South Korean food giant Daesang Group has completed construction of the first kimchi factory in the US, setting up an overseas base not only to penetrate the local market but also to expand exports to Europe and Oceania. Located in the City of Industry in LA, home to industrial facilities from overseas with business links to Asian countries, the factory can produce 2,000 metric tons of kimchi annually. The company has invested 20 billion won ($16.4 million) for building production lines and w

Consumer March 29, 2022

Embarking on changes ranging from management to business strategy, Hyundai Heavy Industries Group on Monday deployed a new corporate name and appointed a grandson of the founder as its new chief executive officer. In a widely anticipated move, Chung Ki-sun, grandson of Hyundai Group founder Chung Ju-young, was appointed as CEO of Hyundai Heavy Industries Group at the shareholders meeting, completing the generational shift in the leadership of Korea’s largest shipbuilder. Chung, who was

Industry March 28, 2022

South Korean hair care brand Moda Moda said Friday it is considering relocating its core business to the US in the face of a sales ban of its popular hair coloring shampoo by the nation’s drug agency. “If the Ministry of Food and Drug Safety sticks to sales ban on our coloring shampoos, we have no choice but to moving our business to the US,” a Moda Moda official said. The official added the company’s US headquarters is currently located in New York but there are pla

Industry March 25, 2022

Until just a couple of months ago, long lines in front of department store entries connected to Chanel were crowded with shoppers eager to grab bags priced at some 10 million won ($8,200). Some brought their own chairs for a more comfortable wait, while others set up tents to stay warm the night before. But the desire to get hold of luxury fashion items accentuated with the signature Chanel mark, however, appears to be losing steam. It seems an “open run,” a local shopping term refe

Consumer March 24, 2022

Dongnae, Korea’s real estate startup platform, said Wednesday it has raised 25 billion won ($21 million) in Series A funding from US and Korean investors. Key investors include NFX, Daol Investment, Hana-Magna, Hana Financial Group, MetaProp, Fursys, Han River Partners, Flybridge, Maple, and WeWork co-founder Miguel McKelvey. “We plan to expand Dongnae branches in Seoul and in the Seoul metropolitan area, like the Pangyo office in Gyeonggi Province,” a Dongnae official said.

Technology March 23, 2022

Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, said Tuesday it has donated 1 billion won ($820,000) to the United Nations World Food Program in a bid to provide food aid for war-torn Ukraine. According to Dunamu, it is the first Korean company to donate to WFP’s emergency assistance program that gives local food and food vouchers to civilians affected by the conflict in Ukraine. The donated funds will provide one day’s worth of food for over 1.6 milli

Market March 22, 2022

Naver Webtoon, South Korean tech giant Naver’s web-based cartoon platform, said Monday it will open a European branch in France by June in a bid to further expand its presence in the global market. “The branch, tentatively called 'Webtoon EU,' will oversee webtoon services in France, Germany and Spain, and discover new business opportunities in other European countries,” a Naver official said. “With Webtoon EU, Naver Webtoon will foster a strong foothold overseas with

Industry March 21, 2022

After the blockbuster stock debut of Coupang last year, expectations had been growing for upcoming listings of the nation’s popular e-commerce platforms like SSG.com and Market Kurly until early this year. But uncertainties surrounding Russia’s invasion of Ukraine and its economic impact are prompting the firms to put their plans to go public on ice. SSG.com, the digital shopping platform owned by retail giant Shinsegae Group, is one of the hottest market debuts planned this year

Consumer March 20, 2022

Toss Bank, South Korea’s internet only bank, said Wednesday it will pay daily deposit interest to its customers for the first time in the banking industry. Toss Bank account owners can simply click on the “receive now” button to be paid with daily deposit interest, instead of receiving it monthly. With the service, users can withdraw their money including the deposit interest at any time they want. For instance, if customers deposit 1 million won ($805) into the account, the

Market March 16, 2022

Korea’s tech titan Kakao said Monday that its founder Kim Beom-su will leave his chairman post at the board to explore new business opportunities overseas and break the boundary of mobile-focused platform businesses. Kim’s resignation as the chairman of the board will be approved at the upcoming shareholders meeting on March 29. Kim will resume his post as the head of the company’s Future Initiative Center, Kakao said. The Kakao founder has chaired the board since 2015. Based

Technology March 14, 2022

South Korea is likely to see a major change in its nuclear-free power policy with President-elect Yoon Seok-yeol‘s campaign pledge to bolster energy policies in use of atomic power. Yoon has vowed to make a U-turn from the Moon Jae-in administration’s nuclear energy phase-out policies, citing plans to use nuclear to account for 30 percent of total energy generation. “(I’ll make sure) Sin-Hanul No. 3 and No. 4 resume construction and operate old nuclear reactors after e

Industry March 13, 2022

Korea’s metaverse real estate sales platform Metaverse 2 said Tuesday its virtual land price has surged in the last six months, amid the growing trend towards alternative ways to build wealth using the blockchain technology. The company said the price of some shares that own Lotte World Tower, the country’s tallest building and one of the most famous landmarks in Seoul, increased 180,000 times to $18,300 as of Friday. The average price of 10 square meters of land in New York City&r

Technology March 8, 2022

Italian luxury fashion brand Gucci said Monday it will put on a metaverse exhibition and sell fashion items for avatars on Zepeto, Korean tech giant Naver’s metaverse platform. The fashion house has opened a virtual space on Zepeto, where users can enjoy a metaverse version of “Gucci Garden Archetypes,” an ongoing multimedia exhibition in Seoul. Gucci and Zepeto, following its first partnership last year, agreed to bring nine out of 13 offline exhibition spaces to Zepeto. Use

Technology March 7, 2022

In Jongno-gu, central Seoul, one of the most historical districts in the city, lies a town that preserves the culture and art from the Joseon era. Walking alongside the town offers a glimpse of how low-level officials who worked for kings and queens of the Joseon Dynasty lived. Located between Bukchon Hanok Village and the Changdeok Palace, the town is called Wonseo-dong, meaning the western part of the palace’s backyard. Crossing a small road from the palace, visitors are welcomed by

Industry March 5, 2022

Foreigners flocked to famous K-drama filming sites in Seoul last year, propelled by a rising global popularity for Korean TV series, a report showed Friday. Among some 80 tourist attractions visited by 1.6 million foreigners last year, 57.6 percent were filming locations of Netflix-aired Korean dramas, a LG Uplus report showed. Milal Fine Art Museum in Gangnam-gu, the filming site of “Guardian: The Lonely and Great God,” saw a 195 percent surge -- the highest figure -- in the num

Industry March 4, 2022