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SM F&B Development

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SM F&B Development Co., Ltd.
Native name
에스엠에프앤비디벨롭먼트
Company typePrivate
Industry
FoundedJanuary 22, 2008; 16 years ago (2008-01-22)
DefunctNovember 30, 2021 (2021-11-30)
FateLiquidated
Headquarters125-24, Cheongdam-dong, Gangnam District,
Seoul
,
South Korea
Key people
Yoo Seong-ho (Representative director)
ParentSM Entertainment
Footnotes / references
[1][2]

SM F&B Development (Korean: 에스엠에프앤비디벨롭먼트; SM F&B) was a South Korean restaurant, franchising, food-importing, and wholesaling company under SM Entertainment. The company was established on January 22, 2008, and has previously operated the restaurant business E-Table, but eventually closed, Chi Mc, but the opening was revoked, and Podonamu in Tokyo for food and Hallyu promotions. It currently runs the casual dining and fine dining restaurant SMT House located in Cheongdam-dong, Gangnam District, Seoul, and has expansions in Tokyo and Los Angeles. As it sold all its assets, the company was eventually liquidated.

History

[edit]

SM F&B Development, a subsidiary of SM Entertainment, was established in 2008 to challenge the restaurant business but has not achieved "remarkable" results.[3] In 2008, the company opened E-Table, a Korean restaurant, but was ceased for operation in 2011. By 2012, the company tried to open a pub, Chi Mc, in partnership with hamburger chain Kraze, but the project was canceled eventually.[4] SM has also previously promoted the food and Hallyu relationship by opening Podonamu in Tokyo.[5] On December 1, 2015, it was announced that the company was planning to open SMT Seoul in Cheongdam-dong, Gangnam District, Seoul, in the same month.[6] An official from SM F&B stated that SM had reinterpreted diverse cultures to create its contents not limited to music and entertainment but essential lifestyle factors such as combining creative elements like music in the restaurant field.[7] The dining space will operate as a casual dining and fine dining restaurant based on tapas menus.[8]

SM F&B has also become a support center for North Korean defectors. The company is considered the cause of SM Group's capital erosion by recording net losses every year and has also suffered a deficit of 5.34 billion won in the fiscal year 2019.[9] On October 5, 2021, SM announced that SM Entertainment Japan decided to merge with SM F&B Development Japan based on the Japanese company law to reduce costs and enhance management efficiency by integrating management resources. With a merger ratio of 1:0 and a merger date on December 1, the merged entity owns 100 percent of the merged entity and does not issue new shares in the merger.[10] As the COVID-19 pandemic crippled the restaurant industry, the merger was taken into effect marking the company's withdrawal from the Japanese restaurant market.[11] SM F&B was liquidated as it sold its assets and received 27.2 billion won.[12]

Brands

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Defunct

  • Podonamu
  • E-Table

Cancelled

  • Chi Mc

Former division

[edit]
  • SM F&B Development Japan[15]

Awards

[edit]
Name of publisher, year listed, award won, and recipient of SM F&B Development
Publisher Year Award Recipient Ref.
KOREAT 2017 100 People's List Lee Jeong-hwa [16]

