Philips Korea, the local branch of leading Dutch health care and lighting company Philips, has appointed Peter Kwak, former country manager of Nike Korea, as general manager of its personal health division.　　Kwak, who worked at the footwear firm for 12 years and as CEO of its Korea arm since 2009, is a seasoned businessman in the fast-moving consumer goods industry, having led Nike Korea to double its revenue under his leadership, Philips noted. He previously worked at McKinsey & Company in Chic

Industry Nov. 17, 2015

Korean retailers will kick off the second annual K-Sale Day event offering major discounts on goods starting Friday, ahead of the U.S. Black Friday sales scheduled for Nov. 27.　Aiming to record a sharp increase in sales, retail giants including Lotte, Hyundai and Shinsegae department stores as well as large supermarkets, convenience stores, restaurants, electronics stores and clothing brands will hold various sales events as part of K-Sale Day, which will run through Dec. 15. Shoppers shift thro

Industry Nov. 17, 2015

SONGDO, Incheon -- At the Samsung BioLogics headquarters based in Songdo, Incheon, a set of conference rooms have taken on a rather unconventional naming scheme.　The first room begins with Songdo, continuing on to South Korea and Asia, and out to the world’s five oceans and six continents. What follows? The highest peaks located on each continent such as Mount Everest in Asia and North America’s Mount McKinley.　“It reflects the company’s aim to expand globally and to leave a noteworthy footprint

Industry Nov. 16, 2015

Encouraged by the record-breaking success of Korean manufacturers and retailers in China’s Singles Day event on Nov. 11, Korea is once again reviving its Korea’s Black Friday event in its efforts to boost domestic consumption. 　This time, retailers are striving to lure global shoppers hopping around sales promotions around the world ranging from Singles’ Day to the U.S.’ Black Friday Event and then to the K-Sale Day, which is slated for Nov. 20-Dec. 15 in Korea. The logo of the K-Sale event, sch

Industry Nov. 15, 2015

　The landscape of Seoul’s lucrative duty-free market, dominated by Lotte and Shilla as of now, is set for a major change following the bid for the expiring business licenses of three duty-free stores in the capital city.　According to market data from the Korea Duty Free Association, sales at the nation’s duty free shops reached 8.3 trillion won ($8 billion) last year, with urban tax-free outlets taking 70 percent of the total revenue.  Three sites have been chosen to run duty-free shops in Seoul

Industry Nov. 15, 2015

　Lexus, Toyota’s premium vehicle brand, ran a collaboration project with the Korean music scene to promote sales of its newly launched IS200t, a compact sports sedan, targeting local car lovers in their 20s and 30s. 　The company held a hip-hop concert-type launching event in Seoul last Wednesday, inviting around 300 potential customers and media officials to celebrate and showcase the new vehicle equipped with a new turbocharged engine and an enhanced automatic transmission system for a more dyn

Mobility Nov. 15, 2015

South Korean retail giant Shinsegae and Doosan Group, a leading industrial conglomerate, were the biggest winners in a highly contested bid for three expiring business licenses for duty-free stores in Seoul.　Four conglomerates -- Shinsegae, Doosan, Lotte and SK -- had been engaged in a fierce competition over the rights to run the capital city’s duty-free outlets. Four sites have been chosen to run duty-free shops in Seoul and Busan over the next five years. Clockwise from From left: Lotte Depar

Industry Nov. 15, 2015

　Lotte Group renewed the operating license for one of its two duty-free stores in downtown Seoul, while retail giant Shinsegae and heavy industries-focused conglomerate Doosan won the rights to open new stores in the capital, the Korea Customs Service said Saturday.　Lotte, the nation‘s top duty-free operator and the world’s third-largest, was able to keep one store in Myeongdong, a major shopping district in the capital, while losing the other at Lotte World Tower in the affluent Gangnam region

Industry Nov. 14, 2015

LG UNVEILS G4 WHITE GOLD EDITION -- LG Electronics released a new variant of its high-end G4 smartphone, dubbed the G4 White Gold, Wednesday. The new G4 in white with a gold-colored frame rolled out through Korean mobile carriers starting with LG Uplus. (LGE)　

Technology Nov. 11, 2015

“The world is about people, not objects,” according to industrial design expert Arik Levy. That philosophy fuels his belief that design should focus on improving people’s everyday lives in new ways.“In the end, it’s only people that will help people,” said Levy, who opened a “Premium Talk” session held as part of the fifth Herald Design Forum in Seoul on Tuesday.Industrial designer Arik Levy (center) discusses the essence of good design with contemporary dancer Kim Seol-jin(right) during the Her

Arts & Design Nov. 11, 2015

KCCI PHOTO CONTEST WINNER — The Korea Chamber of Commerce and Industry selected office worker Lee Jae-hak’s work “Dad is working late” as the 30 million won ($26,000) grand prize winner of its second Korea Corporate Photography Contest. Lee’s work, alongside 74 other winning photos, will be displayed at the KCCI in central Seoul for two weeks starting Nov. 17. They are also available at kcciphoto.korcham.net. (KCCI)

Industry Nov. 11, 2015

Hanwha Group chairman Kim Seung-youn (Hanwha)Hanwha Group said Sunday it will contribute 4 billion won ($3.47 million) toward a public trust fund created by the South Korean government to ease youth unemployment.Hanwha chairman Kim Seung-youn will donate 3 billion won while group employees will give 1 billion won toward the so-called Youth Hope Fund, proposed by President Park Geun-hye in September to develop job creation and training programs for young people.“The group chairman decided to supp

Industry Nov. 9, 2015

Leading South Korean drugmaker Hanmi Pharmaceutical said Monday it has sealed a 1-trillion won ($863 million) licensing agreement with Janssen on a new experimental diabetes and obesity drug. The deal marks the latest among Hanmi’s string of mega licensing agreements with global pharmaceutical companies, including a 5 trillion won deal with France-based Sanofi concluded just last Thursday and two similar deals with Boehringer Ingelheim and Eli Lilly signed earlier this year. The Hanmi Pharmaceut

Industry Nov. 9, 2015

Faced with aging populations coupled with longer life expectancies, major countries around the world have set health care as their foremost priority in policies as related costs and spending are expected to surge dramatically in the years to come.Driven by such needs, the world’s biotechnology market is geared for significant growth in the coming years. Meanwhile, South Korea must work swiftly to better nurture its own biotech sector, which holds immense potential to become an early leader in th

Industry Nov. 9, 2015

After concluding a mega licensing deal with global pharma giant Sanofi, leading South Korean drugmaker Hanmi Pharmaceutical is emerging as a rising star in the local stock market. Hanmi shares soared by around 30 percent Friday to reach 711,000 won ($624.3), lifted by a 4.9 trillion won licensing deal with Sanofi. Some stock market analysts raised the drugmaker’s target stock price to 1 million won, based on the rosy outlook for growth in profits.The Hanmi Pharmaceutical headquarters in Seoul. (

Industry Nov. 6, 2015