Articles by Lee Yoon-seo
Lee Yoon-seo
yoonseo.3348@heraldcorp.com-
Starbucks Korea delays free gift event after toxic bag debacle
Starbucks Korea is putting off its summer promotional event for 2023 in order to carry out tougher product inspection in the aftermath of the massive recall of a promotional product that contained toxic, carcinogenic chemicals last year. The seasonal promotional event, called the “e-frequency” reward program, has been taking place biannually in South Korea, offering limited-edition goods to its loyal customers since 2013. The coffee chain typically announces the launch of the summer
Industry May 11, 2023
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Coupang extends winning streak with record earnings
South Korea’s e-commerce giant Coupang said Wednesday it clocked in record quarterly earnings despite a general slowdown in the retail market, continuing its winning streak for three consecutive quarters since turning to black for the first time in 2022. In its first-quarter earnings call, the US-listed company said it logged record quarterly sales of $5.8 billion in the first three months of this year, seeing on-year growth of 13 percent. Operating profits and net income were tallied at $
Industry May 10, 2023
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Amorepacific, LG H&H face contrasting outlooks for Q2
Amid the generally sluggish business results of the Korean beauty industry during the first quarter, market analysts provided contrasting second quarter expectations for leading beauty giants LG Household & Health Care and Amorepacific. While the former's prospects appear dim, the latter is expected to rebound with the company's aggressive expansion of sales of its flagship brand Sulwhasoo, said stock market observers Monday. According to financial market tracker FN Guide, LG H&
Industry May 8, 2023
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20-somethings feeling the pinch from 'family month': survey
May is traditionally a month for a slew of family-oriented celebrations that involve gift-giving and outdoor dining. Regarding the holidays that are concentrated in early May, more than 80 percent of Koreans in their 20s said they feel pressured about having to spend money on holidays in "family month," according to a recent survey. The survey, conducted by job seeking site AlbaChunkuk on 615 Koreans in their 20s, showed that 85 percent of the respondents had replied they felt "st
Economy May 5, 2023
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LowCarbon strikes partnership with Florida for hydrogen energy biz
A South Korean climate tech company LowCarbon said Friday it struck up a partnership with the state of Florida in a bid to ramp up its efforts to construct research hubs for clean hydrogen technology in the United States and expand its presence in the US hydrogen market. Via a memorandum of agreement signed at a hotel in Seoul on April 26, LowCarbon said it is expected to participate in the $8 billion clean hydrogen hub project sought by the US Department of Energy and the Floridian government.
Industry May 5, 2023
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[Herald Interview] Fila looks to long-term growth through ESG efforts
The century-old Italian-South Korean sportswear brand Fila is vying for long-term growth by establishing global consistency in its businesses, chiefly by incorporating ESG values into its operations across the world, according to the firm's chairman. Gene Yoon, chairman of Fila Holdings & Acushnet Holdings, said during an online interview Thursday that Fila will be putting in all efforts to prepare a solid foundation for the company's long-term growth by undertaking more concrete E
Industry May 4, 2023
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[KH Explains] Global fast food franchises fail to find local buyers
Korean people love burgers, but potential buyers hesitate to snap up deals tied to global burger franchises like McDonald's due to rigorous headquarter policies that often spark conflict and hinder growth. McDonald's Korea has been struggling to find a buyer since it has been put up for sale in June last year despite double-digit growth of Korea's hamburger market in recent years. According to market research firm Euromonitor, the hamburger market here was valued at 4 trillion won ($2.9 billion)
Industry May 3, 2023
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'Family month' of May faces inflation woes
May, also known as "family month," is when Korean consumers dine out in celebration of a string of family-oriented holidays such as Children's Day, Parent's Day and Teacher's Day. However, with the country seeing an exponential growth in consumer prices lately -- mainly those of agricultural products and livestock -- concerns are rising that dining out is increasingly becoming less affordable for most Koreans. Kim, a white-collar worker in his 20s, told The Korea Herald
Consumer May 1, 2023
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[Weekender] Korea in midst of golf wear craze
Kim Min-young, a white-collar office worker in her 30s, said that in light of the start of golf season -- which customarily runs from April to September -- she recently spent some 700,000 won ($523) on clothes from the newly released spring and summer collection launched by her favorite golf wear brand. "When my friends and I go to golf courses for a game, there's definitely that tension of scanning who is using what and who is wearing what -- and what brands the products are from,&q
Industry April 29, 2023
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Posco International posts upbeat earnings after merger
Posco Group's general trading arm Posco International said Thursday the company has seen a significant improvement in terms of performance, according to its first quarterly earnings report released since merging with Posco Energy on January. In a regulatory filing, Posco International said it recorded 8.3 trillion won ($6.1 billion) in sales from January to March, a 16 percent decrease from the same period from a year earlier. However, the company added that it generally saw a jump in its p
Industry April 27, 2023
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Samsung, Posco join forces to tackle business uncertainties
South Korean steel giant Posco said Tuesday it had signed its first ever long-term agreement with Samsung Electronics in a bid to expand technical cooperation between the two industrial giants and to jointly seek new business opportunities. According to Posco, its Vice Chairman Kim Hak-dong and Samsung Electronics Vice Chairman Han Jong-hee visited Samsung's headquarters in Suwon, Gyeonggi Province, to iterate the specifics of the three-year agreement the two companies signed in March. &quo
Industry April 25, 2023
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Coupang couriers launch labor union, claiming decline in working conditions
Delivery workers of e-commerce giant Coupang's subcontractors have set up a labor union, calling for better working conditions amid the company’s rapid growth in recent years. According to the Korean Confederation of Trade Unions, one of the major umbrella confederations of unions here, the new labor union held a launching ceremony at the company’s logistics center in Yongin, Gyeonggi Province, on Monday. This labor union primarily includes delivery workers at subcontracted comp
Consumer April 24, 2023
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Colombian avocados found to have excessive level of pesticides
More than 200 times the amount of pesticides permitted on avocados had been detected in those shipped from Colombia to South Korea, according to the Ministry of Food and Drug Safety. In 22,080 kilograms of Colombian avocados imported by a Korean agricultural product trade platform operator Tridge, 2.03 milligrams per kilogram of thiabendazole had been detected. This is much higher than the standard of 0.01 milligram per kilogram set by the Korean regulator. Thiabendazole, a fungicide and pestici
Consumer April 21, 2023
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[K-Food] Harim at forefront of exporting Korean superfood samgyetang
This article is the seventh installment in a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Amid the rising demand for healthy foods, South Korea has increasingly exported its traditional superfood samgyetang, or ginseng chicken soup, to overseas markets in recent years. According to the Korea Agro-Fisheries and Food Trade Corp., exports of samgyetang have jumped by 64 percent from $11 million in 2017 to
Consumer April 20, 2023
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Vietnam's Thai Binh province looks to attract investment from Korea
A delegation from Vietnam held a conference in Seoul on Wednesday to promote the Vietnamese province of Thai Binh's potential to rise as an industrial zone, calling for investments from South Korean companies. The event, co-organized by Thai Binh Provincial People's Committee, the Embassy of the Vietnam and The Korea Herald, sought to introduce the province's transition from agriculture-oriented industry to a smart industrial complex. "As of first quarter of 2023, Thai Binh
Industry April 19, 2023
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