Articles by Suk Gee-hyun
Suk Gee-hyun
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Homeplus CEO apologizes for retailer’s malpractice
Homeplus CEO Do Sung-hwan on Tuesday publicly apologized over a series of malpractices the company was involved in, from the alleged sale of customer information to unfair treatment of suppliers. “We’re reflecting on ourselves over what has happened in the past year. We’ll strive to win back customers’ trust and meet their expectations,” Do said during his first press conference held since his inauguration in 2013. “2015 will serve as an opportunity for us to transform into a customer-only retai
Industry March 10, 2015
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E-land fashion brands pull out of Japan
More and more South Korean firms are leaving Japan due to business difficulties caused by the protracted weak yen.Fashion and retail conglomerate E-land said Monday it pulled its fast fashion brands SPAO and Mixxo from Japan in the past few months. The measure comes less than two years since the company launched both brands. “If fast fashion brands are price competitive, it’s difficult to survive. It must have been inevitable to close down operations due to the weaker yen leading to sales drop,”
Industry March 9, 2015
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eBay Korea supports cross-border trade
Thanks to the ever-connected environment, cross-border trade is in full bloom. Still, differences in taxation, government policies, customs and culture can be a hindrance to 21st-century baron-wannabes. EBay Korea, operator of Korea’s largest online shopping site Gmarket and Auction.co.kr, has been dedicated to supporting small- to mid-size vendors to tap the global market through its platform. From translation to logistics, delivery and customer service, it has provided a wide range of services
Industry March 9, 2015
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Mixed reactions to increased welfare
Samsung Group last week announced it will further increase spending on employee welfare. The good news, however, was not entirely welcomed as it came after the group decided to freeze this year’s wages ― the first time in six years. “We cannot say the expanded welfare has no link to the recent salary freeze,” said an official from the group’s flagship Samsung Electronics, declining to be named. Under the new scheme, Samsung will offer widened welfare benefits, including more allowance to purchas
Industry March 6, 2015
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Uber Korea cuts off ride-share service
Uber Korea said that it shut down its low-cost ride-sharing service on Friday amid controversy over the legality of its business.“Uber Korea has decided to terminate the operations of UberX to negotiate with the Seoul city government,” the company said in an email to drivers Friday afternoon.The company said that it was “a very difficult decision” as they have been trying to expand UberX operations in South Korea since the service was launched in August 2014. The decision comes days before the N
Industry March 6, 2015
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POSCO completes 2nd electric furnace to double capacity
POSCO SNNC, a leading manufacturer of ferronickel, has completed the construction of its second electric furnace, which will help nearly double the firm’s annual capacity of pure nickel to 54,000 tons from the current 30,000 tons.The POSCO affiliate said it invested about 480.6 billion won ($437.1 million) to build the second facility in Gwangyang, South Jeolla Province, to stabilize its nickel production.“With our increase in production capacity, POSCO SNNC has become a nickel smelter that is c
Industry March 6, 2015
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Steelmakers pressured to lower prices
South Korea’s POSCO and Hyundai Steel are in a tug-of-war with carmakers seeking to lower the price of automotive steel sheets, adding more pressure to the steel manufacturers’ prolonged slump.Hyundai Motor and Kia Motors are reportedly pushing POSCO and Hyundai Steel to mark down steel plate prices by 70,000 won ($64) per ton this year.The move comes less than a year after the steel firms cut prices by 130,000 won to 140,000 won per ton, according to local reports.“It is true that the company’s
Industry March 4, 2015
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Saudi Arabia sovereign fund to invest in POSCO E&C
Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is forecast to take a big stake in POSCO Engineering & Construction.“The deal is included in a comprehensive partnership agreed between PIF and POSCO,’’ a company official said on Wednesday. Both parties signed a memorandum of understanding to form a joint partnership at a meeting on the sidelines of President Park Geun-hye’s visit to Saudi Arabia with leaders of South Korean businesses.The deal is valued at around 1.5 trillion won (
Industry March 4, 2015
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Homeplus faces class action suit
Local consumer groups are planning to file a class action suit against Homeplus, the South Korean supermarket chain owned by British retail giant Tesco, for the firm’s alleged illegal gathering and selling of customer information to third parties.Ten consumer groups affiliated with the Korea National Council of Consumer Organizations said Monday they were gathering participants in a suit to demand compensation for the retailer’s sale of their private information. Homeplus is accused of collectin
Industry March 3, 2015
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Hurom seeks more opportunities overseas
Hurom, a South Korean slow juicer supplier, is joining hands with a major home shopping channel to expand its overseas marketing and sales, officials said Monday. Hurom signed a memorandum of understanding with CJ O Shopping on Friday to form a task force to enter the Chinese and Southeast Asian markets. Both companies said it aimed to enter 25 more countries and earn 500 billion ($453.8 million) in sales through the MOU. Hurom’s slow juicer. (Hurom)“We plan to increase sales of Hurom juicers th
Industry March 2, 2015
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TV shopping channels look to exclusive brands
High-end fashion brands and home shopping channels are forming unlikely alliances as sales through more traditional routes continue to falter. While department stores have traditionally been the main outlet for high-end fashion brands, such retailers have seen their sales fall for five consecutive months, even as home shopping firms have shown the opposite trend. This, coupled with the operators’ desire to expand their customer base, is bringing high-end fashion brands together with home shoppin
Industry March 1, 2015
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Lotte Group hopes to buy Italian airport retailer
Lotte Group hopes to acquire Italian airport retailer World Duty Free to grow into the world’s No. 2 duty-free shop operator, group officials said Wednesday. According to news reports, the nation’s fifth-largest conglomerate by assets submitted a proposal to acquire a controlling stake in WDF. Lotte Shopping, which operates Lotte Duty Free, has made the offer estimated at 3 trillion won ($2.7 billion) to 4 trillion won, the reports said. “We are interested in WDF. But it is difficult to confirm
Industry Feb. 25, 2015
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54 industries designated for SME protection
A quasi-government panel on Tuesday designated 54 types of businesses as small- and medium-sized companies, a decision aimed at protecting them from business expansion by conglomerates. The Korean Commission for Corporate Partnership said the new categories this year are stationary retail, tobacco wholesale, rice cakes for rice cake soup, woodchips and rental car service.Of the 77 businesses that were due to be taken off the list, up to 49 industries including coffee bean and tofu production wer
Industry Feb. 24, 2015
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[SUPER RICH] Hansol’s golden boy highlights family’s darker past
A grandson of Hansol Group founder Lee In-hee was indicted last week for neglecting his compulsory national service, bringing public attention to the latest revelation of draft-dodging attempts by members of the pan-Samsung dynasty. Lee In-hee is the eldest daughter of the late Samsung Group founder Lee Byung-chull and older sister of Samsung chairman Lee Kun-hee. Hansol Group is about the 40th-largest business group in Korea by assets.According to the prosecutors, the 24-year-old grandson surna
Industry Feb. 24, 2015
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Homeplus, Hanssem discuss shop-in-shop partnership
Homeplus, the nation’s second-largest supermarket chain, is in talks with furniture maker Hanssem to set up shop-in-shop at its outlets, the retailer said on Monday.If the deal is finalized, Hanssem will be the first shop-in-shop at Homeplus to sell home furnishing products such as household linen, lights and sofa. Hanssem’s flagship store in western Seoul. (Hanssem)“We are discussing a potential tie-up but it’s just one of the many discussions we’re having with other companies, and nothing has
Industry Feb. 23, 2015
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