Most Popular
-
1
10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
-
2
Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
-
3
Second Gimpo civil servant found dead, after apologizing for not finishing work
-
4
DP leader says he will meet Yoon without conditions
-
5
First-ever meeting of president, opposition chief set to finally happen
-
6
NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
-
7
Blinken calls on China to press N. Korea to end its 'dangerous' behavior
-
8
Experts raise concerns about Japan putting pressure on Naver over Line
-
9
Samsung mobile chief, Google device head meet in Seoul
-
10
Ship linked to NK arms shipments to Russia is moored in China: State Dept.
-
Naver aims to improve Poshmark tech amid market jitters
South Korean internet giant Naver on Friday unveiled a slew of new projects aimed at giving Poshmark, the US reselling platform it acquired early this month, a technological edge and returning it to profit. Naver took over Poschmark for $1.31 billion on Jan. 6, in its largest-ever deal. As their first collaboration, called "Posh Lens," Naver will be providing Poshmark with the internet firm's visual search technology to allow users to be able to find products they want by taking p
Jan. 15, 2023
-
Orchestra Private Equity to acquire KFC Korea for 60 billion won
Orchestra Private Equity, a private equity firm based in Singapore, has signed a stock purchase agreement to acquire chicken franchise KFC Korea, according to industry sources on Friday. Under the deal signed on Thursday, Orchestra PE will purchase a 100 percent stake in KFC Korea from KG Group, a chemical-to-steel company based in Seoul. The transaction has an estimated worth of 60 billion won ($48.3 million) to 70 billion won. KFC Korea has been on sale for a year by KG Group which took ov
Jan. 13, 2023
-
Naver becomes biggest shareholder in Spain's No. 1 resell platform
In continued efforts to expedite its foray into the global consumer-to-consumer, or C2C, market, e-commerce platform Naver recently became the largest shareholder of Spanish secondhand marketplace Wallapop with an investment worth 75 million euros ($80.7 million), according to industry sources Thursday. Following Naver's investment worth 115 million euros made in last February to acquire 10 percent of Wallapop's stocks, with the additional investment, Naver now stands as the largest sh
Jan. 12, 2023
-
[Photo News] LG's new anti-aging device
LG Electronics on Tuesday launched a new skin care device called Pra.L DermaThera that uses ultrasonic control technology to help the skin produce collagen and improve elasticity. The latest addition to the tech giant’s popular Pra.L beauty device lineup is priced at 1.59 million won ($1,280).
Jan. 10, 2023
-
CJ CheilJedang seeks to expand K-food territory
One of South Korean food giant CJ CheilJedang's new year's resolutions appears to be to make an active foray into the global market. The food conglomerate recently said it is slated to accelerate its expansion of "K-Food Global Territory" by making inroads into previously unexplored markets. "We will make a fully fledged entry into countries that we have not tapped yet and achieve growth with seven global strategic products," said Choi Eun-seok, CEO of CJ CheilJedan
Jan. 9, 2023
-
[Graphic News] Imports of party supplies hit record high through Nov.
South Korea’s imports of party supplies, such as decorations and balloons, hit a record-high through November this year, customs data showed, as the country has lifted social-distancing rules. The combined imports of party supplies over the January-November period came to $64 million, up 31.7 percent from a year earlier, according to the data compiled by the Korea Customs Service. The amount far exceeds $56 million tallied for all of 2021. The growth came as people hosted various parties,
Jan. 6, 2023
-
[KH Explains] No more ‘Burberry check’ on Korean school uniforms
With a new semester starting in two months, South Korean school uniform makers are currently busy reproducing a slew of checkered-pattern school uniforms. "Tens of millions of won have gone to waste," said an official from Hyungji Elite, a school uniform brand, who wished to be unnamed. The hasty disposal and reproduction of school uniforms follows an agreement reached last year between UK fashion juggernaut Burberry and the Korean School-uniform Industry Association, a business lobb
Jan. 5, 2023
-
Duty-free industry pinning high hopes on China liftng 'COVID-zero' policy
With China abolishing measures to quarantine its travelers starting 2023, South Korean duty-free shops are expecting a boost in its earnings, according to industry sources Monday. China's National Health Commission announced recently that starting Jan. 8, overseas entrants to China will no longer need to be quarantined or take PCR tests upon returning to the country. This marks the first time in three years since the pandemic broke loose that Chinese tourists will be able to travel abroad w
Jan. 2, 2023
-
Naver-Coupang rivalry entering new phase
E-commerce platform Naver is bolstering its delivery service, which has remained its weak point despite its vast vendor network, and renewing competition with its archrival Coupang. Naver said recently it is launching a new delivery scheme, called “Naver Guaranteed Delivery Service,” starting Jan. 14, which aims to minimize delivery time and compensate consumers if their orders do not arrive on time. The point reward worth 1,000 won ($0.8) compares to delivery fees normally priced at
Jan. 1, 2023
-
New rules on 'best before' dates to increase products' shelf life
