Amid continued inflation, Korea to review liquor tax system

The government will examine the liquor tax system, which has been propelling recent increases in beer prices amid the persistent inflation. According to the Korean Statistical Information Service’s data on Monday, the price index for beer products at restaurants and outdoor dining establishments has increased to 112.63 in February, up 10.5 percent compared to the same month a year ago. It was higher than the increase of the price index for beer products at discount and convenience stores:

March 13, 2023

[Herald Interview] Able C&C going global with ‘fast beauty’ strategy

Korean beauty products have strong competitiveness in the overseas market with their affordable prices, quality and the ability to quickly reflect trends in the dynamically changing global cosmetics industry, says the CEO of Able C&C, a firm that manages a range of Korean budget cosmetics brands including Missha. "South Korea has a unique cosmetics ecosystem, as opposed to France and the United States -- the original powerhouses of the global cosmetics industry," said CEO Kim Eugen

March 13, 2023

Coupang withdraws from Japan to focus on Korea, Taiwan

South Korean e-commerce giant Coupang is expected to withdraw from the Japanese delivery service market later this month and to focus more on expanding its business in Korea and Taiwan, according to news reports Sunday. Japan's Nihon Keizai Shimbun, or more commonly known as the Nikkei, reported Saturday that Coupang Japan has decided to end its pilot food and household goods delivery service it has run over the past two years on March 21. The pilot program, launched in June 2021, aims to

March 12, 2023

[K-Food] Pulmuone targets health-conscious Americans with tofu lineup

This is the second installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. About 7 out of 10 tofu products sold in the US are made by South Korean food giant Pulmuone. Cho Kil-su, head of Pulmuone USA, said its unrivaled market position is an outcome of years of efforts to creatively localize one of the most highly regarded alternative sources for protein -- Korean tofu -- along with a slew o

March 9, 2023

[Herald Interview] Pernod Ricard Korea enjoys robust growth amid pandemic-fueled liquor boom

It was not just delivery services or online shopping that thrived in South Korea during the pandemic years. The liquor market, especially for high-end whiskeys and wines, has seen dramatic growth, according to Frantz Hotton, CEO of Pernod Ricardo Korea, the Korean unit of the French wine and spirit giant. Hotton, who took the helm in 2021 when COVID-19 was still rampant across the world, said that people's behavioral changes have had a significant impact on how they consume alcoholic bevera

March 8, 2023

Hanwoo farmers feel pinch of inflation

Wholesale prices of hanwoo, or Korean beef, a highly coveted luxury food item among South Korean consumers, are estimated to drop further this year due to increased supply but sagging demand amid widespread inflation fears. According to the Korea Rural Economic Institute Monday, the wholesale prices of Korean beef for the first half of 2023 are expected to range from 16,500 ($12.73) to 17,500 won per kilogram. This range marks an average 20.9 percent decrease from the same period last year, when

March 6, 2023

China buys fewer Korean goods amid waning perception: report

The number of Chinese consumers who bought Korean products plummeted last year amid China's falling perception of Korea-made commodities, according to a survey conducted by the Korea International Trade Association. KITA conducted a survey on 1,000 consumers living in 10 major Chinese cities to gain insight into changes in their perceptions toward Korea-made goods since the COVID-19 pandemic. The survey, released Sunday, found that the percentage of Chinese consumers who responded that th

March 5, 2023

[Weekender] Why soju price hikes are causing Koreans so much anguish

Rumors of soju price hikes have stirred public disquiet over the past couple of weeks here, intensifying to the extent that the government decided to intervene in the market. The fuss temporarily ended after Hite Jinro, the country’s largest soju maker, officially announced that it was not planning on any price hikes. “I felt bitter when I heard about possible price hikes in soju, which seemed to hold out well, while everything else is getting more expensive,” said Kim, a 29-

March 4, 2023

Siita, the world's first zero-waste company

South Korean vegan cosmetics brand Siita said Thursday that it has been recognized as one of the first zero waste companies globally by a sustainable fashion and lifestyle platform affiliated with the United Nations. The Conscious Fashion and Lifestyle Network is an UN-hosted online platform for industry stakeholders, NGOs, and governments to seek collaborations and report progress for the implementation of the Sustainable Development Goals. Siita was introduced as one of the model cases that ha

March 2, 2023

Coupang earnings extend winning streak in Q4 2022

South Korean e-commerce giant Coupang is extending its winning streak in earnings, posting a profit for the second consecutive quarter in the fourth quarter 2022, according to its earnings report on Wednesday. The US-listed company said it posted quarterly operating profits of $83.4 million in the September-December period, an almost 10 percent growth from $77 million in the third quarter when the company first turned a profit since launching its ultrafast Rocket Delivery service in 2014. The co

