Daewoo Engineering and Construction said Tuesday it is entering the electric vehicle charging infrastructure industry by investing in Humax EV. The construction company said it has decided to purchase a 19.9 percent stake in the firm that specializes in the segment, as part of its Build Together Startups Program, designed to make investments in future promising firms to expand into new business sectors. Daewoo E&C has established a department for new business sectors, and invested in ast

Industry July 28, 2020

INJE, Gangwon Province -- There are no remarkable changes to the exterior, but the revamped version of the Renault Samsung Motors flagship midsized sedan SM6 does appear to have been “reborn with a new heart,” as the automaker describes it. Ambitiously presenting the face-lifted model of the SM6 last week, Renault Samsung Motors invited reporters to the Inje Speedium, a 3.91-kilometer circuit in Gangwon Province, on July 16 to test-drive the car on the track and nearby winding roa

Mobility July 26, 2020

Amid an overall slump in the retail industry in the wake of the COVID-19 outbreak, retailer chain Homplus is speeding up its asset securitization plan to sell physical stores in order to secure liquidity. On Friday, Hompeplus said it has decided to securitize a store branch in Daejeon, one week after the retailer announced plans to sell another branch in Ansan, Gyeonggi Province. The company’s move comes after it recorded the net loss of 532.2 billion won ($442.8 million) during the pe

Consumer July 26, 2020

South Korean e-commerce giant Coupang said Thursday that the number of its delivery workers has doubled in the last seven months to surpass 10,000. Coupang said its direct employment system is attractive to workers as it offers different benefits than other delivery service companies, allowing employees to work just five days a week and keeping the hours below 52 per week. The company also provides employment insurance and 15 days of annual leave, as stated in the law. The company also pays

Consumer July 23, 2020

Korean food and chemical company Samyang Corp. said Thursday its food brand Trusweet Allulose obtained kosher certification from Orthodox Union. Samyang said it has worked to be verified as kosher, which confirms that the ingredients meets the dietary standards of traditional Jewish law, as part of its effort to present the product to the global kosher market valued at $250 billion.  Trusweet Allulose was also certified halal by the Korea Muslim Federation in February, the company added.

Consumer July 23, 2020

Art has always been “in the DNA” of Absolut, one of the best-known spirits brands in the world. To promote contemporary art and support artists around the world, the vodka brand has taken part in numerous collaborative projects, including its famous work with Andy Warhol and Keith Haring. This time, Pernod Ricard Korea, which represents the vodka in South Korea, has taken a step further with its iconic brand by connecting technology and art in an effort to tackle air pollution, wh

Consumer July 21, 2020

Hiking, camping and golf, activities often associated with older people in South Korea, are gaining popularity among people in their 20s and 30s in the wake of the COVID-19 pandemic, a report said Tuesday. According to Gmarket, an e-commerce platform operated by eBay Korea, sales of items related to the three outdoor activities jumped by 24 percent in the first half of this year, compared with a year earlier. The e-commerce platform attributed the rise in popularity of the three activities am

Consumer July 21, 2020

GS25 said Monday the bestselling product from its mobile app for wine and liquor orders was Disaronno, an Amaretto-tasting liqueur. Over 70 percent of wine orders made via the app were made outside of Seoul, it added. The convenience store chain launched the mobile app Wine25 Plus on July 13, allowing customers to order alcoholic beverages and pick them up from a nearby GS25 store. Analyzing the data for the past week, the convenience store operator revealed that 28.8 percent of liquor order

Consumer July 20, 2020

Paris Baguette, South Korea’s biggest bakery brand operated by SPC Group, said Monday it is testing a new subscription business by launching a monthly discount service for its coffee and sandwich menus. Usable once every day for 30 days, the subscription offers either coffee or a sandwich and coffee set, respectively priced at 19,800 won ($16.40) and 48,900 won. There will be 12 sandwich menu choices. Users can subscribe to the service on Happy App, the SPC Group’s mobile applicat

Consumer July 20, 2020

After a German court ruled that Tesla’s advertisement on the capabilities of its autonomous driving system is “misleading,” a civic group in South Korea on Friday raised concerns and urged authorities here to inspect the firm. In a statement, Citizens United for Consumer Sovereignty, a nonprofit organization, urged the US-based automaker to withdraw its advertisement, which it claimed is exaggerated to misinform consumers as if Tesla cars can fully drive on their own. On Tu

Mobility July 17, 2020

Korea Yakult announced Friday it has signed a memorandum of understanding with a government institution to lay the groundwork for development of a marine microalga-derived material that improves cognitive abilities and helps prevent dementia and Alzheimer’s disease. The company -- a household name in the yogurt and fermented dairy product market in South Korea -- will join hands with Korea Institute of Ocean Science and Technology under the Ministry of Oceans and Fisheries to jointly co

Consumer July 17, 2020

Craft beer is expanding its market share in South Korea, with sales at convenience stores seeing a surge in recent months. According to convenience store chain CU, the sales of craft beer products surged by 390.8 percent from January to June on-year. In March, the sales portion of craft beer products outstripped other brands produced by large liquor makers with 50.3 percent. Another convenience store chain GS25 also said the sales of beer products manufactured by microbreweries jumped by 293

Consumer July 17, 2020

Expanding the line of products sold on its platform, Coupang said Wednesday it has launched Rocket Mobile, through which customers can browse and choose subscription plans offered by mobile carriers. The South Korean e-commerce giant said the new platform is an addition to the current sales of smartphone devices, including those made by Samsung Electronics and Apple. Through Rocket Mobile, customers can now choose monthly call plans as they purchase mobile devices, a one-stop service that wa

Industry July 15, 2020

Diageo Korea said Wednesday that it has launched two new products, W 19 and W Honey, the first spirits in the local industry with just 32.5 percent alcohol by volume. The liquor maker said it had decided to lower the alcohol content of the new products to meet the rising demand for drinks that are less than full strength, as the drinking culture is rapidly changing here. Both drinks have the optimal strength for consumers in their 30s and 40s who value smoothness and new flavors, the compan

Consumer July 15, 2020

While the COVID-19 pandemic has depressed the performance of many businesses, the opposite is true for South Korean food company SPC Group, which has expanded its overseas business in recent months. In June, SPC Group -- owner of the country’s biggest bakery brand, Paris Baguette -- announced that it would launch the brand in Canada. It will be the seventh country the company has entered. The COVID-19 pandemic means it will take longer than usual to find partner firms and conduct market

Consumer July 15, 2020