SEOUL - Its stores are dotted around Singapore, Shanghai and Manhattan with blue neon signs that virtually scream France: The words Paris Baguette, separated by an Eiffel Tower logo.
Chairman Hur Young-in and his family - worth about US$3.6 billion five years ago - are left with some US$770 million, according to the Bloomberg Billionaires Index. SPC Group's net income has slumped 77 per cent since a high in 2016, partly because of the losses from overseas investments it's betting on. Domestically, it has also taken a hit as shares of its SPC Samlip Co, focused more on local consumers, have slid 84 per cent from a high in 2015.
A SPC Group spokesman declined to comment on the losses, while Mr Hur declined an interview for this story. Mr Hur went to Kansas to learn his baking skills from the American Institute of Baking. After returning home, he took over one of the family's brands in 1983, while his older brother led the main unit. In 1986, Mr Hur launched Paris Croissant, a French-style bakery, and Paris Baguette came two years later. His brother's business went bankrupt in 1997 after costly attempts to expand into areas beyond food and bakery, and Mr Hur acquired it in 2002, giving way to SPC Group in 2004.
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