March 1, 2023

Duty-free retailers eye China’s reopening

South Korean duty-free retailers are expected to see a bump in profits this year with the return of Chinese tourists, according to a Bank of Korea report released Tuesday. This year the number of Chinese tourists visiting Korea is estimated to reach 2 million –10 times last year’s 200,000. The Korean government’s lifting of mandated PCR tests for Chinese tourists upon arrival and the recent resumption of short-term visa issuance for Chinese nationals were cited as key driving

Feb. 28, 2023

Iced Americano most popular drink in freezing temperatures: S.Korean coffee chain data

“Eol-juk-a,” a shortened version of the phrase that roughly translates to “iced Americano even if I freeze to death,” has been vindicated as the cold beverage turned out to be the most popular menu in a nationwide coffee franchise during January, the coldest month in South Korea. Hollys Coffee, one of South Korea’s top 10 coffee franchises, on Monday announced sales statistics for January when the average temperature was below zero. The figures, collected from custo

Feb. 27, 2023

China’s duty-free giant joins bid to operate at Incheon Airport

Competition for operational rights for lucrative duty-free shops at Incheon Airport is heating up, with China Duty Free Group, one of the largest duty-free retailers globally, joining the race. According to industry sources on Monday, CDFG offered its bid to join the heated race after participating in a tender briefing session last month. Competing head-on with Korean rivals such as Lotte, Shinsegae and Hotel Shilla, the Chinese duty-free giant aims to win as many as two business licenses to ope

Feb. 27, 2023

Japanese companies back in black amid waning 'No Japan' boycott

Four years since the “No Japan” boycott in South Korea, Japanese goods are making a comeback in the local market. The boycott, which followed Japan's introduction of control on exports of some of its key products to Korea, was one of Korea's biggest economic boycotts conducted on imported goods. Japanese clothing retailer Uniqlo, one of the brands hit the hardest in the nation by the “No Japan” boycott, said through its annual earnings report for 2022 that the b

Feb. 27, 2023

Victorinox launches spring-edition Swiss Army Knife

Swiss premium knife brand Victorinox said Sunday it has released the Alox Limited Edition 2023, a lime-colored spring edition of its popular Swiss Army Knife. The knife made in Switzerland, also widely known as the MacGyver knife, is a timeless design icon frequently featured in contemporary art. The company introduces an Alox edition knife every year with a different theme. Alox is a transparent coating using aluminum oxide that enhances the durability and strength of the knife. This year&rsquo

Feb. 26, 2023

Korea Agro-Fisheries and Food Trade Corp. eyes US military bases for K-food expansion

The Korea Agro-Fisheries and Food Trade Corporation, a quasi-government agency, is seeking ways to expand the presence and consumption of Korean food at US military bases. For the globalization of Korean food products, the agency's CEO Kim Chun-jin met with CEO Jacqueline Kim of the US wholesale trade group Kee World at the aT Center in Seoul. They discussed measures for stocking more Korean food products at commissary stores that provide groceries to military personnel, retirees and their

Feb. 24, 2023

[K-Food] Paris Baguette charms world's taste buds with 'glocalization'

This is the first installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Paris Baguette is a bakery as common in South Korea as Dunkin Donuts is in the United States. The nation’s No. 1 bakery chain, operated by food giant SPC Group, boasts a whopping 3,400 outlets nationwide, which means almost one in five bakeries in Korea is a Paris Baguette store. In recent years, Paris Baguette ha

Feb. 23, 2023

[Photo News] In commemoration of independence fighter

Starbucks Korea said Thursday it will donate a restored handwritten note of Korean independence movement leader Kim Gu, whose pen name is Baekbeom, to the National Trust for Cultural Heritage as part of its social contribution activities. The note, written in classical Chinese, reads “Yoo Ji Pil Seong,” which can be roughly translated to “If there is a will, it will be achieved.” Kim wrote it to honor the death of independence fighter Yun Bong-gil in 1949. In commemoratio

Feb. 23, 2023

Pending price hikes in soju, beer deepen inflation woes in Korea

Prices of soju and beer products in South Korea are expected to rise soon due to increases in tax, as well as higher costs of logistics and raw materials, according to industry sources, Wednesday. According to the Ministry of Economy and Finance, the liquor tax on one liter of beer will increase by 30.5 won ($0.023) to 885.7 won in April. The upcoming increase will be higher than last year's rise of 20.8 won. Just by factoring in the tax increase, the factory price of a 500 milliliter beer

Feb. 22, 2023

CJ Logistics forays into Polish market

CJ Logistics, South Korea’s largest logistics firm, said Tuesday it has opened a regional office in Wroclaw, Poland, in a bid to target the European logistics market. According to CJ Logistics, Wroclaw is the largest industrial city and logistics hub in southern Poland. The company explained that the city functions as an important crossing region for European companies, as it is located right in the middle of Europe. Moreover, CJ Logistics explained that Poland is home to Gdansk port, wh

Feb. 21, 2023