A slew of Korean online luxury retailers have capped last year with sharp falls in their profits as consumers have begun returning in-store while competition among online malls grow fierce. Korean luxury goods platform Must-it's operating losses widened by 68 percent on-year to 16.8 billion won ($12.9 million), according to the firm's regulatory filing on Friday. Other Korean major platforms also were in the red in 2022, with Korean luxury goods retailer Balaan seeing its operating los

Consumer April 16, 2023

This is the sixth installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed.   Sauces embody a tradition -- they are a compilation of decades of locals’ know-how for spicing up native cuisine. As such, matching traditional sauces with foreign dishes is rare. However, Korea's largest sauce maker Sempio said it is currently at the vanguard of savory Korean sauces imbuing diverse menu items

Consumer April 13, 2023

Following a merger with Posco Energy, Posco International -- the general trading arm of Posco Group -- said Thursday that it is ready to reestablish itself as a company that will specialize in a slew of emerging business sectors, ranging from eco-friendly energy, steel to food. During a ceremony held in Songdo Convensia in Incheon, Posco International announced its goals to aggressively target emerging business sectors and significantly raise its market value. Specifically, Posco International s

Industry April 13, 2023

Korean contract manufacturer Samsung Biologics said Wednesday it will be participating in the series A funding round held for Araris, a Swiss biotech company that develops antibody-drug conjugate technologies. ADC refers to a class of drugs mainly designed as a targeted therapy for treating cancer. According to the company, Samsung Biologics will be making its investments in the Swiss biotech company with Samsung Life Science Fund -- a fund co-managed by Samsung Biologics and tradings company Sa

Industry April 12, 2023

Global luxury giant LVMH Group, the operator of multiple fashion and jewelry brands such as Louis Vuitton, Christian Dior and Tiffany & Co., logged record sales in South Korea last year, following a slew of price hikes for its flagship products amid the country's increased spending on luxury goods. According to Louis Vuitton Korea, the Korean subsidiary of LVMH's Louis Vuitton, the company's sales last year recorded 1.69 trillion won ($1.2 billion), up 15 percent from 2021. Th

Consumer April 10, 2023

BUSAN -- Celebrating the visit of the Bureau International des Expositions (BIE) delegation to Busan, the southeastern port city held a variety of cultural events including a "K-Culture Night" concert featuring Soprano Jo Su-mi and singer Rain. Held on Wednesday evening at the Busan Cinema Center, the concert was attended by thousands of people, despite chilly weather and rain. From classical music to K-pop performances by Oh My Girl, the show was designed to showcase the wide and dive

Social Affairs April 6, 2023

BUSAN -- Baek Kyung-ran, born and raised in Busan, has never seen the city in such a festive mood before, except perhaps for the time when the country was hosting the World Cup 21 years ago. "Things have definitely changed around here. I see so many banners related to promoting the Expo on public transportation and street lamps. I also saw cheerleaders and dance teams performing to promote the country’s bid to host the World Expo on the streets," she said in front of Busan Statio

Social Affairs April 5, 2023

Competition is fierce for countries around the world to win the bid to host the 2030 World Expo -- not only would the event significantly raise a nation's status, but it could also potentially provide a huge boost to the region's economy and the domestic business ecosystem. According to research conducted by South Korea's 2030 Expo Bid Promotion Headquarters, if Busan wins the contest to host the event, the country will be able to raise more than 60 trillion won ($45 billion) duri

Economy April 4, 2023

This is the fifth installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Korean snacks, which have survived a saturated market at home by gaining the approval of one of the most gastronomic and difficult-to-please consumers in the world, are making aggressive inroads into overseas markets in a bid to further tempt global consumers' palates. “In order for Korean snacks to successfull

Consumer April 4, 2023

The Bureau International des Expositions (BIE) committee visited Gwanghwamun Plaza in central Seoul on Monday evening, where promotional events were held to support Busan to win the bid for World Expo 2030. Representatives of the BIE came to South Korea on Sunday, and are scheduled to meet government officials and visit Busan to assess the city's suitability to host the World Expo. The eight members of the BIE took a stroll around the LED rose garden, and listened to explanations of the gia

Politics April 4, 2023

Kim Young-man, in his 80s, remembers when he visited Yeosu Expo in 2012 with his son, and hopes to be in good health for another trip to Busan to see the World Expo 2030. It could be one last international event to attend in his lifetime, he said. “I do believe Busan will win the bid for the World Expo,” he said as he was visiting a festival at Gwanghwamun Plaza in central Seoul. "Southern port cities of Korea, including both Yeosu and Busan, are nice tourist attractions with su

Social Affairs April 3, 2023

한류는 국경을 뛰어넘어 세계 팬들을 사로잡고, 잠재적 한국어 학습자들을 양산하고 있지만, 이들 모두가 교실에 앉아 한국어 수업을 들을 수 있는 것은 아니다. 이는 필연적으로 온라인 학습 수요로 이어진다. 하지만, 질 높은 온라인 한국어 학습 콘텐츠는 아직도 턱 없이 부족하다고 톡투미 인 코리안 (Talk To Me In Korean, 약칭 TTMIK) 의 선현우 대표는 말한다. 2009년부터 14년 동안 외국인들에게 한국어를 가르쳐온 선 대표는 TTMIK 자체 웹사이트, 유튜브, 인스타그램, 트위터, 온라인 채팅, 비디오 서비스인 디스코드 등을 통해 한국어 교육 컨텐츠를 제공하고 있다. TTMIK는 190개국 총 140만명의 가입자수를 자랑하는 가장 인기있는 한국어 학습 웹 서비스 중 하나이다. "학습자들이 보다 흥미롭게, 또 효과적으로 학습을 지속할 수 있도록 우리는 다양한 온라인 플랫폼을 활용하고 있다”고 선 대표는 최근 코리아헤럴드와의 인터뷰에서 말했다.

한국어판 March 30, 2023

South Korea's largest steelmaker Posco said Thursday it aims to make a world free from the destructive effects of earthquakes, with its world-class earthquake-resistant construction materials. According to Posco, the company's lineup of earthquake-resistant steel products has helped a slew of structures around the world to be able to safely withstand tremors since 1995. Posco's Steel New Steel, or SN Steel -- a structural steel product that has been made to comply with strict eart

Industry March 30, 2023

Models pose with HiteJinro's all-new beer brand, Kelly, which will hit convenience store shelves and restaurants across the country starting Tuesday. Following in the footsteps of hit beer brands such as Terra, Hite Lite and FiLite, Kelly is HiteJinro's sixth beer brand to be released after its launch of Terra four years ago. According to HiteJinro, the product uses 100 percent premium Danish malt and is fermented twice in a bid to maximize the natural taste of its premium ingredient

Industry March 30, 2023

Ways for South Korea to properly gear up for the Fourth Industrial Revolution era were explored at the Global Business Forum on Wednesday at the Ambassador Seoul hotel. During the during the sixth session of the forum, Ahmad Fahmi Ahmad Sarkawi, charge d'affaires at the Malaysian Embassy in Seoul, emphasized South Korea's need to make necessary preparations to adapt and improve itself in the rapidly evolving world. As the pandemic fades out, Sarkawi said he believed it is "very ti

Industry March 30, 2023