Articles by Hwang Joo-young
Hwang Joo-young
flylikekite@heraldcorp.com-
AliExpress lures Korean food companies with hefty incentives
AliExpress, the Chinese e-commerce platform owned by Alibaba Group, has been reaching out to Korean food companies to diversify its product range and gain recognition among Korean consumers. Following South Korean food giant CJ CheilJedang early this month, a slew of Korean food companies are either entering or considering joining the Chinese platform. According to industry sources on Thursday, Dongwon F&B, known for its canned tuna products, and Samyang Foods, famous for its spicy Buldak ra
Companies March 14, 2024
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[Weekender] 'C-commerce' on rise in Korea
Chinese e-commerce platforms, equipped with ultracheap deals, have been gobbling up market share from domestic rivals here. Even as local retailers suggest there has been no serious impact from the Chinese surge, they can be seen ramping up their readiness. According to market tracker Wiseapp, the monthly user counts for AliExpress, Temu and Shein, three big Chinese players, have continuously been hitting new record numbers in Korea. AliExpress, the biggest among them, saw 8.18 million monthly u
weekender March 9, 2024
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Hanwha Ocean hints at entering drilling business
Hanwha Ocean, a South Korean manufacturer specializing in ships and LNG plants, has recently registered two trademarks for new entities, hinting at its expansion into maritime energy development, according to industry sources, Friday. The registration of these two trademarks -- Hanwha Drilling and Hanwha Haeun (the direct romanization of the Korean term for "shipping") -- indicates the company’s intention to broaden its scope from ship and maritime plant construction to maritime
Companies March 8, 2024
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Shinsegae’s 55-year-old heir promoted to chair
South Korean retail giant Shinsegae Group said Friday that it has promoted Chung Yong-jin, the 55-year-old son of the conglomerate’s Chair Lee Myung-hee, to chair with a mission to address the challenges in the country’s retail sector. "The increasingly competitive retail market is facing a wide variety of crisis factors, making 'strong leadership' even more necessary than in the past,” said Shinsegae in a statement released Friday. The promotion came 18 years af
Companies March 8, 2024
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3 Five Guys stores in Seoul rank in global top five for weekly sales
FG Korea, the South Korean operator of the US burger chain Five Guys, said Thursday that its three local stores have ranked in the top five among the burger chain's global branches in terms of weekly sales. At this year’s Five Guys Conference, a biennial event where the US burger chain shares business results with global operators, FG Korea won two awards -- the International Average Weekly Sales Award 2023 and the International Development Award 2023 -- in recognition of their sales
Companies March 7, 2024
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Samyang to ramp up ramyeon production for US exports
Korean food manufacturer Samyang Foods on Wednesday held a groundbreaking ceremony for its new plant in Milyang, South Gyeongsang Province, as the company aims to capitalize on the growing global popularity of its spicy ramyeon brand, the Buldak series, especially in the US market. The new plant, set to be completed by 2025, will have an annual production capacity of 560 million units. With the addition of the new plant, the company's combined production capacity will surge to 2.36 billion
Companies March 6, 2024
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Hanwha Foodtech acquires robot-powered Stellar Pizza
Hanwha Foodtech has acquired the US-based robot pizza brand, Stellar Pizza, as part of its efforts to drive technological innovation in the food service industry. In January, Hanwha Foodtech signed a memorandum of understanding with Serve Automation, the parent company of Stellar Pizza, for a transfer of assets. Contractual documents for the acquisition were finalized Thursday. The acquisition was facilitated by Hanwha Foodtech Global, the US subsidiary of Hanwha Foodtech, the company said Monda
Companies March 4, 2024
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Chanel boutique shuts down in protest of Gucci pop-up
French luxury fashion house Chanel has closed its boutique within a Seoul department store, citing operational disruptions caused by Italian rival Gucci. "Chanel has decided to close its boutique in the Galleria Department Store Luxury Hall starting Wednesday due to the department store's plan to set up a pop-up store, which adversely affects our store's visibility and operational environment," said Chanel in a statement released Thursday. According to industry sources, the s
Companies Feb. 29, 2024
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CJ’s Tous Les Jours seeks bigger footing in Indonesia
CJ Foodville, the operator of the bakery chain Tous Les Jours and a subsidiary of South Korean conglomerate CJ Group, said Wednesday its bakery stores in Indonesia have surpassed 60 in number, with a recent addition in Bandung, located southeast of the capital Jakarta. Having entered the Indonesian market in 2011, CJ Foodville initially focused on opening branches around the capital city. However, the company has been recently diversifying its focus to include major cities, including Tangerang,
Companies Feb. 28, 2024
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Arrest warrant sought for SPC CEO
Prosecutors on Tuesday requested an arrest warrant for SPC Group CEO Hwang Jae-bok over allegations of pressuring employees to cancel their labor union membership. The Seoul Central District Prosecutors' Office said that it has sought an arrest warrant for Hwang, who has allegedly violated Korean labor law and engaged in bribery of an investigator. Hwang is accused of trying to force some of PB Partners' employees who joined the umbrella Korean Confederation of Trade Unions to quit the
Companies Feb. 27, 2024
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CJ CheilJedang's instant rice sets sales record on overseas demand
South Korean food giant CJ CheilJedang's cooked rice product line, Hetbahn, achieved record-breaking annual sales of 850.3 billion won ($639 million) in 2023, significantly contributing to the growth in global sales, the firm announced Monday. Based on the firm's report, Hetbahn’s overseas sales last year surged by 21 percent and domestic sales grew by 1.4 percent compared to 2022. In the fourth quarter of 2023 alone, total sales increased by 9 percent on-year. Last year, Hetbahn
Companies Feb. 26, 2024
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Lotte unveils health care media platform in Japan
Lotte Holdings has launched a health care media platform in Japan in line with its strategic initiative to strengthen its foothold in the health care sector. Initially introduced as part of Lotte Group’s digital marketing efforts in 2020, Lotte transformed the platform into an independent media corporation on Feb. 1, now officially known as Lotte Medi Palette Co., Ltd. The health care platform is fully funded by Lotte Holdings with 100 million Japanese yen ($664,000) and is represented by
Companies Feb. 23, 2024
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Lee Si-woo becomes sole CEO at Posco
Lee Si-woo, formerly co-CEO of Posco alongside Kim Hak-dong, who served as CEO of Posco and vice chairman of Posco Holdings, will now lead the steelmaker on his own. Posco Holdings’ reshuffle released on Wednesday indicates that Kim will step down from his position and moves to the group’s executive adviser. Lee is expected to play a crucial role in guiding Posco through its transition toward carbon neutrality, while enhancing profitability and reinforcing the company's presence
Companies Feb. 22, 2024
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AliExpress steps up engagement with Korean food brands
Chinese e-commerce platform AliExpress is in talks with Dongwon F&B to introduce the Korean food company's products on its platform, increasing engagement with Korean brands to expand its presence here. According to industry sources on Wednesday, the Chinese company has been in contact with several food businesses here, including Dongwon F&B, the South Korean food company renowned for its canned tuna products. "At present, Dongwon F&B and AliExpress are in preliminary discu
Companies Feb. 21, 2024
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Advertisers pressured to boycott Lee Kang-in
Several advertisers are facing pressure to cancel their contracts with South Korean soccer star Lee Kang-in, following the 23-year-old’s alleged discord with national soccer team captain Son Heung-min. According to industry officials on Monday, some companies intending to feature the Paris Saint-Germain midfielder in their advertisements are reevaluating their decisions, while others are considering whether to suspend existing contracts. Chicken chain Alachi, which Lee has represented sinc
Companies Feb. 19, 2024
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