South Korean sportswear brand Fila Korea will provide a 120 million won ($110,400) reward to the South Korean women’s curling team that won silver at the 2018 PyeongChang Winter Games, marking the country’s first Olympic medal in the sport. South Korean women's curling team (Yonhap)The company said Wednesday that the reward was intended to encourage the curling team and motivate them to achieve higher goals in the future.The prize money will be given to the team’s members via the Korea Curling F

Industry Feb. 28, 2018

Amorepacific, Korea’s leading cosmetics maker, has been selected as the most respected workplace in the local cosmetics industry for the third straight year, a survey showed.  AmorepacificAccording to the Korean Management Association Consulting, which surveyed more than 12,000 industry workers and human resources specialists, Amorepacific scored high in criteria such as innovation ability, shareholder value, employee satisfaction, customer value as well as social image, topping the cosmetics pr

Industry Feb. 28, 2018

British American Tobacco Korea said Tuesday that it successfully hosted the “BAT MAN” talk concert to support the young generation’s challenges in achieving their dreams. The company ran a six-month contest, through which 10 teams made it to the finals. One finalist was awarded 10 million won ($9,300). Gary Tarrant, head of legal and external affairs, said BAT Korea would continue to host such programs to hear more from the young generation and support their endeavors. (BAT Korea)

Industry Feb. 27, 2018

CJ Group Chairman Sohn Kyung-shik was named the seventh chairman of the Korea Employers Federation on Tuesday.According to the federation, five members of a selection committee held a meeting and appointed Sohn as the next chairman among three other members. Sohn was in India for a business trip when he was selected.  CJ Group Chairman Sohn Kyung-shik (Yonhap)“I feel a grave responsibility to serve as the chairman of the KEF at this crucial time,” said Sohn, according to CJ Group.“Based on my ex

Industry Feb. 27, 2018

3US fashion brand 3.1 Phillip Lim will open new stores in Seoul via Handsome, the apparel unit of Hyundai Department Store, the company said Tuesday. 3.1 Phillip LimAccording to the company, 3.1 Phillip Lim’s men’s and women’s apparel, bags and accessories will be sold at new stores on the 2nd and 4th floor of Galleria Department Store’s luxury hall in Apgujeong, from March 1. Handsome will expand the distribution channels through Hyundai Department Store to establish more 3.1 Phillip Lim stores

Industry Feb. 27, 2018

South Korean discount chain E-mart delivered the mini electric vehicle sold at its stores to its first buyer at its Seongsu branch on Tuesday. The D2 mini electric vehicle sold at E-mart is manufactured by Chinese carmaker Zhidou.  (E-mart)Zhidou’s two-seater electric car can run up to 150 kilometers on a single charge. The D2 is priced at 14.5 million won ($13,480), which was fixed in December after being approved by regulatory authorities as well as local governments’ subsidy program of up to

Industry Feb. 27, 2018

As tension with the government persists over the risks of heat not burn tobacco, British American Tobacco’s Korean subsidiary released clinical study findings that switching from conventional cigarettes to glo -- the company’s HNB device -- reduces exposure to harmful chemicals. (BAT Korea)While government test results have still not been released, scientists from BAT’s Reduced Risk Substantiation team found that toxicant levels in people who used glo were 90 to 95 percent less than smokers of n

Industry Feb. 26, 2018

South Korean petroleum refining company SK Innovation has successfully discovered crude oil at a Chinese block in the South China Sea, the company said Thursday.  SK Innovation’s discovery of crude oil in Block 17/03 in the South China Sea (SK Innovation)According to the company, it found a 34.8-meter-thick effective oil pool at Block 17/03 located at a depth of some 2,000 meters down the Pearl River Mouth Basin in December last year. This marks SK Innovation’s first discovery in the area since

Industry Feb. 22, 2018

South Korea’s major chemical firm and battery maker LG Chem said it will continue to brace for the “fourth industrial revolution” and pioneer the market, focusing on business growth in its units of basic material, chemical, electronic information material, battery and life science businesses in South Korea and internationally.  LG Chem researchers conduct battery test for electric vehicles. (LG Chem)LG Chem said it plans to invest 3.8 trillion won ($3.4 billion) in capital expenditure, a 52 perc

Industry Feb. 22, 2018

Warehouse-style discount chain store E-mart Traders said Thursday that it aims to achieve sales of 1.9 trillion won ($1.7 billion) this year, in an effort to bolster its offline shopping base amid fierce competition on e-commerce market. E-mart Traders (E-mart)E-mart Traders, a retail arm of Shinsegae Group, plans to open one or two more outlets this year. Since its launch in 2010, it opened a total of 14 stores across the country, with new branches in Gunsan and Gimpo opening in December last y

Industry Feb. 22, 2018

Lotte Chairman Shin Dong-bin’s voluntary offer to quit as chief executive officer at its Japan-based holding firm has been approved through a board meeting, the group said Wednesday.  Lotte Chairman Shin Dong-bin (Yonhap)“Lotte Holdings decided in a board meeting to accept Shin’s suggestion to resign from the chief post with a heavy heart, considering his situation,” the company said in an official statement. Shin will maintain his post as vice chairman and board member.The finalization comes am

Industry Feb. 21, 2018

What had seemingly been a smooth process at South Korea’s leading cigarette maker KT&G to reinstate its chief has been met with unusual interference from the state-run Industrial Bank of Korea, which is making increasing moves to get involved in the firm’s management.The bank holds 6.9 percent stake in KT&G and receives estimated dividends of 35 billion won ($32.5 million) annually. KT&G CEO Baek Bok-in (KT&G)Citing its voting right as a stockholder, IBK said it would simply be exercising its vo

Industry Feb. 21, 2018

Orion has been ranked as the 14th-biggest confectionery company in the world by sales by global confectionery industry magazine Candy Industry. Orion snacks (Orion)Orion placed highest among Korean confectionery companies, and has ranked above 15th for six consecutive years.The South Korean industry leader posted sales of 1.94 trillion won ($1.81 billion) last year, taking 14th place after General Meals of America.According to the company, newly launched snacks such as Kkobuk Chip led to a rise

Industry Feb. 20, 2018

When the 17 day-long 2018 PyeongChang Winter Olympics kicked off on Feb. 9, every detail regarding the athletes -- from what medals they are expected to win to what food they are eating -- has received worldwide attention.While Gangwon Province, the Olympic host region, has been crowded with a variety of global food restaurants, the US fast food chain has been at the center of attention, which again, carried on its tradition of serving athletes free meals at the Olympics.(Shot and Edited by Park

Industry Feb. 19, 2018

While South Korea has a highly active baby care market with a range of high-quality products, it also suffers from one of the world’s lowest birthrates.South Korea was ranked 219th among 224 countries, with an average woman’s total fertility rate at 1.26 in 2017, the lowest figure among OECD countries, according to CIA’s the World Factbook.The falling birthrate, one of the gravest challenges the government faces, has been visibly hurting baby care businesses here in recent years.After struggling

Industry Feb. 18, 2018