South Korean e-commerce giant Coupang announced Tuesday that it has started offering products from the global premium skincare brand SK-II through Rocket Luxury, the company's one-day delivery service dedicated to premium beauty products. “We are excited to offer a greater variety of luxury skincare brands popular with customers through the inclusion of SK-II,” a Coupang official said. “We will continue to introduce global premium brands that meet the needs of our customer

Companies Aug. 6, 2024

South Korea's kimchi exports have hit a record high in the first half of this year, largely driven by increasing demand for a healthier diet and the growing popularity of Korean culture and cuisine, particularly in the US and European markets. The country exported more than 23,852 tons of kimchi in the first six months of this year, marking a 4.8 percent increase from 22,842 tons in 2023. The export value also showed a 4 percent increase, reaching $83.8 million, according to the Korea Agro-

Industry Aug. 4, 2024

Food items made with locally sourced ingredients have emerged among food companies in Korea. This approach, which aligns with those companies’ corporate social responsibility efforts, supports economic growth in rural areas and offers unique experiences for consumers, collectively known as "loconomy." On July 11, McDonald’s Korea launched the Jinju Pepper Cream Cheese Burger and Jinju Pepper Cream Cheese Muffin, both using peppers produced in Jinju, South Gyeongsang Provinc

weekender Aug. 3, 2024

The business communities in South Korea and Vietnam are anticipating reductions in production costs and technology advancements, respectively, from bilateral economic cooperation between the two nations, according to a survey released Thursday. The survey, conducted by the Korea Chamber of Commerce and Industry, collected responses from a total of 257 business and industry officials from Korea and Vietnam who attended the Korea-Vietnam Business Forum held in Seoul on July 1. In the survey, Korea

Industry Aug. 1, 2024

Hyundai Group Chairperson Hyun Jeong-eun has been reappointed honorary governor of North Chungcheong Province, in recognition of her and Hyundai’s contributions to regional development, the group said Wednesday. The appointment ceremony was held Wednesday at Hyundai Group’s headquarters in central Seoul, attended by Kim Yong-hwan, governor of North Chungcheong Province, and Hyundai Group Chairperson Hyun Jeong-eun. "North Chungcheong Province, with its geographical advantage at

Companies July 31, 2024

South Korean tobacco maker KT&G said Wednesday it has signed a memorandum of understanding with Philip Morris International, the global leader in smoke-free cigarettes, to collaborate on regulatory submissions in the US prior to officially launching its products there. Focused on KT&G's heated tobacco products, this agreement demonstrates both companies’ commitment to collaborating on the premarket tobacco product application process with the US Food and Drug Administration, a

Companies July 31, 2024

Lotte Wellfood announced Tuesday it plans to merge its Indian subsidiaries, Lotte India and Havmor Ice Cream, to improve operational efficiency and enhance its presence in the Indian market. According to the company, the boards of both affiliates approved the decision in meetings held Monday. Under the merger agreement, Lotte India will acquire Havmor Ice Cream, and both brands will continue their product lines. "Lotte Wellfood has decided to create a combined entity in India to enhance our

Companies July 30, 2024

Tmon, an online marketplace platform owned by Singapore-based e-commerce company Qoo10, on Friday, started issuing refunds to customers who did not receive their products purchased on the platform hit by a liquidity crisis. This move comes a day after the CEO of WeMakePrice, another affiliate of Qoo10, offered an apology and began issuing refunds as hundreds of consumers visited the headquarters of the online marketplace platform. Tmon and WeMakePrice, which were acquired by Qoo10 in 2022 and 20

Companies July 26, 2024

Tensions are escalating over the liquidity crisis of online shopping platforms WeMakePrice and Tmon, both owned by Singapore-based e-commerce company Qoo10, sparking massive complaints and fears of wider damage. The platforms failed to pay money owed to sellers in May, prompting traders to leave the platform as well as customer complaints. In an urgent press conference Thursday, Ryu Hwan-hyun, CEO of WeMakePrice, said the value of delayed payments by the company was some 4 billion won ($2.9 mill

Industry July 25, 2024

Sellers are leaving Tmon and Wemakeprice, the online shopping platforms owned by Singapore-based e-commerce giant Qoo10, due to delays in payment reportedly caused by liquidity issues, according to industry sources, Wednesday. Major retailers like Lotte Shopping, GS Retail and Hyundai Department Store suspended sales on Tmon and Wemakeprice earlier this week, citing a failures in getting paid by the two platforms. Similarly, travel agencies including Hana Tour, Modetour and Yellow Balloon Tour a

Industry July 24, 2024

LG Chem announced on Wednesday that Rhythm Pharmaceuticals, which had acquired the global license for LB54640 -- a new oral drug for a rare form of obesity developed by LG Chem -- has begun giving doses to the first participants in a phase 2 clinical trial. For the phase 2 trial, Rhythm Pharmaceuticals recruited 28 patients aged 12 and older with hypothalamic obesity -- a condition caused by congenital or acquired damage to hypothalamic function, resulting in difficulties in appetite control. Th

Companies July 24, 2024

Nongshim announced on Tuesday that it has been selected for South Korea's smart farm export project that aims to establish and operate a pilot greenhouse in Saudi Arabia. The project is initiated by the Ministry of Agriculture, Food and Rural Affairs and led by the Korea Agriculture Technology Promotion Agency, according to the company. The agreement ceremony took place at Nongshim's headquarters in Seoul, attended by Nongshim CEO Lee Byung-hak, Korea Agriculture Technology Promotion A

Companies July 23, 2024

Vien Yeung, a 29-year-old Chinese American from the University of California, Berkeley, and a current MBA candidate at Harvard Business School, has chosen to spend her summer at Korea's food giant, CJ CheilJedang. With her graduation set for March 2025, Yeung's decision to work at the company stems from her ambition to gain international experience for her future career. “I wanted to get my MBA to reach the executive level, potentially becoming a chief marketing officer one day,&

Companies July 23, 2024

Chinese e-commerce giant Alibaba.com, owned by Alibaba Group, said Monday that it will launch an online platform to help Korean sellers expand into global online markets. The new platform, called the South Korea Pavilion, will be available starting Aug. 8 and will focus on business-to-business transactions, according to the company. "Despite the abundance of talented sellers in Korea across various fields such as food, cosmetics and auto parts, many still struggle to expand their online sal

Companies July 22, 2024

Yoo Sang-im, a professor of materials engineering at Seoul National University, has been nominated as the new minister of science and ICT, the presidential office announced Thursday. Introducing Yoo, the presidential office described him as “the right person to strongly lead our country’s science and technology policies during this great transformation of the advanced technology revolution, based on his long research experience and expertise in the field of science and technology.&rd

Politics July 18, 2024