Firms mull removing antimicrobial agents from cleaning products

Korean beauty and household product manufacturers said Monday they are considering taking out antimicrobial substances from all products, in the latest response to aggravating toxic chemical fears. The nation’s two largest cosmetic giants -- Amore Pacific and LG Household & Health -- are seeking ways to get rid of CMIT and MIT, ingredients that have been linked to an ongoing deadly humidifier disinfectant case.The government approves the use of the two substances for washable cleaning products,

May 23, 2016

FTC confirms W500m fine for Namyang

Namyang Dairy Products will be fined 500 million won ($420,000) for its past unfair practices towards retailers instead of the original fine of 12.3 billion won, the Fair Trade Commission confirmed Sunday.The decision is in accordance with a court decision passed in January 2015 by the Seoul High Court and affirmed by the Supreme Court in June, citing lack of evidence for the full penalty.In 2013, the FTC reported Namyang to prosecutors for bullying sales agents and retailers into buying excess

May 22, 2016

LG Household claims safety of its humidifier disinfectant

LG Household & Health Care, South Korea’s leading maker of household goods, said Wednesday that its humidifier disinfectant sold back in the late 1990s did contain potentially harmful chemicals, but that they were used in small amounts that would not cause damage.　Earlier in the day, local news agency Newsis had reported that LG’s “119 Humidifier Disinfectant” product sold from 1997 to 2003 had contained benzalkonium chloride (BKC) a toxic substance that can be fatal when ingested.According to t

May 19, 2016

Dongwon recalls tuna cans over unidentified substance

Dongwon F&B has begun a voluntary recall of its mild tuna products in response to consumer concerns over an unidentified black substance in some of the cans, the company said Friday.The recalled product is the brand’s Mild Tuna 210 g, marked with expiration dates from March 23 to April 25, 2021. The company said that about 1.17 million cans will be collected from consumers and retailers.Dongwon said through a statement that the black substance was caused by “high heat in the manufacturing proces

May 13, 2016

Korean overseas spending double what foreigners spend in Korea

Last year, Koreans spent nearly double overseas compared to the amount foreign consumers spent here in Korea, data showed Sunday.According to data from Statistics Korea, Korean consumers spent nearly 26.1 trillion won ($22.6 billion) overseas, roughly two times the 13.1 trillion won spent by foreign consumers in Korea.The figures include both consumer spending overseas and direct purchases from foreign websites. Tourists shop at a duty-free store in Seoul. (Yonhap)The disparity indicates a sever

May 8, 2016

LVMH to operate at Shilla I'Park duty-free shop

Shilla I’Park Duty Free has become the first of last year’s newly-licensed duty-free stores in Korea to house the world’s largest luxury goods maker LVMH Moet-Hennessy Louis Vuitton, according to Hotel Shilla Tuesday.　The two companies recently agreed to launch 20 LVMH-owned brands, including Louis Vuitton, Dior, Bvlgari, Tag Heuer, Givenchy and Marc Jacobs, at the Shilla I’Park Duty Free store in Hyundai I’Park Mall in Yongsan.Hotel Shilla president and CEO Lee Boo-jin looks around Shilla I’Par

May 4, 2016

AmorePacific chief sees more growth potential in China

The head of AmorePacific Co., South Korea‘s top cosmetics company, has reaffirmed his commitment to the Chinese market, saying he sees more room for growth among middle-class consumers there.“By 2020, the middle class population is expected to reach 500 million, and its size and influence will greatly expand in the next decade,” AmorePacific CEO Suh Kyung-bae was quoted as saying during a monthly meeting with senior company officials earlier this month.AmorePacific has been showing stellar perfo

March 31, 2016

Korea ranks No. 5 for billionaires who inherited wealth

Korea ranked fifth in the world in terms of superrich business tycoons who inherited their wealth instead of making their own fortune, a think tank report showed. According to the Peterson Institute for International Economics, 74.1 percent of the 30 Korean billionaires inherited their fortune -- more than double the global average of 30.4 percent.The report said the proportion of Korean billionaires who amassed their fortune through inheritance stayed unchanged over the past two decades. Meanwh

March 15, 2016

Hotel Shilla to open duty-free shop in Thailand

Hotel Shilla, an affiliate of Samsung Group, said Tuesday it plans to open a duty-free shop in downtown Bangkok, speeding up efforts to expand its overseas presence.The company said the duty-free shop, which will open within this year, comes after Hotel Shilla first established a joint venture named GMS Duty Free with a Thai firm in 2013. The South Korean retailer holds a 25-percent stake in this venture. Hotel Shilla CEO Lee Boo-jin (Yonhap)Hotel Shilla said the opening date for the new shop ha

March 2, 2016

AmorePacific offers immediate tax refunds to foreigners

South Korean beauty giant AmorePacific began offering immediate tax refunds to foreign nationals at select Aritaum, Innisfree and Etude stores in Seoul starting Thursday.　The service was launched in an aim to better serve Chinese consumers scheduled to visit Seoul during the Lunar New Year holidays, said AmorePacific.　The service is available at five Aritaum and six Innisfree stores in Myeong-dong and Gangnam; the Laneige flagship store in Myeong-dong; and six Etude stores in Sinchon, Jamsil, Do

Feb. 4, 2016

Samsung heiress ends storied marriage

Ending a long-drawn dramatic episode that captivated the nation, Lee Boo-jin, the eldest daughter of Samsung Group chairman Lee Kun-hee, legally ended her 17-year marriage Thursday.　According to Samsung officials, the Seongnam branch of the Suwon District Court ruled in favor of the 46-year-old chaebol scion who filed for divorce from her husband Lim Woo-jae in October 2014. 　 Lee Boo-jin YonhapLee, who heads Samsung affiliate Hotel Shilla, had reportedly fallen out with her 48-year-old husband

Jan. 14, 2016

Cosmetics tycoon enjoys explosive growth

AmorePacific chairman Suh Kyung-bae is wrapping up another record year as his business and fortune continues to grow at an explosive pace.The country’s largest beauty products-maker, which has global brands such as Sulwhasoo and Laneige under its wing, is expected to post over $200 million in exports this year, the first time for a local cosmetics producer, according to the firm. AmorePacific chairman Seo Kyung-baeReceiving credit for this achievement, the chairman, who has turned his family’s c

Dec. 7, 2015

AmorePacific chairman picked as Forbes Asia’s 2015 Businessman of the Year

AmorePacific chairman Suh Kyung-bae was selected as Forbes Asia’s 2015 Businessman of the Year on Thursday.In its latest issue released on Thursday, the magazine explained that Suh inherited his father’s company in 1997 and sold off affiliates unrelated to cosmetics, expanding the highly local Korean cosmetics industry overseas.It also added that the company, which owns around 20 major brands available in 14 countries, “is winning the hearts of China’s middle-class shoppers.”Suh Kyung-baeThe mag

Dec. 4, 2015