Most Popular
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Qoo10 liquidity crisis sparks massive complaints, fears of wider damage
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Yoon urges municipalities to embrace foreigners
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What is happening at Hybe?
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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Korea unveils tax reform bill to spur economy
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Actor’s excessive airport security sparks probe into human rights violations
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Man who let his father die due to financial difficulties to be released on parole
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Actor Yoo Ah-in accused of sexual attack
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S. Korea, China shifting from tensions to cooperation: Seoul
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LG Electronics achieves record earnings in Q2
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S. Korea becomes world’s 10th largest luxury market: report
With Millennials and Generation Z -- those born from the 1980s onward -- emerging as major players in the luxury industry, South Korea ranked No. 10 in high-end fashion transactions last year, a report showed Wednesday According to Samjong KPMG, a Seoul-based consulting firm, the country’s luxury goods market size soared on-year by 29.6 percent to $5.8 billion in 2021. By 2024, it is projected to exceed $7 billion. Foreign luxury brands in major department stores in South Korea have see
May 25, 2022
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Lotte Group to inject W38tr for health, mobility and more shopping malls
South Korean retail giant Lotte Group said Tuesday it is poised to inject 38 trillion won ($30 billion) over the next five years in the new growth-engine sectors -- health and wellness, mobility, and sustainability -- and core industry segments including chemical, retail and travel business. Following its recent announcement to enter the biomedical contract development and manufacturing organization business, the company will pour some 1 trillion won into building a new bio factory in the coun
May 24, 2022
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Coway launches customizable bed frame
South Korean furniture and home appliance brand Coway said Friday that it has launched a new customizable bed frame product to reflect consumer trends shifting towards personalization. The product, Coway My Frame, allows consumers to customize the bed’s color, height and design. They can choose from a wide range of color and style combinations for the bed frame‘s headboard and sideboard, according to the furniture maker. Customers can alter the design later to accommodate lifestyl
May 23, 2022
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3 more Paris Baguette stores open in Indonesia
SPC has opened three more Paris Baguette stores in Indonesia, the South Korean food and bakery company said Wednesday. According to SPC, two of the new stores are located at shopping malls in the country‘s capital Jakarta and the other is in South Tangerang. The latest opening of the bakery cafe came two months after the company’s fourth Paris Baquette store began operation in Bekasi in March. The first Paris Baguette in the Southeast Asian country opened in November 2021, shor
May 18, 2022
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DAV International to release new collagen supplement
Local health product and cosmetics retailer DAV International said Tuesday that it has launched a collagen powder product that contains eight different vitamins and minerals. The product, All-in-one Daily Small-molecule Marine Collagen, not only supplies collagen to the skin, but contains vitamins essential to rejuvenate one‘s health. The company added more vitamin ingredients than are seen in other products, which usually have four, said a company official. The product is made up of t
May 11, 2022
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Single-person households spend more on alcohol: report
South Korea’s single-person households proportionally spent more on alcohol than households with two or more people last year, a report showed Sunday. According to the Korea Rural Economic Institute’s report that analyzed the Statistics Korea’s data from 2021, single-person households spent 10.6 percent of their processed food spending on buying alcoholic beverages, whereas households with two or more people allocated 7.3 percent. The report showed that younger people living
May 8, 2022
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Lotte trademarks Lotte Biologics in new bio push
South Korea’s retail giant Lotte Group has registered the trademark of “Lotte Biologics” with the Korean Intellectual Property Office, signaling the conglomerate’s official enter the bio industry. According to the KIPO, Lotte Holdings applied for Lotte Biologics’ patent last week with business areas including customized manufacturing of biopharmaceuticals, drug processing and medical diagnostic devices for virus testing. “Registering the trademark of Lotte
May 5, 2022
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11st CEO pledges to enhance corporate value before IPO
Aiming to become a next Coupang, e-commerce platform 11st said Wednesday that it would work on raising its corporate value before its market debut slated for next year. “Based on our premium e-commerce service and joint membership service with SK Telecom, we will expand our business, boost sales and garner traction within the market this year,” said Ha Hyung-il, CEO of 11st. Ha said the company will strengthen its cross-border online shopping segment, Amazon Global Store, which wa
May 4, 2022
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[Photo News] K-Noodle expansion
Shin Dong-won, chairman of South Korea’s largest instant noodle maker Nongshim, looks around the company‘s second factory in US in this photo released Monday. According to Nongshim, the new factory located in Rancho Cucamonga, California can produce up to 350 million instant noodles per year. The Korean noodle maker said it aims to reach annual sales of $800 million (1.01 trillion won) in the US by 2025 after it garnered $395 million in sales last year.
