Amorepacific shifts China strategy for sales rebound

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

Dec. 16, 2021

Trade Week 2021 offers export opportunities for SMEs

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

Dec. 15, 2021

Beating COVID blues: Koreans open wallets for ‘sweet luxuries’

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

Dec. 13, 2021

CJ Olive Young to speed up online push ahead of IPO next year

Health and beauty store chain CJ Olive Young plans to go beyond brick-and-mortar retail and transform itself into an “omnichannel platform” that connects e-commerce with offline retail, ahead of its plans to go public next year. “No one inside the company defines Olive Young as a health and beauty store. We see our brand as an omnichannel platform,” Olive Young CEO Koo Chang-geun said at a press event at Dongdaemun Design Plaza in Seoul on Friday. The renewed push to

Dec. 12, 2021

Beauty companies share globalization strategy at Trade Week 2021

Business leaders in the cosmetics and beauty industry shared their thoughts on the growth potential of K-beauty on Thursday, at Trade Week 2021, a four-day global conference organized by the Seoul Business Agency to offer support for small and medium-sized enterprises in Seoul.  L’Oreal’s Chief Digital Officer Lee Seon-young kicked off the seminar, explaining how digitalization is changing the company’s business strategy. “We do not think the rise in online busine

Dec. 9, 2021

Whey out of line: Seoul Milk under fire for portraying women as dairy cows in ad

Korea’s No. 1 milk producer by market share, Seoul Dairy Cooperative is under fire for objectifying women and portraying voyeurism in its latest video advertisement for its organic milk products. The 52-second video shows people, most of whom are presumably women, dressed in white drinking water from a stream and relaxing in a green meadow somewhere in Gangwon Province.  In the next scene, a man quietly approaches with a video camera from the cover of trees. He steps on a branch an

Dec. 9, 2021

[Herald Interview] Travel will be back in 2022 but in a different form, says luggage maker exec

Honeymoons were canceled, business trips were pushed back and vacation plans were postponed indefinitely for the past two years as the COVID-19 pandemic forced countries to tighten border control and decimated air travel. As vaccination rates rise and countries slowly open their borders under travel bubble agreements, travel will bounce back in 2022, but will take a different form, says Paul Melkebeke, Samsonite’s president for the Asia-Pacific and Middle East regions. “People wi

Dec. 8, 2021

Busan bar’s ‘No Professor Zone’ poster goes viral

A bar in Busan has declared itself a “No Professor Zone” to create a friendlier environment for student customers. When someone took a picture of the announcement and shared it in a tweet, it went viral. “We profusely apologize. For other customers to enjoy themselves with ease, we are asking full-time professors to refrain from entering our place,” the poster reads. The message appears to target scholars at Pusan National University, which is located near the venue.

Dec. 8, 2021

Unionized Chanel cosmetics workers threaten strike

Cosmetic store workers of Chanel Korea said Tuesday they would walk off from their jobs for an indefinite period from Dec. 17 if the French luxury brand fails to pay overdue wages and take steps to prevent sexual harassment in the workplace.  Union members representing 390 store workers at 85 cosmetics boutiques of Chanel held a press conference Tuesday in front of the firm’s office in Jung-gu, central Seoul.  The members are part of the Korea Confederation of Trade Unions, a

Dec. 7, 2021

Got oat milk? New dairy alternative takes hold in Korea

Coffee chains, food companies and the milk industry are seeing oat milk as a new alternative to dairy, as the industry tries to appeal to a growing number of health-conscious consumers and the budding vegan trend in South Korea. While oat milk is considered a common alternative to typical dairy milk in countries like the United States and Europe, the drink is relatively new here in Korea.  Leading the local oat milk trend here is, ironically, the milk industry.  In a country where

Dec. 6, 2021

Food, Beverages price grow 5% in Q3, marking 5th-steepest among OECD

Prices of groceries and nonalcoholic beverages in Korea rose 5 percent on-year in the July-September period, marking the fifth-largest increase among OECD nations, data showed Sunday. According to data from Statistics Korea and the Organization for Economic Cooperation and Development, prices of food and beverages grew even higher last month on-year at 6.1 percent on the back of strong price increases of agricultural and processed products. The quarterly price growth of food and beverages w

