South Korean-owned sportswear brand Fila Holdings said Monday it has named Todd Klein, head of the company’s North American subsidiary, for a new position in charge of the global marketing strategy. Appointed as the global brand president, Klein will join the board of Fila Luxembourg, the subsidiary of Fila Holdings that oversees the company’s global businesses. Klein will also continue to report to Fila Holdings and keep his previous responsibilities. Klein joined Fila in January 20

Companies Jan. 8, 2024

LG Chem said Friday it has signed an agreement with Boston-based Rhythm Pharmaceuticals to transfer the development and sales rights of a new anti-obesity drug candidate named LB54640. The deal amounts to $305 million, which includes upfront payments worth $100 million and milestone payments worth $205 million for the development and commercialization of the drug. Under the agreement, LG Chem will receive royalties depending on product sales from Rhythm Pharmaceuticals each year. Rare forms of o

Companies Jan. 5, 2024

The South Korean government said Friday that it will put utmost efforts into minimizing the fallout from Taeyoung Engineering and Construction's debt-restructuring program, amid growing concerns that it could lead to liquidity constraints across the industry. “The creditors, led by the main lender, Korea Development Bank, plan to discuss ways to normalize Taeyoung E&C's business while adhering to strict restructuring principles based on Taeyoung Group's intense self-resc

Industry Dec. 29, 2023

The South Korean government said Thursday that it will seek to normalize the business of Taeyoung Engineering and Construction, which applied for a debt-restructuring program on the same day, under the premise of the construction firm’s intense self-rescue efforts. Earlier in the day, Taeyoung E&C, the 16th-largest builder in the country in terms of construction capacity, applied for a debt workout with its main lender, the state-owned Korea Development Bank. The company has been suffe

Companies Dec. 28, 2023

South Korean e-commerce giant Coupang announced Tuesday it plans to acquire the British luxury online platform Farfetch, in a bid to strengthen its competitiveness in the fashion and luxury industry. Coupang will inject $500 million into the London-based retailer that sells high-end fashion and jewelry from more than 1,400 luxury brands. The funding will give a boost to Farfetch, which has struggled with weak sales amid an economic slowdown. By combining its logistics know-how with Farfetch'

Companies Dec. 19, 2023

South Korean biosimilar giant Celltrion said Monday it has gained approval for a phase one clinical trial of CT-P55 from a Japanese regulatory authority. CT-P55 is Celltrion's new biosimilar candidate referencing Novartis’ psoriasis treatment Cosentyx (Secukinumab). Upon approval from the Tokyo-based Pharmaceuticals and Medical Devices Agency, Celltrion will conduct a phase one clinical study with a total of 171 Japanese adults to compare the pharmaceutical equivalence of CT-P55 to

Industry Dec. 18, 2023

The streets of Nakwon-dong behind Tapgol Park in central Seoul are often referred to as a place for older adults, in particular, those living on limited means. “Here, a 10,000 won ($7.58) bill is enough to make your day," said Kim, 74, at a small restaurant in Nakwon-dong. "A bowl of hot soup with rice costs only 3,000 won, and you can even get coffee for an additional 200 won. If you want a haircut, it costs only 6,000 won. That's the reason why people like me, who are down

Consumer Dec. 16, 2023

BHC, one of South Korea’s biggest fried chicken franchises, said Friday it has adopted automatic frying machines from LG Electronics on a trial basis. “BHC has introduced LG Electronics' automatic frying machines to some BHC stores in the country. The company plans to expand the adoption of the machine after testing its efficiency,” the BHC official said. The automatic frying machine, known as Tuiibot, developed by an internal venture unit under LG Electronics’s busi

Industry Dec. 15, 2023

South Korea’s Busan Port Authority will build a cold chain logistics center in the Netherlands by 2027 in order to accelerate food exports to Europe, Seoul’s presidential office said Tuesday. The Busan Port Authority and its Dutch counterpart, the Rotterdam Port Authority, plan to sign a letter of intent on the new facilities upon President Yoon Suk Yeol’s state visit to the Netherlands. Under the agreement, Busan’s port operator will lease a site within the Port of Rotte

Industry Dec. 12, 2023

Convenience stores have been emerging as popular lunch spots among office workers in South Korea amid the ever-rising costs of dining out, a trend many in Korea call "lunchflation." Riding high on upbeat sales, convenience store chain CU recently launched a new store specializing in instant ramen products in the bustling Hongdae district in western Seoul. Not only does the store offer a wide variety of ramen products, but it also has an area where customers can prepare and enjoy ramen,

Companies Dec. 11, 2023

Starbucks Korea said on Monday it would hold its annual Christmas event to raise funds for nongovernmental organizations and community organizations. The fundraiser is the specialty coffee chain's largest social contribution event, and started in 2015. This year’s event is set to kick off Tuesday for 10 days across its stores nationwide. Throughout the event, Starbucks Korea will raise 500 million won ($378,000) by donating 1,000 won for every order of its “Pink Chamomile Relaxe

Companies Dec. 11, 2023

SK Group said Sunday it has formed an alliance with Korean energy firms and business groups to expand the voluntary carbon market, which allows carbon emitters to offset their emissions by purchasing carbon credits. On Friday, a total of 11 institutions and enterprises signed a multilateral memorandum of understanding to form an alliance for the "Environmental Protection Credit Market," on the sidelines of the 2023 United Nations Climate Change Conference, also called COP28, which take

Companies Dec. 10, 2023

Lotte Shopping, the retail arm of Lotte Group, said Tuesday it is set to start the construction of a new logistics center in Busan in partnership with UK retail tech firm Ocado. Lotte held a groundbreaking ceremony for the new facility, called the Customer Fulfillment Center, which will be located on a 42,000 square-meter site within an industrial complex. As part of a partnership with Ocado signed in November last year, Lotte plans to adopt the UK firm’s artificial intelligence-based new

Companies Dec. 5, 2023

Kang Do-hyung, president of the Korea Institute of Ocean Science and Technology, has been nominated as the new minister of maritime affairs and fisheries, according to the presidential office Monday. Born in 1970 on Jeju Island, Kang studied ocean science at Inha University. He earned his doctor’s and doctorate degrees in maritime life science at Jeju National University. Kang initiated his professional career at KIOST, a private oceanography research organization based in Busan, as a seni

Politics Dec. 4, 2023

LG Display's newly appointed chief executive officer Jeong Cheol-dong emphasized the importance of improving performance for turnaround as he begins his official duty Friday. "Getting out of the red is the most urgent priority, and for that, it is important that we complete the deals as we promised to our customers and achieve our planned targets,” Jeong said, sending his inaugural message to employees via email. "We will put a strong drive on cost innovation across the busi

Companies Dec. 1, 2023