Pulmuone aims to challenge Beyond Meat, Impossible Foods in plant-based food

Amid the growing popularity of plant-based proteins as healthy and eco-friendly alternatives to meat, Pulmuone aims to become a leader in the plant-based food industry, the company said Wednesday. The South Korean food company’s Plant Protein Meal Bureau will release new products domestically and globally, in countries including the US, China and Japan, it added. Pulmuone, which revealed a three-year plan for the plant-based food push, chose six categories to focus on: plant-based pro

March 24, 2021

Nongshim rakes in W2tr in ramen sales

South Korean food and beverage company Nongshim’s instant ramen sales reached 2 trillion won ($1.8 billion) for the first time last year on the back of the coronavirus pandemic and the “jjapaguri” dish from the Oscar-winning film “Parasite.” Sales of the company’s instant noodles rose to 2.09 trillion in 2020, a 16.3 percent year-on-year increase from one year ago and accounted for 79 percent of its total revenue, the firm’s annual report revealed on We

March 24, 2021

Gmarket app completely renewed for more intuitive usage

Gmarket’s mobile app has undergone a complete reform to be more intuitive and easier to use, eBay Korea, the company behind the online marketplace, said Tuesday. According to the e-commerce platform operator which also runs G9 and Auction in South Korea, the app has been renewed to match Gmarket’s new brand identity. The changes are not just in the way it looks, but in the way the app operates to offer a more convenient shopping experience for customers, it stressed. Having la

March 23, 2021

Courier services used once every four days in 2020

South Korea’s economically active population used courier services once every four days on average last year, spending an average of 2,221 won ($2) per order, new government data revealed. The volume of parcels reached 3.37 billion, a 20.9 percent year-on-year increase, the National Logistics Information Center said on Sunday, citing data from the Korea Integrated Logistics Association. The country’s economically active population -- those aged 15 and over either in employment or s

March 21, 2021

Coupang announces early stock lockup agreement release; employees allowed to sell stocks

About a week into its debut on the New York Stock Exchange, Coupang is allowing some of its workers to sell their shares. Coupang announced an early stock lockup agreement release for about 34 million shares held by employees, which became eligible for sale at the opening of trading Thursday US time. According to the South Korean e-commerce platform company, the condition of the release -- that its stocks must close at or above the initial public offering price, $35 -- was satisfied as of th

March 19, 2021

Samyang Foods tops W600b in sales in 2020, setting record

Samyang Foods achieved record sales of 648.5 billion won ($572 million) and an operating profit of 95.3 billion won in 2020 despite the COVID-19 pandemic, the South Korean food company said Friday. Samyang Foods, which produces the globally popular Buldak Spicy Chicken Noodle, said both its sales and operating profit jumped last year from a year earlier, by 19.3 percent and 21.9 percent, respectively. Sales from overseas backed the sales growth, having increased 35.8 percent on-year to reco

March 19, 2021

OB releases series of new beers to maintain edge

Oriental Brewery Co. has released a series of new “high tech” beers in recent months to maintain its market lead. OB accounted for some 52 percent of Korea’s home beer market last year, according to Nielsen Korea, with its flagship beer Cass Fresh alone accounting for some 40 percent. In a statement, CEO Ben Verhaert said the company is seeking to continue to progress to accommodate changing consumer trends. All New Cass Hoping to continue its lead in the market, OB unveil

March 18, 2021

CU launches beer subscription service

CU is launching a beer subscription service to target the increasing number of people enjoying imbibing alone and at home, the convenience store chain operator said Thursday. BGF Retail, the firm behind the convenience store chain, has teamed up with beer subscription app service Dailyshot to roll out its service where a user can get three cans of popular beer products from a nearby CU store at 6,900 won ($6.10) per month. CU is the first to launch such a service for beer in the convenience

March 18, 2021

More cosmetics firms adopt eco-friendly packaging

More cosmetics companies in South Korea are adopting eco-friendly packaging amid growing concerns and calls to reduce single-use plastic. Earlier this month, cosmetics conglomerate Amorepacific unveiled eco-friendly paper packaging which it said reduces the use of plastic by some 70 percent and can last up to 36 months. The paper tube container, which uses “nano thin film blocking” technology and will be adopted for its clean beauty brand Primera sometime in the first half of this

March 18, 2021

[News Focus] Four-way race for E-bay Korea acquisition

The race to acquire a controlling stake in eBay Korea is shaping up to be a four-way battle, with big-name players in retail all in for a deal valued at 5 trillion won ($4.42 billion). According to industry sources, Lotte Group, Emart Inc., SK Telecom Co. and private equity firm MBK Partners have been chosen as the preliminary bidders to buy the South Korean unit of the e-commerce giant, which operates some of the country’s major online shopping platforms including Gmarket, Auction and G

