Coway named “Best Korea Brand” by Interbrand

Coway, a South Korean home appliance rental firm, has been named one of the “Best Korea Brands 2021” by global management consulting firm Interbrand. This year’s recognition marks the seventh year running that the company has been named among the 50 best brands that represent South Korea. Coming in the 27th place, Coway’s brand value enjoyed a 8.1 percent year-on-year increase and was estimated at 1.12 trillion won. Leading the global environmental home appliances with

June 27, 2021

South Korea’s growing craft beer boom

Craft beers are enjoying a surge in popularity as more beer drinkers in South Korea seek to broaden their choices, bucking the years-long trend of sticking to major mass-produced beers which have dominated the country. According to data from convenience store chain CU, sales of craft beer are growing exponentially, up nearly 500 percent in 2020 compared to the previous year. The upward trend appears to be continuing this year as sales have risen by 239.2 percent as of June 21, compared to the

June 27, 2021

Shinsegae Department Store to build new landmark in Suseo

Shinsegae Department Store will build a new department store in the envisioned Suseo Station Transit Center Complex, the company said Friday. According to the retail giant, a consortium led by Hanwha Engineering and Construction and participated in by Shinsegae has been chosen as the preferred candidate for the Suseo Station Transit Center Complex Development Project, which is worth about 1.2 trillion won. The Suseo Station Transit Center Complex Development Project aims to develop a 115,927

June 25, 2021

SPAO launches daywear hanbok collection

E-Land Group’s fast fashion brand SPAO said Thursday it would launch a casual hanbok collection ranging from robes, pajamas to accessories. Ten items featuring patterns inspired by plum blossoms and bamboo will be released as part of the collection, which will go on sale online on the brand’s official website and fashion e-commerce platform Musinsa on Friday. The collection, which is a collaboration project with hanbok brand Leesle, garnered attention before its official release ov

June 24, 2021

BAT unveils eco-friendly package for Glo

BAT Korea has unveiled a new “Eco Package” for its tobacco heating product Glo in its latest effort to embrace environmental, social and corporate governance values. To minimize carbon emissions and resources during the product distribution process, the size of the package has been reduced 30 percent, the South Korean unit of the British multinational company said. In addition, the product instructions have been simplified while the charging adapter, which was mainly made of plast

June 24, 2021

Coupang faces biggest backlash yet as criticism mounts over working conditions

In March, Coupang made history as the first South Korean startup to make its debut on the New York Stock Exchange in the US, becoming a subject of both awe and envy among entrepreneurs here. But a few months later, it now faces growing criticism, with many suggesting the company achieved stellar growth by sacrificing the safety and well-being of its workers. A series of deaths among its workers and a fire at one of its distribution centers last week seem to have reinforced that view. Outside

June 22, 2021

Coway aims to go net-zero by 2050

Coway, a South Korean home appliance rental firm, will gradually reduce its greenhouse gas emissions and go net-zero by 2050, the company said Monday. Reiterating its commitment to its environmental, social and corporate governance initiative, the firm said it aimed to cut its emissions in half by 2030. By 2050, the company plans to operate entirely on renewable energy sources. To that end, Coway is using solar power at its three factories and one distribution center, with plans to invest f

June 21, 2021

Naver and CJ Logistics push for next day delivery

Naver and CJ Logistics said on Sunday its “all-round” fulfillment center in Gunpo, Gyeonggi Province, had begun operation in a further push for next day delivery. The five-story warehouse, boasting a floor space of 38,400 square meters -- an equivalent of five soccer stadiums -- can store, manage, pack and ship items using the latest logistics technology including MPS and eFLEXS. Another center with a cold chain system focusing on chilled and frozen products is set to open in Yongi

June 20, 2021

Shinsegae-Naver consortium likely winner of eBay Korea takeover bid: report

A consortium of South Korean retail giant Shinsegae Group and internet behemoth Naver is expected to win a bid to take over eBay Korea, local media reported Wednesday. If materialized, the deal would set off a major shake-up in the country’s e-commerce retail segment. No official announcement had been made as of Wednesday afternoon. In a regulatory filing Wednesday afternoon, E-mart, Shinsegae Group’s retail affiliate, said it was participating in the tender and in discussions

June 16, 2021

CU rolls out third collaboration beer

A new craft beer inspired by white sheep, a symbol of a local underwear brand, will hit CU convenience store shelves on Thursday. The Baik Yang BYC Vienna Lager is the third collaboration beer launched by CU, according to BGF Retail, the firm behind the convenience store chain. BYC is an underwear brand, established in 1946. The company is well known for its white undershirts, and it has used an image of a white sheep as its symbol from 1957, according to CU. The name of the beer and symbo

