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Dec. 24, 2024

L'Oreal expands K-beauty portfolio with acquisition of Dr.G

French beauty giant L'Oreal announced Monday that it has agreed to acquire Gowoonsesang Cosmetics, which owns Korean skincare brand Dr.G, from Swiss retailer Migros. The deal, made for an undisclosed sum, involves the Migros-owned Mibelle Group selling its 100 percent stake in Gowoonsesang. The acquisition is expected to conclude in the coming months. Dr.G will be part of the group's consumer products division in an effort to capitalize on the growing demand for Korean beauty products while offe

Dec. 24, 2024

DataStreams accelerates global expansion with new leadership

Data governance solutions developer DataStreams said Tuesday it has appointed Yoon Suk-heon, chair of the Asian Economic Development Committee, as its global business chair to strengthen its leadership and strategy. Yoon’s appointment marks a pivotal milestone in DataStreams’ journey, aligning with the quantum leap initiative unveiled in 2021 to commemorate the company’s 20th anniversary. Yoon, with over 35 years of experience leading international infrastructure projects and an extensive global

Dec. 24, 2024

Hahn & Co. acquires SK Specialty for $1.86b

Hahn & Co., a major private equity firm based in South Korea, has acquired SK Specialty, a gas supplier under the country's chip-to-energy conglomerate, SK Group, at 2.7 trillion won ($1.86 billion). The asset manager announced Monday it has signed a definitive stock purchase agreement with SK Group, agreeing to acquire an 85 percent stake in the affiliate that produces special gases used in semiconductor, liquid-crystal display and solar cell manufacturing processes. SK Group will continue to o

Dec. 23, 2024

Posco replaces 6 CEOs to tackle business uncertainties

Posco Group on Monday announced a leadership reshuffle, focusing on proven talent from its inner circle, streamlining operational structure and tackling business uncertainties. Among the six new CEOs at key affiliates, Lee Hee-geun, a Posco vice president and head of the facility stabilization task force, was appointed as the steel giant's president. Lee will oversee the restructuring of low-profit businesses and enhance operational competitiveness, leveraging his extensive experience as deputy

Dec. 23, 2024

Korea becomes No. 2 office market in Asia-Pacific

South Korea has become the second-largest market for office investments in the Asia-Pacific region after Japan, according to a recent report by market tracker Savills. In the first three quarters of this year, Japan saw the largest transaction volume in office property, making up 30 percent of the total, while Korea ranked second with 22 percent. Other markets included China (18 percent), Australia (12 percent), India (6 percent) and Hong Kong and Singapore with 5 percent and 4 percent, respecti

Dec. 23, 2024

Posco Holdings sets revenue growth target of up to 8% by 2027

Posco Holdings, the holding unit of steel ginat Posco Group, on Monday announced a corporate value-up program, including an annual growth target of 6 to 8 percent and a return on invested capital of 6 to 9 percent over the next three years. Under the plans to boost shareholder returns, the company said it will cancel 6 percent of its treasury shares for the next three years starting this year, and distribute a minimum cash dividend of 2.3 trillion won ($1.6 billion) during this period. To achiev

Dec. 23, 2024

South Korea braces for export slowdown in 2025

Cars, steel products hit harder amid lingering tariff threats in US South Korea’s export sectors are bracing for significant challenges next year, hindered by global trade tensions and domestic political uncertainties, industry reports showed Monday. Three reports from major business organizations, including the Federation of Korean Industries, the Korea International Trade Association and the state-run think tank Korea Institute for Industrial Economics and Trade, painted a grim outlook for the

Dec. 23, 2024

LS Marine Solution accelerates growth through renewable energy projects

LS Marine Solution, a South Korean company specializing in submarine cables, is making strides in renewable energy projects through collaboration with its sister firm LS Cable & System, the company said Monday. The company recently completed the Jeju 3 Interconnection Project, a 90-kilometer submarine cable linking the mainland to Jeju Island. According to the company, the project is the nation’s largest high-voltage direct current submarine cable system to date and ensures a stable electricity

Dec. 23, 2024

SK Bioscience, Sanofi ink $52m vaccine deal

South Korean pharmaceutical company SK Bioscience said Monday that it has joined forces with French drugmaker Sanofi to develop an advanced pneumococcal conjugate vaccine targeting infants, young children and adults. Under the agreement, SK Bioscience will receive an upfront payment of 50 million euros ($52 million) from Sanofi, along with additional milestone payments at each stage of development. The two companies will equally share research and development costs, with Sanofi covering any addi

Dec. 23, 2024

Kumho Petrochemical boosts efforts for safer, greener future

Kumho Petrochemical Group said Sunday it is ramping up environmental and safety initiatives to create a sustainable and secure workplace across its operations. The group’s affiliates -- including Kumho P&B Chemicals, Kumho Mitsui Chemicals and Kumho Polychem -- have launched an environmental, social and governance working group to align its strategies and improve transparency, according to the company. By incorporating integrated safety and environmental data in its annual sustainability reports

Dec. 23, 2024

Retail sales up 8% in Nov. on Korea Sale Festa discount campaign

Retail sales in South Korea rose 8 percent in November from a year earlier on the back of the annual Korea Sale Festa, the country's version of Black Friday, data showed Monday. The combined sales of 23 major offline and online retailers reached 16 trillion won ($11 billion) last month, up from 14.8 trillion won a year ago, according to the Ministry of Trade, Industry and Energy. Sales from offline stores increased 3.9 percent, with revenue from supermarkets rising 5.7 percent, bolstered by the

Dec. 23, 2024

Korea's economy remains stable, says KCCI chief

SK Group and Korea Chamber of Commerce and Industry Chairman Chey Tae-won has sent a letter to major chambers of commerce worldwide, emphasizing that South Korea’s economic system remains stable despite the ongoing political turmoil stemming from the impeachment of President Yoon Suk Yeol. The KCCI said Sunday that Chey sent the letter to leaders of chambers of commerce in 127 countries and 116 foreign ambassadors to South Korea to reassure them of Korea’s economic resilience and its efforts to

Dec. 22, 2024

Aussie state investor seeks Korean capital for infra fund

Queensland Investment Corp. chief Kylie Rampa highlights opportunities in partnering with Aussie sovereign fund on and off Australian soil Queensland Investment Corp., an Australian state fund, is looking to increase its exposure to Korean capital in burgeoning infrastructure investment, according to its chief Kylie Rampa. Rampa heads QIC, one of Australia's largest institutional investment managers with nearly $80 billion in assets under management. QIC operates both as a limited partner and a

Dec. 22, 2024

Shinsegae chief says he had ‘in-depth’ talk with Trump

Shinsegae Group Chairman Chung Yong-jin said Saturday he had a conversation with US President-elect Donald Trump at Trump's Florida resort last week, but kept the details of the discussion private. He is the first Korean business leader known to have spoken with Trump since his election victory. On his way back to Korea at Hartsfield-Jackson Atlanta International Airport in the US on Saturday, Chung shared with Yonhap News Agency that he had "a 10-to-15-minute in-depth discussion on various topi

Dec. 22, 2024