Shinsegae to build Aman's first Korean property in high-end lifestyle push

Shinsegae Property, the real estate development arm of Shinsegae Group, is bringing ultra-luxury hospitality brand Aman's first Korean property to Seoul's Cheongdam-dong, under Chairman Chung Yong-jin's vision of setting a new standard for the country's high-end lifestyle market. The company announced Wednesday that it will develop Aman Seoul, handling planning, strategy and execution, while Aman will handle design and operations, managing the hotel and residences under a long-term agreement. Am

2026-09-02 13:56:56:00

Lotte wins antitrust approval to divest Lotte Rental stake to TPG

Lotte Group won approval from the Korea Fair Trade Commission on Tuesday to sell its stake in Lotte Rental, held by Hotel Lotte and Busan Lotte Hotel, with the deal expected to close in October. Lotte agreed last month to sell a 61.2 percent controlling stake, held by Hotel Lotte and Busan Lotte Hotel, for 1.31 trillion won ($953 million), or 59,000 won per share. The group said it would use the proceeds to strengthen the hotel units' finances and fund renovations and premium brand growth. The s

2026-09-01 21:06:30:00

Doosan, KOEN widen drone, helicopter search for 9 missing workers in Nepal

South Korean companies Doosan Enerbility and Korea South-East Power Co. intensified their search Tuesday for nine employees missing since flash floods hit Nepal on Wednesday, deploying drones and helicopters over the site of a hydropower plant under construction. State-run KOEN added four drones equipped with thermal and infrared cameras Tuesday, bringing its total to six, according to the company's on-site response team. The drones are conducting detailed searches of the power plant's base camp

2026-09-01 20:30:06:00

Chipotle bets on Korea for first bite of Asia

Three decades after a single burrito shop in Denver opened on the idea that food has the power to change the world, Chipotle Mexican Grill will carry that ethos into its very first Asian store in Gangnam on Wednesday. Chipotle said that Korea has the consumers and the partner it needs to anchor its expansion across Asia under its vision of "Food with Integrity," and Gangnam is a fitting foothold as a leading commercial district. "This represents a very significant milestone in the growth strateg

2026-09-01 15:10:58:00

One purchase every 0.9 second: Olive Young foreign sales top W1tr

CJ Olive Young saw 1 trillion won ($727 million) in annual foreign sales through August, putting it three months ahead of last year's pace, as tourists spread purchases past Seoul and across the country. According to the retailer Monday, the milestone, which took until November to reach last year, came on 11.01 million foreign transactions over the same period, or roughly one purchase every 0.9 second during store hours. Foreign shoppers, who came from 192 countries and territories according to

2026-08-31 14:54:57:00

While Korean Air merges, other carriers take off on their own

Korean Air's merger with Asiana Airlines, set to close in December, has dominated headlines about the country's aviation industry. But it is only one piece of a wider recalibration now remaking the market. Smaller carriers are reshuffling in its wake, not just shedding their low-cost identities but breaking into medium- and long-haul markets altogether, each charting its own path to survive. Besides the merger at the top, a parallel shift is unfolding on the budget end. Earlier in August, the bo

2026-08-31 08:42:42:00

Samsung Biologics to raise W3tr in rights issue for peptide maker deal

Samsung Biologics is planning to raise over 3 trillion won ($2.2 billion) through a share offering to fund its acquisition of a peptide manufacturer and a new production campus, as competition among global drugmakers intensifies. In a regulatory filing Friday, Samsung Biologics said its board approved the offering, issuing 2.27 million new shares at 1,322,000 won apiece, a 15 percent discount that will expand its share count by 4.9 percent. Of the proceeds, 2.71 trillion won will fund the acquis

2026-08-28 12:16:43:00

SSG.com spins off lifestyle business into new entity

Shinsegae Group's e-commerce unit SSG.com is dividing into two companies, splitting fashion, beauty and lifestyle into a separate platform while holding onto its grocery-focused marketplace. The company said Thursday that its board approved spinning off its lifestyle business into a new company, tentatively named Shinsegae Mall, which will operate as a premium e-commerce platform for fashion, beauty and lifestyle goods. The existing entity keeps the SSG.com name as a marketplace built around gro

2026-08-27 14:41:48:00

Ikea Korea slashes prices on bestsellers amid inflation squeeze

Ikea Korea is rolling out its latest round of permanent price cuts as inflation squeezes household budgets, sticking to the low-price philosophy at its core, the furniture giant said Thursday. The retailer is employing roughly 1.8 billion won ($1.3 million) to cut prices on 161 products by an average of 15 percent, targeting bestsellers in storage, mattresses, lighting and beds, even as inflation strains household budgets. "Providing well-designed, functional and quality home furnishing products

2026-08-27 13:40:10:00

SK Biopharm bets $800m on new epilepsy blockbuster

SK Biopharmaceuticals is staking nearly $800 million on rights to an epilepsy treatment from US biotech firm Biohaven, as it works to build a second blockbuster to stand alongside its existing epilepsy drug, the company said Wednesday. The South Korean drugmaker struck an exclusive global licensing deal worth up to $795 million with Biohaven Bioscience Ireland for the epilepsy drug candidate opakalim (BHV-7000), along with other Kv7 potassium channel openers and Biohaven's Kv7 Discovery Platform

2026-08-26 15:05:05:00