Dec. 5, 2021

Rider shortage driving up cost of your order

Food delivery apps saw their users decline after South Korea entered the first phase of the “living with COVID-19” scheme last month. But amid growing competition and a push by delivery apps for “one order per trip” to promise a speedy service, a delivery rider shortage is likely behind the rising cost of your order, industry sources said. According to IGAWorks’ mobile index, Android phone users who used delivery apps Baemin and Yogiyo dropped by 8.9 and 7.5 perc

Dec. 5, 2021

Daesang bags 2 prizes at Korea Advertising Awards

An advertisement campaign from Daesang took home two honors at the Korea Advertising Awards this year, according to the food company on Sunday. Founded in 1994, the Korea Advertising Awards are considered the most prestigious awards in the industry here. Some 2,000 advertisements are submitted for consideration each year, the organizers said. An advertisement series of Daesang’s “Anjuya” products -- ready-made side dishes to be paired with alcohol -- received two nominatio

Dec. 5, 2021

Retail sales up 14.4% in October on sales events, cold weather

Retail sales in South Korea surged 14.4 percent in October from a year earlier as more consumers opened their wallets amid various promotional events and cold weather, the industry ministry said Monday. The combined sales of 25 major offline and online retailers reached 13.6 trillion won ($11.41 billion) last month, compared with 12.01 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores rose 10 percent on-year in

Nov. 29, 2021

Burger King apologizes for plastic wrapper in burger

Burger King issued an apology Friday, after a plastic wrapper was found inside a burger sold at one of its stores in Sejong. “Burger King would like to sincerely apologize to the customer for the inconvenience,“ the US burger chain said in a statement. ”We are currenly investigating how the substance got into the food. Burger King will increase efforts to improve the quality of our products and services.“ On Thursday, a male customer told local media he found a she

Nov. 26, 2021

Lotte Group hires outsiders to lead key businesses

  Lotte Group has hired Kim Sang-hyun, former vice president of market rival Homeplus, to lead Lotte Shopping, which controls all the group’s retail business, officials said Thursday. The group’s hotel department will be led by Ahn Se-jin, former CEO of the Korean restaurant chain Nolboo. Kim Gyo-hyun, former head of Lotte Chemical, was promoted to vice president in recognition of his achievements in restoring the fortunes of the group’s chemical business to pre-pandemic

Nov. 25, 2021

480,000 Seoulites to pay comprehensive real estate tax this year

Comprehensive real estate taxes have been levied on nearly half a million homeowners in Seoul this year, up more than 20 percent from last year, as housing prices and tax rates surged. Seoul homeowners collectively faced 2.8 trillion won ($2.35 billion) in comprehensive real estate taxes, 2.3 times the amount levied last year. The sharp increase in the property holding tax could affect the market as some homeowners may choose to sell their homes to reduce the tax burden, thereby bringing down

Nov. 23, 2021

CJ CheilJedang spins off health supplement biz

In a move to expand its footprint in the health care sector, CJ CheilJedang will spin off its health and wellness business, the Korean food maker said Tuesday. Set to be launched on Jan. 1, the new subsidiary CJ Wellcare will be entirely controlled by CJ CheilJedang. The move comes after CJ Group Chairman Lee Jay-hyun in early November pledged to invest 10 trillion won ($8.41 billion) over the next three years to boost four growth engines -- one of which is the health and wellness sector.

Nov. 23, 2021

Food prices rise from pandemic, set to hit lower earners hard

Prices are rising for ramyeon, milk, and other everyday foods and drinks, as the pandemic has disrupted supply chains and pushed up the prices of agricultural goods. According to data from the Bank of Korea released Monday, consumer prices in the third quarter rose 2.6 percent from the same period last year. It was the steepest on-year increase in nine years, the institution said. First to feel the impact was South Korea’s No. 1 fried chicken franchise, Kyochon F&B. The company on

Nov. 22, 2021

Coway launches premium built-in water purifier

Coway, a South Korean home appliance maker, said Monday that it has launched a premium built-in water purifier that replaces the previous high-end model it introduced 10 years ago, with the aim of leading the trend toward built-in appliances. Coway’s Noble built-in water purifier features an under-sink filtration system, which is more commonly used abroad than in Korea, according to the company. For domestic customers who aren’t familiar with built-in water purifiers, Coway develop

Nov. 22, 2021