The nation’s 38-year-old food expiration date system will be revised from next year to be based on use-by dates of food items, not sell-by dates, in an attempt to reduce food waste. The use-by date refers to the last day food can be consumed. If the food is older than that date, the consumer should not eat, freeze or cook the food as it may cause food poisoning. For decades, Korea has adopted a scheme based on the sell-by date, which reflects the producer’s estimate of when a food it
Dec. 26, 2022
-
Samsung chief's puffer vest sells out in one day
A simple puffer vest worn by Samsung Electronics Chairman Lee Jae-yong stole the limelight when the business mogul appeared at Gimpo International Airport on Wednesday, with the item selling out online just one day later. Lee, who usually dresses in formal Western business attire for official engagements, was headed for Vietnam to participate in an inauguration ceremony for a newly built Samsung Research and Development center. The mobile device R&D center is the company's largest in So
Dec. 23, 2022
-
7-Eleven speeds up converting Ministop stores
US-originated convenience store chain 7-Eleven is speeding up to complete the ongoing conversion of Ministop stores by the end of next year as the Korean operator owned by Lotte Group aims to cement its market position among the nation’s top three convenience store operators, according to Korea Seven on Wednesday. Lotte CVS 711, a Lotte affiliate, recently transferred an additional 20.5 billion won ($16 million) to Korea Seven, the local operator of 7-Eleven stores, to expedite switching M
Dec. 21, 2022
-
Luxury hotels slash VIP benefits to brace for lackluster year
Popular hotel chains are tightening criteria for VIP memberships and slashing generous benefits in a move to brace for lackluster sales next year, according to industry sources on Tuesday. Starting Jan. 1, Lotte Hotel, the nation’s largest hotel chain, will raise the bar to qualify for its Rewards Membership. Currently, classic, silver, gold and platinum memberships are awarded based on the customer's number of stays at Lotte chain hotels nationwide. A customer must now stay over at a
Dec. 20, 2022
-
[Photo News] Wishing tree
A promotional poster for Paris Baguette's Christmas seasonal cake "Snow Wishing Tree" is pictured. The coffeehouse-to-bakery chain, owned by SPC Group, has unveiled this year's Christmas cake lineup consisting of five tree-shaped cakes.
Dec. 20, 2022
-
Fashion powerhouse inks exclusive contracts with overseas designer brands
Hyundai Department Store's fashion retail arm Handsome said Thursday it inked three separate exclusive domestic distribution contracts with foreign designer brands, in a drive to expand its overseas fashion portfolio. The fashion retailer clinched exclusive deals with US designer brands Gabriela Hearst, Veronica Beard and Swedish fashion brand Toteme. French luxury brand Chloe's creative director Gabriela Hearst's eponymous clothing brand was launched in the US in 2015 and focuses
Dec. 15, 2022
-
Ministry bets big on fostering food-tech startups
In a bid to strengthen the nation's food technology industry, the government unveiled its plan on Wednesday to incubate 30 unicorn startups and aim to quadruple food-tech related exports by 2027. According to the Ministry of Agriculture, Food and Rural Affairs, food-tech refers to a newly rising industry which applies state-of-the-art technologies such as biotechnology, and artificial intelligence to various processes including preservation, processing, packaging, distribution, and use of
Dec. 14, 2022
-
[Herald Interview] Retail mogul calls for diaspora support
Administrative and financial support to over 7 million ethnic Koreans living outside South Korea has largely remained insufficient, despite their contributions to the growth of Korea's export-driven economy, claimed a supermarket boss who runs over 130 stores in Vietnam. "Businesses run by ethnic Koreans overseas have been at the forefront of the Korean economy," said Ko Sang-goo, president of the Vietnam-based K-Market supermarket chain operator K&K Global Trading Co., in a r
Dec. 14, 2022
-
Pulmuone supplies plant-based food to 18 US universities
South Korean food giant Pulmuone’s US affiliate Pulmuone Foods USA said Tuesday it has secured deals with 18 major US university campuses to supply plant-based foods. Pulmuone had forayed into the US market in 2014, working with one of the US’ largest college food service providers UMass Dining to supply plant-based food products such as vegan steaks to universities and restaurant chains. Under its partnership with UMass Dining, the food giant signed a contract to supply its plant-ba
Dec. 13, 2022
-
[Graphic News] Imports of leisure equipment up 2.5% through October
South Korea’s imports of camping and hiking equipment rose 2.5 percent on-year through October this year, data showed Wednesday, as more people enjoyed activities avoiding crowds amid the pandemic. The combined imports of leisure equipment, including camping and hiking gear, came to $304 million in the January-October period, rising from $297 million posted a year earlier, data compiled by the Korea Customs Service showed. It also marked a sharp rise from just $148 million posted for all o
Dec. 12, 2022
-
2023 retail outlook worse than pre-pandemic levels: survey
Over half of retail business owners, or 55.3 percent, who were surveyed projected a gloomy outlook for 2023, as business sentiment among them seemed worse than pre-pandemic levels. According to a survey conducted by the Korea Chamber of Commerce and Industry on 300 retail business owners that was released Sunday, respondents predicted an average of 1.8 percent growth in the retail sector next year, compared to this year’s estimated 5.9 percent growth. “Despite expectations about econ
Dec. 11, 2022