Coway, a South Korean home appliances rental firm, has been honored at this year’s Business Integrity Society summit for its continuous commitment to a framework for environmental, social and governance, or ESG, standards as well as corporate transparency, the company said Tuesday. It was chosen as an “Excellent Anti-Corruption Company” at the BIS Summit 2021 Anti-Corruption Awards held last wee...

Major shoe brand refuses to chime in on ongoing human rights issue involving its supply chain

Founder of instant noodle giant Nongshim Group dies at age 92

Shinsegae Department Store’s fruit subscription service is enjoying a surge in popularity as the number of subscribers jumped threefold in 10 months. The service, which began at the retailer‘s Gangnam branch, will be extended to its main store in Myeongdong, the department store said. Those subscribing to the service for a monthly fee of 220,000 won ($194) can have a selection of seasonal fruit...

To differentiate and gain a competitive edge among global plant-based meat manufacturing companies such as Impossible Foods and Beyond Meat, Pulmuone said it will launch new products in various categories encompassing plant-based protein and plant-based meat, along with other Korean traditional dishes. The food company will also finish the development of ingredients with textures similar to meat...

Instant noodles gets boost on the back of the pandemic and ‘Ram-don’ phenomenon

Gmarket’s mobile app has undergone a complete reform to be more intuitive and easier to use, eBay Korea, the company behind the online marketplace, said Tuesday. According to the e-commerce platform operator which also runs G9 and Auction in South Korea, the app has been renewed to match Gmarket’s new brand identity. The changes are not just in the way it looks, but in the way the app operates ...

South Korea’s parcel market reached 7.49 trillion won in sales last year

About a week into its debut on the New York Stock Exchange, Coupang is allowing some of its workers to sell their shares. Coupang announced an early stock lockup agreement release for about 34 million shares held by employees, which became eligible for sale at the opening of trading Thursday US time. According to the South Korean e-commerce platform company, the condition of the release -- that...

Samyang Foods achieved record sales of 648.5 billion won ($572 million) and an operating profit of 95.3 billion won in 2020 despite the COVID-19 pandemic, the South Korean food company said Friday. Samyang Foods, which produces the globally popular Buldak Spicy Chicken Noodle, said both its sales and operating profit jumped last year from a year earlier, by 19.3 percent and 21.9 percent, respect...

OB to bank on All New Cass, Hanmac, Cass Zero for market lead

CU is launching a beer subscription service to target the increasing number of people enjoying imbibing alone and at home, the convenience store chain operator said Thursday. BGF Retail, the firm behind the convenience store chain, has teamed up with beer subscription app service Dailyshot to roll out its service where a user can get three cans of popular beer products from a nearby CU store at ...

Amorepacific, Olive Young lead efforts to go green by reducing waste

Coupang’s IPO, Naver and Shinsegae’s stock swap deal are latest examples of structural shift in Korea’s e-commerce market

Traditional retail giant and tech behemoth team up to gain upper hand against rising e-commerce players, such as Coupang