Gov’t limits duty-free shopping to stop hoarding

[THE INVESTOR] The number of items bought at duty-free stores will be limited to prevent hoarding and proxy buying. The Korea Customs Service recently sent out an instruction to duty-free store operators to limit individual purchases to 10 bags and watches, and up to 50 cosmetics and perfumes of a single brand, based on the date of leaving the country. A Seoul duty free store is packed with travelers.The customs office is seeking to prevent illegal distribution of duty-free goods in the country,

July 29, 2016

AmorePacific posts record Q2 earnings on upbeat overseas sales

[THE INVESTOR] AmorePacific Group, the nation’s largest beauty company, on July 29 posted its best second-quarter earnings, largely driven by its soaring overseas sales especially in China. The company said April-June operating profit surged 27.1 percent to 309.7 billion won. Revenue stood at 1.79 trillion won, up 27.1 percent on-year.  A Chinese customer tries out a Sulwhasoo foundation at a Seoul department store. AmorePacificDomestic sales at about 1.38 trillion won still made up the larger p

July 29, 2016