Articles by Hwang Joo-young
Hwang Joo-young
flylikekite@heraldcorp.com-
Lotte Duty Free, Modetour seek to capitalize on Vietnam's tourism boom
Lotte Duty Free said Friday that it signed a memorandum of understanding with the South Korean travel agency Modetour on Thursday to strengthen joint marketing efforts toward Korean tourists to Vietnam. Under the agreement, Lotte Duty Free and Modetour will work together to develop new product packages combining duty-free shopping and tourism in Vietnam. Lotte Duty Free has been grappling with the decline of Chinese tourists to South Korea due to an economic slowdown. As an alternative, the comp
Companies Jan. 26, 2024
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Orion promotes locally-source food in Vietnam
Orion, a South Korean confectionery manufacturer, said Friday that it has teamed up with Vietnam National University of Agriculture in a bid to secure quality raw materials for its snack production in Vietnam. Orion Food Vina, the confectioner’s Vietnamese unit, and the Institute of Argo-Biology under the VNUA signed a strategic partnership agreement on Thursday in Hanoi, stipulating their cooperation in production, development, supply and quality control of seed and raw potatoes over the
Companies Jan. 26, 2024
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Kurly turns profit for first time
Kurly, the operator of e-commerce platform Market Kurly, said Tuesday that it posted a profit in earnings before interest, taxes, depreciation and amortization, or EBITDA, in December last year – its first since its establishment in 2015. The company said that EBITDA for December increased by more than 10 billion won ($7.5 million) compared to the previous year. The specific amount of the earnings was not immediately disclosed due to confidentiality issues. The company stressed that the fi
Companies Jan. 23, 2024
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JungKwanJang opens first drugstore
JungKwanJang, South Korea’s leading red ginseng brand under Korea Ginseng Corp., said Monday that it has opened its first drugstore, Jung Mall Euljiro Store, in central Seoul. The new store sells not only JungKwanJang's own products, but more than 90 different products from other companies as well, the company said. JungKwanJang's physical stores previously dealt in only the company's own ginseng extract products. The products available at the Jung Mall Euljiro Store include
Companies Jan. 22, 2024
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Posco International to supply EV parts to Hyundai Mobis
Posco International said Thursday that it will supply 1.03 million motor cores for Hyundai Motor Group electric vehicles produced in Europe. The parts are to be supplied to Hyundai Mobis’ EV factory in Slovakia from 2025 to 2034. Of the total, 550,000 units are to be sent to Hyundai Motor’s Turkey plant, while 480,000 units will go to Kia’s Slovakia plant. The company said the new deal gives a big boost to its upcoming production site in Poland. In June, Posco International est
Companies Jan. 18, 2024
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Pernod Ricard Korea promotes sustainability in bar industry
Pernod Ricard Korea, the local subsidiary of global wine and spirits company Pernod Ricard Group, said Tuesday that it held a special lecture on Monday to promote a sustainable culture in the bar industry. As part of the company's professional training program called "Bar World of Tomorrow," Pernod Ricard Korea has been conducting special lecture series since 2022, inviting influential figures in the bar industry as speakers. "In order to establish a culture of sustainability
Companies Jan. 16, 2024
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LG Chem CEO named business council member of Davos forum
LG Chem Vice Chairman and CEO Shin Hak-cheol has been named a member of the International Business Council, part of the World Economic Forum’s annual meeting in Davos, Switzerland, the Korean chemicals firm said Monday. The WEF, also known as the Davos Forum, kicked off in Switzerland on Monday and goes through Friday. It brings together thousands of leaders from business, government and various other sectors. LG Chem said that WEF Chairman Klaus Schwab invited Shin to be a member of the I
Companies Jan. 15, 2024
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[Weekender] Movie theaters still struggling after pandemic disruptions
