blogpost/south-korea-towards-an-improving-corporate-governance-
[94]
Binggrae Shares Plunge Following Withdrawal of Corporate Split ...
Feb 3, 2025 · According to the Korea Exchange, Binggrae's stock closed at KRW 73,400, marking a 6.62% drop compared to the previous trading day.
[95]
South Korea: towards an improving corporate governance?
Jun 29, 2018 · Poor corporate governance · Very low dividend yields · Inefficiency in terms of profitability · Shareholder structures characterised by cross- ...<|separator|>