June 15, 2021

[Herald Interview] Eve: making inclusive condoms for everyone

It is not so often that companies in South Korea go out of their way to cater to the LGBTQ community. Eve, however, is not afraid to embrace everyone. With its gender-neutral models and simple product packaging, the sexual health brand is a far cry from the heteronormative narrative that has dominated the condom industry for years. “While everyone who is sexually active is our potential target, it is true that the condom industry has heavily relied on sex appeal and focused on heterosexu

June 14, 2021

GS25 to expand AI robot delivery service

South Korean convenience store GS25 said Sunday that it has recently launched a delivery service using an artificial intelligence-based robot at a second location in southern Seoul. The second AI-powered robot dispatched at its GS Tower branch in Yeoksam-dong in the Gangnam area comes after the company first unveiled the service last year. Customers can place an order via KakaoTalk to have staff load the items onto the robot, which then brings it to the customer’s doorstep using wireles

June 13, 2021

Race to take over eBay nears end, as delivery app Yogiyo seeks buyer

The new owner of eBay Korea, the third-largest e-commerce operator in the country, is expected to be announced this week after a monthslong bidding process draws to a close, industry sources said. The race is between two retail giants Shinsegae and Lotte Shopping. Both operate a wide range of businesses in the retail sector, including supermarkets and department stores, and have submitted their letters of intent for the Korean unit of eBay during the final round of bidding on June 7. Whoever w

June 13, 2021

Domestic demand extends improving momentum: ministry

South Korea's domestic demand is extending an improving trend as retail sales and consumer sentiment gained ground amid an economic recovery, the finance ministry said Friday. In its monthly economic assessment report, the ministry presented a positive assessment of private consumption for the second straight month. Last month, the government said domestic demand is "gradually" improving. "Exports and investment have continued to maintain solid recovery momentum, and domestic de

June 11, 2021

First Paris Baguette store opens in Cambodia

SPC Group is launching the Paris Baguette bakery franchise in Cambodia, opening the first branch in the country‘s capital city, the company said Wednesday. According to SPC Group, the Korean firm behind bakery brand Paris Baguette, it forged ties with Cambodia’s HSC Group to open the first Paris Baguette store in Phnom Penh. Cambodia is the sixth country in which Paris Baguette has launched, and it is the first time the bakery operator has formed a joint venture for its overseas

June 9, 2021

Duty-free sales surge by 50% on-year in April

South Korea’s duty-free industry in April marked its steepest expansion in three years, signaling a gradual recovery toward pre-coronavirus levels, government data showed Tuesday. According to Korean Statistical Information Service, the duty-free sales index climbed 51.6 percent on-year in April, marking the steepest growth since the 54.6 percent observed in May 2018. The given indicator comprises the combined monthly sales of all duty-free shops here. Sales for shoes and bags skyrocket

June 8, 2021

Duty-free sales surge to nearly 3-year high in April

Duty-free sales in South Korea jumped more than 50 percent in April to nearly a three-year high, signaling the industry's steady recovery toward the pre-pandemic level, government data showed Tuesday. Combined sales at duty-free shops in Asia's fourth-largest economy increased 51.6 percent in April from a year earlier, according to the data from the Korean Statistical Information Service (KOSIS). The figures mark the steepest monthly growth since 54.6 percent in May 2018. Sales surged 108 per

June 8, 2021

[Herald Interview] Line Man Wongnai eyes district-level expansion in Thailand this year

Line Man Wongnai, a food delivery service firm distantly affiliated with South Korea’s Naver, has said it will expand its operation nationwide in all 77 provinces in Thailand by the end of this year and hopes to branch out into districts in an effort to continue its growth. CEO Yod Chinsupakul said the company is “well primed” for a fast expansion given its database and local expertise, in a Zoom interview this month with The Korea Herald. “Wongnai already is a restaur

June 6, 2021

[Newsmaker] Backed by loyal fans, mint chocolate boom sweeps Korea

Fueled by support from loyal fans of its fresh and sweet flavor, mint chocolate is going mainstream in Korea. Snack firm Orion said Thursday it has released the Mint Choco Pie -- a minty take on its internationally popular snack. The limited edition of the snack, which is made of cacao biscuits covered in mint syrup and mint chocolate will be sold only this summer. Vanilla cream was added to Choco Pie’s signature layer of marshmallow to increase the sense of mintiness, the firm said. &l

June 3, 2021

Starbucks’ reusable cup pilot program to kick off on Jeju

Starbucks Korea will ditch single-use cups at four of its stores on Jeju Island from next month, serving its coffee in reusable cups instead, the company announced Wednesday. Starting from July 6, customers at the four stores located at Seohaean-ro, Aewol, Chilseong and Hyeop-jae will be served beverages in reusable cups that require a deposit fee of 1,000 won ($0.90), refundable upon return. They can reclaim the deposit at any of the four stores or at a multiuse cup return machine installed

June 2, 2021