May 2, 2022
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Amorepacific Q1 profit drops on weak duty-free, overseas sales
South Korea’s cosmetics giant Amorepacific Group said Thursday its first-quarter net profit plummeted on-year by 13.4 percent to 171.2 billion won ($134.6 million), as sales dropped in duty-free business and in the Asian market due to the coronavirus pandemic. The group’s sales revenue decreased to 1.3 trillion won, down 9 percent in the cited period. Amorepacific Group’s domestic sales, accounting for approximately 60 percent of the total sales, decreased by 9.9 percent to
April 28, 2022
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Ourhome sibling feud reignites over management control
A sibling feud over Ourhome, a Korean food company, has reignited as Koo Bon-sung, Ourhome’s former vice president and the eldest heir, launched a legal challenge against his sister and Vice President Koo Ji-eun. Koo Bon-sung and Koo Mi-hyeon, the eldest sister of the Koo family, released a statement Tuesday saying that they have filed a requisition to Seoul Southern District Court to convene a temporary shareholders meeting. They are seeking to pass a vote to appoint 48 new board of dir
April 27, 2022
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McDonald’s Korea posts record-high W1tr sales
McDonald’s Korea logged a combined record high in sales of 1 trillion won ($801 million) from its directly managed stores and franchisees last year, the largest annual figure since its first store opened in the country in 1988, the global fast-food giant said Tuesday. The directly managed stores that take up about 70 percent of the total number of McDonald’s in the country posted 867.9 billion won in sales, up 9.7 percent on year, according to the company’s regulatory report.
April 26, 2022
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3 French luxury houses log whopping W3tr sales in Korea
The combined sales of luxury houses Hermes, Louis Vuitton and Chanel in South Korea marked a record high of 3 trillion won ($2.4 billion) last year, amid the frenzy over high-end goods sparked by the coronavirus pandemic. According to Chanel Korea, the company’s sales revenue surged by 31.6 percent to 1.2 trillion won last year. Net profit skyrocketed by 67 percent to 249 billion won in the citied period. Louis Vuitton Korea’s sales rose 40 percent to 1.4 trillion won, while its n
April 21, 2022
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[Newsmaker] Retailers hope for sales recovery as social distancing rules removed
With the government lifting nearly all social distancing measures, retailers in South Korea are now pinning high hopes on a business recovery after enduring two years of strict pandemic restrictions that limited operating hours, private gatherings and even food tasting at the grocery store. Supermarkets, which have been hit hard due to pandemic restrictions, are in talks with the government to return to offering in-store samples, which has been banned since last July. An Emart official and a
April 18, 2022
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CJ Logistics to raise W740b fund to bolster fulfilment network
CJ Logistics, South Korea’s largest logistics firm, said Sunday that it is set to raise up to 740 billion won ($602 million) to construct major fulfillment centers in the metropolitan area, accelerating its e-commerce business. The firm will first raise 250 billion won in cash with Samsung SRA Asset Management, the real estate investment arm of Samsung Group, and plans to borrow the remaining 490 billion won from other financial companies. The fund will be operated for eight years until
April 17, 2022
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Baemin sales surge 70-fold from 2014 on pandemic delivery demand
Korea’s food delivery app Baemin logged 2.3 trillion won ($1.8 billion) in sales last year, a 70-fold surge from 2014 when it started filing financial reports to authorities, its operator Woowa Brothers said in a regulatory filing Tuesday. “The stellar performance in recent years was largely driven by COVID-19, with many restaurant partners joining our app,” said an official from Woowa Brothers. In 2020, the first year of the pandemic, the company surpassed 1 trillion won i
April 12, 2022
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Food firms flustered over resurgent kimchi feud
Korean companies exporting kimchi or food containing the Korean spicy cabbage are on high alert after a decades-long cultural feud over its origin has resurfaced online. Seo Kyung-duk, a professor at Sungshin Women’s University in Seoul and a cultural heritage activist, blasted a local bakery chain on Monday for using Chinese word “pao cai,” in the Chinese translation of the name of one of its breads. Starting in March, the bakery has written the Chinese translation of its k
April 11, 2022
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Online luxury sellers strengthen counterfeit inspection amid Musinsa scandal
Korea’s online luxury sellers who have enjoyed the recent resell market boom are strengthening the counterfeit inspection process amid a scandal involving fashion commercial platform Musinsa, industry sources said Friday. On April 1, Naver’s online reselling platform Kream announced that the Essentials T-shirts sold through Musinsa by the brand operator Fear of God were proven to be fake. Musinsa, which has strongly objected to the counterfeit claims raised by Kream and has warned
April 8, 2022
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SSG.com to launch cross-border shopping service
SSG.com, the digital shopping platform of retail giant Shinsegae Group, said Monday it will launch a cross-border shopping service for international shoppers. The company will sell over 9.6 million fashion and beauty items, as well as processed food on Gmarket Global’s English and Chinese online malls, as part of the first collaborative project following Shinsegae’s acquisition of eBay Korea, since renamed Gmarket Global, last year. International shoppers from over 80 countries in
April 4, 2022
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Pulmuone completes 2nd tofu plant in China
Korea’s food giant Pulmuone said Sunday it has completed the construction of its second tofu factory in China, as it looks to accelerate its expansion in the growing market there. Located in the eastern Beijing of Pinggu, the new factory can produce 1,800 kilograms of tofu annually, increasing the productivity by 400 percent compared to the old factory. The second factory will produce a variety of tofu for soup, salad and steamed dish, tofu noodle, and soybean milk, according to the com
April 3, 2022