Shinsegae named preferred bidder for running Coex Mall

[THE INVESTOR] Shinsegae Property, a subsidiary of E-Mart, was named the preferred bidder for rights to run Coex Mall over the next 10 years, Shinsegae Group said on July 29. Mainly, Shinsegae Property would be overseeing Coex Mall and also CALT shopping arcade -- both owned by Korea International Trade Association. Up to 327 shops are currently in operation in the mall areas.  According to media reports, Shinsegae Property was the only bidder for the contract. Coex Mall in Samseong-dong, southe

July 29, 2016

Mongolia's first E-mart opened on July 28

[THE INVESTOR] The first E-mart in Mongolia welcomed customers on July 28. The South Korean retail giant’s first discount chain opened in Ulaanbaatar, the first big box store in Mongolia. Instead of directly operating the outlet, E-mart has signed a contract with SKY Trading, a local distribution unit of Altai Group. It exports the brand, operation management manual and products for a royalty, a first for Korean enterprises. Taking over 7,590 square meters, the store almost exactly brings its Ko

July 28, 2016

LS Networks spins off Skechers

[THE INVESTOR] LS Networks will spin off its Skechers division, it announced on July 27. The new company, temporarily named Skechers Korea, will remain private and be solely devoted to import, distribution and sales of Skechers, a US footwear brand.The consumer goods affiliate of LS Group will remain a public company and continue the rest of its businesses including managing brands such as Prospecs and Mont-Bell, as well as trade and real estate lease. The due date for the physical division is S

July 28, 2016

Gov’t to spend W30b to boost fashion, lifestyle industries

[THE INVESTOR] The South Korean government will nurture premium fashion and lifestyle brands spending 30 billion won next year, the Ministry of Trade, Industry and Energy announced on July 28. As part of an effort to boost exports of consumption goods, it will double the R&D budget and support the whole process, from design to marketing for export, for seven categories: furniture, bags, kitchenware, stationery, sports and leisure, eyeglasses and watches. To raise added value to fashion and appar

July 28, 2016

CJ O’Shopping, Baozun to bring Korean goods to Chinese online shoppers

[THE INVESTOR] CJ Group’s shopping network CJ O’Shopping will join hands with China’s Baozun to launch e-commerce solution business in China for South Korean brands, it announced on July 28. The two companies will invest a total of US$6.7 million and establish a joint venture named BCJ (Baozun-CJ E-commerce) next month, set to start operating in September. CJ will own 49 percent stake and its Chinese partner 51 percent stake.CJ O'Shopping president Heo Min-heoiBased on its local platform network

July 28, 2016

Korean conglomerates dominate theaters in Vietnam

[THE INVESTOR] Entertainment units of South Korean conglomerates are wielding substantial power in the Vietnamese movie industry, dominating the theater and distribution with a two-third market share.CJ Group’s CGV owns 34 cinemas with 223 screens as of July 26, making it the top movie theater chain in the Southeast Asian country. Its revenue in the first half of this year jumped 35 percent to 50.4 billion won (US$44.44 million) with 7.8 billion won operating profit, a 44 percent increase on-yea

July 27, 2016

Rosy picture for LG Household's Q3 earnings: analysts

[THE INVESTOR] LG Household & Health Care more than met the expectations for its second-quarter earnings and will perform even better in the future, analysts said. Its April-June operating profit hiked 34.1 percent to 225.4 billion won (US$198.78 million) and earnings came in at 1.55 trillion won, rising 18.5 percent from the same period last year, according to Financial Supervisory Service’s data released on July 27.The Q2 figures are the highest ever for the company that also broke record for

July 27, 2016

LG Household & Health Care posts record performance in H1

[THE INVESTOR] Boosted by the leaping turnover of its higher-end cosmetics lines The History of Whoo and su:m 37 in Korea and overseas, LG Household and Health Care has reported a record high performance both for the second quarter and the first half of the year. Its second-quarter operating profit jumped 34.1 percent to 225.4 billion won (US$220 million) and revenue came in at 1.55 trillion won, rising 18.5 percent from the same period last year, the company announced on July 26. LG Household a

July 27, 2016

Korean ODM firm Cosmax appeals to Muslims with certified halal cosmetics

[THE INVESTOR] Cosmax, one of the country’s top three cosmetics original design manufacturers, will cater to its Muslim clientele with certified halal cosmetics.Cosmax Indonesia, its Indonesian subsidiary, has completed developing more than 50 beauty products that were certified by Majelis Ulama Indonesia, one of the three internationally recognized custodians of halal certification, in March, a first for a South Korean ODM. Cosmax IndonesiaThe halal cosmetics will be supplied to international

July 26, 2016

Korean apparel makers looking for new owners

[THE INVESTOR] Several medium-sized Korean apparel makers are looking for new owners. Struggling with a sluggish market, some have been pushed over by global SPA companies into court receivership, and are now seeking to find right bidders to breathe new life into them.YK038 that owns womenswear lines HUM and Shatin has selected Samil PricewaterhouseCoopers to lead its sale and will accept letters of intent by Aug. 4. YK038's wear lines HUM / Naver ShoppingThe Seoul Central District Court is in t

July 26, 2016

Shake Shack’s ‘hot’ burgers take Seoul by the storm

[THE INVESTOR] Shake Shack’s burgers are selling like hotcakes at its first Korean outlet in southern Seoul which opened on July 22.In only three days since the much-hyped, the New York-based fast casual restaurant chain has sold more than 10,000 burgers, according to SPC Group, which operates the premium franchise here.On the opening day, more than 1,500 customers lined up to taste the premium burger touted to be made only of quality ingredients such as Angus beef and fresh vegetables. The open

July 26, 2016