Paris Baguette operator SPC Group promoted its third-generation heir Hur Jin-soo as president of Paris Croissant, the group‘s de facto holding company, the firm announced Thursday. The recent promotion is in recognition of Hur’s contribution to raising Paris Baguette’s brand awareness in major foreign markets, explained SPC. He also led the bakery chain’s joint venture project in Indonesia and Cambodia this year. At its global branches, SPC appointed foreign executive

Consumer Dec. 30, 2021

Shinsegae and Seoul Auction are teaming up to expand operations in arts, NFTs and metaverse fields, South Korea’s largest art auction house said Thursday. The department store operator will purchase 28 billion-won ($23.6 million) of new shares issued by Seoul Auction, according to a DART announcement posted by the two firms on Wednesday.  When the acquisition is finalized on Jan. 6, Shinsegae will own a 4.82 percent stake in Seoul Auction. The firm is currently the largest art auc

Consumer Dec. 30, 2021

A local manufacturer and a distributor of a plastic baby bathtub that was previously recalled for containing high levels of toxic environmental hormones will have to pay compensation to thousands of customers. The Korea Consumer Agency said Wednesday it advised the baby tub’s manufacturer, Daehyeon Chemical, and its intermediate distributor, Kihyun Industries, to pay 50,000 won ($42) to each customer who used the product as compensation. While the tub was mostly sold at Daiso stores, t

Consumer Dec. 29, 2021

Six out of 10 Koreans do not think fried chicken is Korean food, or hansik, according to a survey from a public institution released Monday. The results come from a survey conducted by the Korea Food Promotion Institution in October on 1,500 Korean nationals aged between 19 to 69. Respondents were shown 30 dishes commonly enjoyed by locals and asked whether they thought the dish was “Korean” or not. Only 36.1 percent of respondents answered Korean style fried chicken -- without

Consumer Dec. 27, 2021

The market for fragrance products has seen an unprecedented expansion both in size and type of products, with more consumers, especially those in their 20s and 30s, opening their wallets for new olfactory experiences in the middle of the coronavirus pandemic. According to global market watcher Euromonitor, Korea’s fragrance market grew 36.4 percent from 2018 to 2019, and is projected to reach 650 billion won ($547.5 million) by 2023. “During a crisis, we depend more on our olfact

Consumer Dec. 26, 2021

Hundreds of small business owners took to the streets in Seoul on Wednesday to express their pent-up anger over the government‘s retightening of COVID-19 protocols nationwide. Chants of “Stop politically-motivated quarantine measures that kill all business owners” resounded throughout Gwanghwamun Plaza in central Seoul, as the large group of protesters demanded an immediate lift of gathering bans and operation hour limits. “The more than three-month long level four so

Consumer Dec. 22, 2021

BAT Rothmans, the Korean business arm of British American Tobacco, is ramping up its recycling campaign in Korea to encourage people not to throw away used Glo devices, the company said Wednesday. The Seoul office of the London-based tobacco company said it has installed return bins for Glo tobacco heating devices at 50 convenience stores in cities nationwide with heavy foot traffic, with more to be added in the coming year. Customers can go to either a 7-Eleven, CU or GS25 convenience store

Consumer Dec. 22, 2021

In a bid to penetrate the US electric vehicle market, Posco International said Tuesday it is opening a Mexico office to oversee the production plant of a core component. The component, the rotor motor core, is used to generate electricity in electric motors. The decision has been approved by the board, the trading arm of Korea’s leading steelmaker said. Some 52 billion won ($43.6 million) will be invested in building the facility, of which 80 percent will be funded by Posco Internat

Industry Dec. 22, 2021

Virtual humans are everywhere: They promote products on social media, appear on billboard ads and now host infomercial shows. Lotte Home Shopping said Tuesday its virtual model Lucy will make her television debut as a show host on Wednesday for a special Christmas broadcast. Lucy is scheduled to appear in a teaser clip of the program and will introduce products offered on sale. This will be the first time the public gets to hear her voice, the infomercial channel said. Boasting 70,000 fol

Consumer Dec. 21, 2021

Louis Vuitton, a brand that once symbolized the prestige that came along with overseas travel for Koreans, is exiting some duty-free stores in Korea, according to multiple officials in the industry. “Louis Vuitton announced mid this year it will pull out of all Korean duty-free stores operating in the city. It’s unclear exactly when, but we expect it will be around the end of the year to early 2022,” said one official from a local duty-free operator who requested anonymity.

Consumer Dec. 20, 2021

Plant will become the new beef on our dinner tables soon, with more Korean food companies coming up with their own versions of plant-based meat alternatives to cater to global vegan population of some 79 million and growing. CJ CheilJedang said Sunday its launching a vegan brand called PlantTable due to a growing interest in vegetarian food here in Korea and around the world. The food company said it will launch two types of vegan Bibigo Dumpling products in Singapore and Australia sometime

Consumer Dec. 19, 2021

Customer demand for wine and Korean beef has shown rapid increase this year, as an alternative to dining outside, said the local discount chain E-mart on Sunday. The discount retailer tracked the changes in the type of products sold from 2019 to November this year. According to the store’s data, wine leaped from 10th place in 2019 to sixth in 2021, with sales jumping by 32 percent from 2019.  More Korean consumers have started venturing into higher-priced wines compared to the sta

Consumer Dec. 19, 2021

South Korean beauty giant Amorepacific is mulling drastically reducing the number of its Chinese stores amid faltering sales, while also ramping up efforts to expand its luxury portfolio and online sales. President Kim Seung-hwan reportedly hinted at a strategic shift in the company’s China business in a meeting with local analysts this week. As of 2019, Amorepacific operated 1,280 stores of five budget brands -- Hera, IOPE, Mamonde, Etude and Laneige -- in China. In 2020 that number fe

Consumer Dec. 16, 2021

Trade Week 2021 ended its four-day run on Friday, connecting local small and medium sized enterprises with foreign buyers and inviting experts to share insights on globalization strategies. Organized by the Seoul Business Agency, the event offered various business opportunities for participating small enterprises through programs such as online business matching with foreign buyers, live commerce sessions and product launch events. Local daily necessities maker CM Company inked a deal with

Consumer Dec. 15, 2021

This year will be the first time Choi Kyung-mi ordered a cake for Christmas. The freelance writer placed an order for a 38,000 won chocolate vegan cake she planned on sharing with friends and family at a party to celebrate the end of the year.  She was one of the lucky ones: Cakes have already been selling out at bakeries across the country. Tous Les Jours bakery franchise operator CJ Foodville said it has seen an explosive growth in reservations for its Christmas cakes this year, as ma

Consumer Dec. 13, 2021