South Korea's multiplex cinema industry faced challenges during the COVID-19 pandemic, with strict social distancing measures leading theater attendance to plummet. Yet even with the end of the pandemic, the industry has not experienced a significant recovery. Instead, the rise of online streaming platforms such as Netflix has impacted the traditional theatergoing experience. Meanwhile, all major multiplex cinema chains here have raised ticket prices in response to financial deficits duri
weekender Jan. 13, 2024
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Coupang resumes partnership with LG H&H
South Korean e-commerce giant Coupang said Friday it will resume delivery service of LG Household & Health Care products, reinstating their partnership which has been severed for nearly five years due to a feud between the two companies. LG H&H's household brands including Elastin, Perioe and CNP, as well as its cosmetic line-ups such as O Hui and Sum 37º, will be available on Coupang's delivery service starting mid-January, the e-commerce firm said. A specific date was
Companies Jan. 12, 2024
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Shinsegae’s Better Foods secures funding from Cleveland Avenue
Better Foods, Shinsegae Food's subsidiary specializing in plant-based products, said Thursday that it has secured investment from the US venture capital investment company, Cleveland Avenue. The exact amount of the deal was not disclosed immediately. Shinsegae Food established Better Foods in the US in 2022 in a bid to strengthen its global competitiveness in plant-based products, one of the retail giant's growth drivers. Cleveland Avenue is a venture capital firm established in 2015 b
Companies Jan. 11, 2024
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P&G Korea showcases brand new diaper 'Pampers Baby-Dry Pants'
P&G Korea, the local subsidiary of Procter & Gamble, said Wednesday it has launched the newest addition to its product lineup -- Pampers Baby-Dry Pants -- a baby diaper designed to provide improved absorbency. The company said that the Pampers Baby-Dry Pants diapers stand out for superior absorption capacity, ensuring a moisture-free and comfortable wear for babies throughout the day. A key feature of the diaper product is the "Pee-Lock Technology,” which incorporates dual lea
Companies Jan. 10, 2024
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Orion, nurse team up to provide snacks to kid patients
Orion, a South Korean confectionery manufacturer, has restarted production for a snack item that was no longer on the market, out of consideration for pediatric patients craving the product. On Dec. 15, the snack company donated its snack products to the young patients at Pusan National University Yangsan Hospital in South Gyeongsang Province. Among the child patients was a 3-year-old boy who had expressed a sincere desire to eat Orion's snack products after three days of fasting in prepa
Companies Jan. 9, 2024
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Fila Holdings names first global brand president
South Korean-owned sportswear brand Fila Holdings said Monday it has named Todd Klein, head of the company’s North American subsidiary, for a new position in charge of the global marketing strategy. Appointed as the global brand president, Klein will join the board of Fila Luxembourg, the subsidiary of Fila Holdings that oversees the company’s global businesses. Klein will also continue to report to Fila Holdings and keep his previous responsibilities. Klein joined Fila in January 20
Companies Jan. 8, 2024
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LG Chem to transfer obesity drug rights to Boston-based Rhythm in $305m deal
LG Chem said Friday it has signed an agreement with Boston-based Rhythm Pharmaceuticals to transfer the development and sales rights of a new anti-obesity drug candidate named LB54640. The deal amounts to $305 million, which includes upfront payments worth $100 million and milestone payments worth $205 million for the development and commercialization of the drug. Under the agreement, LG Chem will receive royalties depending on product sales from Rhythm Pharmaceuticals each year. Rare forms of o
Companies Jan. 5, 2024
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Government vows more cash to cushion Taeyoung E&C fallout
The South Korean government said Friday that it will put utmost efforts into minimizing the fallout from Taeyoung Engineering and Construction's debt-restructuring program, amid growing concerns that it could lead to liquidity constraints across the industry. “The creditors, led by the main lender, Korea Development Bank, plan to discuss ways to normalize Taeyoung E&C's business while adhering to strict restructuring principles based on Taeyoung Group's intense self-resc
Industry Dec. 29, 2023
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