References

[edit]
  1. ^ "Overview – Group Companies". SM Entertainment. Archived from the original on March 24, 2022. Retrieved April 20, 2022.
  2. ^ (주)에스엠에프앤비디벨롭먼트 기업정보 2022년 [SM F&B Development Co., Ltd. Company Information 2022]. NICE Information Service (in Korean). Archived from the original on July 10, 2022. Retrieved July 10, 2022.
  3. ^ Choi, Seo-yeon (December 14, 2015). '레스토랑에 고깃집까지' 외식사업 뛰어드는 엔터사들 [Entertainers Entering the Restaurant Business from 'Restaurants to Meat Restaurants']. The Asia Business Daily (in Korean). Archived from the original on March 25, 2022. Retrieved March 25, 2022.
  4. ^ Bae, Ji-sook (March 24, 2015). "SM Entertainment to relaunch dining business". The Korea Herald. Archived from the original on March 25, 2022. Retrieved March 25, 2022.
  5. ^ Song, Ji-won (September 12, 2016). "SM Entertainment to launch dining venue in Tokyo". The Korea Herald. Archived from the original on September 12, 2016. Retrieved March 25, 2022.
  6. ^ Kim, Sung-hoon (December 1, 2015). 엔터 맞수 SM-YG, 외식시장에서 맞붙다 [Entertainment Rivals SM-YG, To Face Off in the Restaurant Market]. Herald Economy (in Korean). Archived from the original on March 25, 2022. Retrieved March 25, 2022.
  7. ^ Park, Kyung-ok (July 25, 2016). 외식 사업 맞짱 뜨는 SM Vs. YG [SM Vs. YG is the Hottest Restaurant Business]. The Dong-A Ilbo (in Korean). Archived from the original on March 25, 2022. Retrieved March 25, 2022.
  8. ^ Lee, Ji-seok (January 19, 2016). SM엔터테인먼트 복합외식공간 'SMT SEOUL' 오는 21일 오픈 [Multi-Dining Space for SM Entertainment 'SMT SEOUL' to Open on the 21st]. Sports Seoul (in Korean). Archived from the original on November 18, 2021. Retrieved March 25, 2022.
  9. ^ Lee, Sang-hun (July 22, 2021). 50억 증여 이수만, 女기자와 계열사 이용해 탈북단체 지원 [Lee Soo-man, A 5 Billion Donor, Used Female Reporters and Affiliates to Support North Korean Defectors' Organizations]. Woman Economy (in Korean). Archived from the original on February 13, 2022. Retrieved March 25, 2022.
  10. ^ Kim, Ye-seul (October 5, 2021). [공시] 에스엠, SM엔터 일본법인과 SM F&B 일본법인 합병 결정 [[Official ]SM, Decision to Merge SM Entertainment's Japanese Subsidiary with SM F&B's Japanese Subsidiary]. Etoday (in Korean). Archived from the original on October 5, 2021. Retrieved March 25, 2022.
  11. ^ Ryu, Ho-joung (October 8, 2021). "SM Entertainment exits restaurant business in Japan". The Bell (in Korean). Archived from the original on March 25, 2022. Retrieved March 25, 2022.
  12. ^ Kim, Seul-gi (March 3, 2022). SM엔터 호실적, 일회성 이익 착시 효과? [SM Entertainment's Good Performance, One-time Profit Illusion Effect?]. The Bell (in Korean). Archived from the original on April 20, 2022. Retrieved April 20, 2022.
  13. ^ Dong, Sun-hwa (September 25, 2019). "Mother, daughter promote traditional hand-made beef jerky". The Korea Times. Archived from the original on September 30, 2019. Retrieved March 25, 2022.
  14. ^ Lee, Ji-seok (January 28, 2016). SM엔터테인먼트 복합외식공간 'SMT SEOUL', 27일 그랜드 오프닝 파티 개최 [A Multi-Dining Space for SM Entertainment 'SMT SEOUL', Hosts a Grand Opening Party on the 27th]. Sports Seoul (in Korean). Archived from the original on November 19, 2021. Retrieved November 19, 2021.
  15. ^ Park, Hyung-min (April 2, 2019). '버닝썬·승리 게이트' 후폭풍(?)....엔터테인먼트사들 연예계 밖에서 신사업 찾는 내막 [The Aftermath of 'Burning Sun·Seungri Gate'....Entertainment Companies Looking for New Businesses Outside the Entertainment Industry]. Ilyo Sinmun (in Korean). Archived from the original on April 4, 2019. Retrieved March 25, 2022.
  16. ^ Kim, Ji-yoon; Kim, Young-sang (August 31, 2017). [2017 코릿-맛을 공유하다 ①] 2017년 미(味) 트렌드는 KㆍOㆍRㆍEㆍAㆍT [[2017 KOREAT-Sharing Taste 1] 2017 US Trend is KㆍOㆍRㆍEㆍAㆍT]. Herald Economy (in Korean). Archived from the original on August 31, 2017. Retrieved March 25, 2022.
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