March 17, 2021

Shinsegae, Naver ink stock swap deal to combine forces in retail industry

South Korean retail giant Shinsegae Group and information technology behemoth Naver are combining forces to gain an upper hand in the fast-changing e-commerce field, the two firms announced Tuesday. Chiefs of the two sides signed a stock swap deal worth 250 billion won ($221 million) and a strategic partnership agreement at JW Marriott Hotel in Seoul earlier in the day, they said. The ceremony was attended by E-mart CEO Kang Heui-seok and Shinsegae CEO Cha Jeong-ho, both from Shinsegae Grou

March 16, 2021

Drive-thru, delivery push up sales at McDonald's Korea

Despite difficulties posed by the COVID-19 pandemic, McDonald’s Korea witnessed a 7 percent growth in sales last year, driven by strong drive-thru and delivery orders, the company said Tuesday. In a pre-recorded video, McDonald’s Korea Managing Director Antoni Martinez revealed that overall sales for McDonald’s and its franchises here topped 980 billion won ($866 million) in 2020, up 7 percent from a year earlier. Excluding franchise outlets, the revenue for stores directl

March 16, 2021

Ikea Korea launches first Circular Hub in Goyang branch

Ikea Korea has unveiled its first “Circular Hub” in South Korea at its Goyang branch in Gyeonggi Province, where second-hand items are sold, the Swedish furniture company said Monday. The Circular Hub is a global project introduced by the Ingka Group, in its commitment to prolong the life of its products and contribute to circularity, Ikea explained. “With the launch of ‘Circular Hub,’ we are excited to support the many people with new, more inspiring ways to ea

March 15, 2021

Pulmuone Foods names LG’s ex-marketing director as new CEO

Pulmuone Foods, a subsidiary of fresh food company Pulmuone, said Monday it had named the ex-vice president of LG’s Global Marketing Center as its new CEO. Kim Jin-hong, the new CEO of Pulmuone Foods, boasts some 20 years of marketing experience under his belt at home and abroad. The 55-year-old took on multiple senior roles while at LG including President of LG Electronics France and was the president of Kellogg Company’s South Korean unit between 2013 and 2014. “As the co

March 15, 2021

Coway hires BTS as new model

Coway has hired the BTS as the new model for global promotion of the company, the Korean home appliances rental company said Sunday. Signing the contract with BTS’ management agency Big Hit Entertainment, Coway said it seeks to raise brand awareness and increase its consumer base in the global market. Under the contract, BTS will be promoting the company image and its services, including lease of various appliances such as water and air purifiers and mattress rentals, Coway said. Adve

March 14, 2021

After Coupang, Market Kurly seeks IPO in 2021 at home or in US

South Korean e-commerce grocer Market Kurly said Friday it has decided to go public within this year and is exploring whether to make its stock market debut at home or in the United States. "We received positive statements from our accounting consultants about going public within this year," Market Kurly spokesman Song Cheol-wook said. "We are open to all options," he said, though he said the US is not a fixed destination as debuting on the New York Stock Exchange would req

March 12, 2021

Revisiting the rise of Coupang ahead of NYSE debut

Coupang has been in the headlines ever since it filed for an initial public offering on the New York Stock Exchange last month, generating speculation over its value. When it is Thursday in the US, Coupang will be listed on the New York Stock Exchange at $35 per share, the company announced Thursday (Seoul time). It is the biggest IPO debut for any foreign company since Alibaba. At home it is the second-largest e-commerce platform, trailing only Naver, the country’s internet conglomerat

March 11, 2021

Amorepacific becomes first South Korean cosmetics company to join RE100

Amorepacific said Wednesday it has joined RE100, a global renewable power initiative, becoming the first South Korean cosmetics firm to do so. The company plans to supply electricity in the workplace entirely with renewable energy by 2030 in an effort to help tackle climate change. From production to logistics, energy sourced to run all of its facilities at home and abroad, including the headquarters and its research center, will be affected by the initiative. Launched in 2014 and led by the

March 10, 2021

Two weeks into opening, the Hyundai Seoul makes a splash in sales

Seoul’s newest and biggest department store, the Hyundai Seoul, is enjoying immense popularity, in what industry insiders hope to be a sign of a revival of consumer sentiment amid the prolonged COVID-19 pandemic. According to industry analysts on Tuesday, the shopping mall in the office district of Yeouido, central Seoul, is estimated to have recorded sales of 37.2 billion won ($32.6 million) in its first week of business, since pre-opening on Feb. 24. Some 1.5 million people are esti

March 9, 2021

Yanolja to give out stocks worth W10m to each staff

Yanolja, the largest accommodation and leisure activity booking platform operator in South Korea, said Monday it would give out 10 million-won ($8,900) worth of stocks in their company to each of its 1,000 staff. The decision will see the stocks given to the company’s current employees and new staff, after CEO and co-founder Lee Su-jin and head of C&D Lim Sang-kyu donated a total of 600,000 stocks. Though the company has previously given stocks to some of its staff through its loya

March 8, 2021