KT&G CEO Bang Kyung-man marked his 100th day in office on Monday by sharing his ambitions for higher performance by fostering a horizontal corporate culture that encourages open communication among employees. "In order to achieve sustainable growth, we need an organizational culture that inspires joy, meaning and motivation in our work," Bang reportedly said in an email sent to all executives and employees. "Let's enhance communication opportunities, eliminate inefficie

Industry July 8, 2024

Woomtree, a Korean company specializing in manufacturing gochujang (red chili paste) and other sauces, bets big on the global expansion of long-lasting and healthy "K-sauces," unlike instant foods with fleeting popularity. "People's interest in fermented food and well-being is growing around the world, and I think Korean fermented sauces are at the center of it," said Kim Woo-taek, founder and CEO of Woomtree, during an interview with The Korea Herald at the company'

Industry July 7, 2024

Yoon Hong-geun, chairman of Genesis BBQ, the nation's largest fried chicken franchise, shared the global success stories of the Korean fried chicken market in front of international scholars at the Academy of International Business, a prominent global association of scholars and business professionals. Under the theme "World Changer BBQ: A Case of Global Business Innovation," Yoon presented the global status and strategy of BBQ during AIB conference, held at the Lotte Hotel in cen

Industry July 5, 2024

The recent success of Korean brands can be attributed to their knack for selling "pieces of identities" and empowering consumers with curated experiences, according to a marketing professor at French business school INSEAD. "Consumers today expect to purchase more than just products from a brand; they seek cultural and social elements. The swift execution of these elements has given rise to many successful K-brands," said David Dubois, an associate professor specializing in d

Industry July 3, 2024

South Korea’s number of coffee shops exceeded 100,000 for the first time in 2022, reflecting the major trend of daily coffee consumption that has been continually growing in the country since 1999. According to Statistics Korea on Sunday, there were 100,729 coffee shops at the end of 2022, an increase of 4,292 from the previous year. Coffee shops generated 15.5 trillion won ($11.2 billion) in combined sales while hiring some 270,000 workers nationwide. Industry officials say the continuous

Industry June 30, 2024

South Korean biotech firm SK Bioscience is to acquire the German CDMO-specializing company IDT Biologika at 339 billion won ($244 million) to further sharpen and diversify its pipeline for global markets. IDT Biologika is among the top 10 global vaccine contract manufacturers, with a corporate value of some 656 billion won, according to SK Bioscience. "We are confident that our comprehensive process development capacity, which we take immense pride in, will have high synergies with IDT's st

Industry June 27, 2024

Logistics solution provider Hyundai Movex has secured some 300 billion won ($215 million) in cumulative overseas orders this year, indicating robust future growth prospects through global business. On June 18, Hyundai Movex signed a price-adjustment contract with Australia's Sydney Metro to install platform screen doors and mechanical gap fillers, increasing the total order value to 77.5 billion won from the 35.7 billion won contract signed in December 2022. The company will install 360 scr

Industry June 26, 2024

The American Chamber of Commerce in Korea hosted the AmCham Automotive Summit 2024 on Tuesday at the Grand Hyatt Seoul to provide insights into the impact of sustainability initiatives on the automotive industry. Partnered with US applied safety science company UL Solutions and automobile manufacturer General Motors, the event brought together key government officials and industry leaders to explore the vast spectrum of changes within the industry. Under the theme, "Future Mobility Technolo

Industry June 25, 2024

This article is the second installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega-election year around the world. -- Ed. South Korea has ample room to strengthen its business diplomacy with the United States, particularly in trade and pivotal sectors such as clean energy and digital technology, according to James Fatheree, an executive director of The GR Company and

Industry June 24, 2024

"Imagine a library where the shelves are stocked not with books, but with the latest beauty trends, eco-friendly cosmetics and vegan options that you can try out; that's Olive Young Myeongdong Town," said Lee Yoon-jeong, a manager at a branch in Myeong-dong, Seoul, of Olive Young, the nation's largest beauty retailer owned by CJ Group, during a special docent tour Wednesday. The Myeongdong Town branch, located in the bustling shopping district, is one of two Olive Young store

Industry June 23, 2024

Chung Hyung-kwon, former head of Alibaba Korea, has been named the CEO of Gmarket, the troubled e-commerce unit owned by Shinsegae Group. The new appointment is part of a series of executive reshuffles at the Korean retail giant whose key affiliates are running out of cash amid operational losses. Before joining Alibaba Group, Chung, a financial specialist, worked at multiple investment banks, such as Goldman Sachs and Credit Suisse, and served as an executive at Coupang, Shinsegae's e-comm

Industry June 19, 2024

South Korean bakery giant SPC Group has been fully absolved of a 64.7 billion won ($46.8 million) fine, as the Supreme Court upheld a ruling in the company's favor in its lawsuit against the nation's antitrust watchdog for allegedly unfairly supporting its affiliates. The Supreme Court confirmed on Monday a lawsuit filed by five SPC Group affiliates, including SPC Samlip, against the FTC, to cancel the fine. In July 2020, the FTC claimed that SPC funneled a total of 41.4 billion won in

Industry June 19, 2024

Korea's sole all-cargo airline Air Incheon has been named the preferred bidder for Asiana Airlines' cargo freighter division, paving the way for it to expand its business routes to the Americas and Europe. The purchase price is estimated to range between 450 billion won and 500 billion won ($325-million-$362 million). Air Incheon is to sign a stock purchase agreement by the end of July after two weeks of due diligence and contract discussions. If the deal closes by the first quarter of

Industry June 18, 2024

Lufthansa Group CEO Carsten Spohr visited Seoul earlier this month to renew his commitment to the Korean market, where demand for premium airline services continues to grow. "We see tremendous potential in the Korean market and will strive to offer a premium experience to Korean customers with our vast selection of routes," the CEO said during a press conference held at a Seoul hotel on June 5. He was visiting Korea to attend an executive meeting in the Asia-Pacific region. He especial

Industry June 18, 2024

AliExpress, the fast-growing e-commerce platform owned by Chinese tech giant Alibaba Group, is rumored to be considering buying Korean discount store chain Homeplus and its nationwide logistics network, making its Korean rivals nervous about the growing presence of Chinese retailers on their home turf. According to industry sources on Monday, Alibaba Group held a meeting Friday with Kim Kwang-il, vice chairman of MBK Partners, the Seoul-based private equity fund and the current owner of Homeplus

Industry June 17, 2024