Hyundai Department Store's fashion retail arm Handsome said Thursday it inked three separate exclusive domestic distribution contracts with foreign designer brands, in a drive to expand its overseas fashion portfolio. The fashion retailer clinched exclusive deals with US designer brands Gabriela Hearst, Veronica Beard and Swedish fashion brand Toteme. French luxury brand Chloe's creative director Gabriela Hearst's eponymous clothing brand was launched in the US in 2015 and focuses

Consumer Dec. 15, 2022

In a bid to strengthen the nation's food technology industry, the government unveiled its plan on Wednesday to incubate 30 unicorn startups and aim to quadruple food-tech related exports by 2027. According to the Ministry of Agriculture, Food and Rural Affairs, food-tech refers to a newly rising industry which applies state-of-the-art technologies such as biotechnology, and artificial intelligence to various processes including preservation, processing, packaging, distribution, and use of

Consumer Dec. 14, 2022

South Korea may experience trouble in importing raw materials for cold medicines in the near future due to a cold medicine shortage in China, according to industry insiders Tuesday. China, South Korea’s main importer of raw materials for cold medicine, is currently experiencing a dearth of cold medicines with people bulk-buying them following the country's relaxing of quarantine policies. The Ministry of Food and Drug Safety recently cautioned South Korean pharmaceutical companies reg

Industry Dec. 12, 2022

Over half of retail business owners, or 55.3 percent, who were surveyed projected a gloomy outlook for 2023, as business sentiment among them seemed worse than pre-pandemic levels. According to a survey conducted by the Korea Chamber of Commerce and Industry on 300 retail business owners that was released Sunday, respondents predicted an average of 1.8 percent growth in the retail sector next year, compared to this year’s estimated 5.9 percent growth. “Despite expectations about econ

Consumer Dec. 11, 2022

The Korea Forest Service said on Sunday it would establish its third comprehensive forest management plan in a bid to ramp up its attempts to advance the ecology in the Demilitarized Zone that divides South and North Korea. The five-year plan, set to be enacted in January, aims to enhance the biodiversity within the forest and expand the role of the DMZ as a carbon sink. Carbon sinks are areas that store carbon-containing chemical compounds for an indefinite period and remove carbon dioxide from

Industry Dec. 11, 2022

Are you warm-toned or cool-toned? The current craze for South Koreans is to take personal color tests -- or consultations that provide recommendations for people's personal color types. The tests, largely held offline for accuracy, have professional analysts evaluate whether people fall under the category of "warm-tone" or "cool-tone," by scrutinizing their skin tone. According to the tests, warm-toned people generally have a yellow-base skin undertone, while cool-toned

weekender Dec. 10, 2022

LG Electronics debuted its new air-purifying electronic mask in Korea on Thursday, becoming the first company to get approval for the sale of the mask in the country. Approved by the Korea Conformity Laboratories for its filtration capabilities, the company said the LG PuriCare mask had removed 99.9 percent of the 0.01 micrometer-sized impurities within the mask, allowing a clean supply of air for its wearer. Ergonomically designed to be tailored to the human's face structure, the mask mini

Technology Dec. 8, 2022

The Ministry of Science and ICT on Tuesday released the results of its investigation into the nation's worst-ever server shutdown in October, calling for all stakeholders -- SK C&C, Kakao and Naver -- to come up with emergency response system. On Oct. 15, a fire broke out in the battery room on the third basement floor of the SK C&C Pangyo Data Center at Pangyo, Gyeonggi Province. The fire at the data center -- which hosts South Korean online platform giants' data servers -- ca

Technology Dec. 6, 2022

Vietnamese President Nguyen Xuan Phuc on Monday held meetings with a slew of business leaders here, during a state visit to commemorate the 30th anniversary of bilateral ties between South Korea and Vietnam. Jung Won-ju, vice chairman of Jungheung Group, the largest shareholder of Daewoo E&C, was among the business leaders the president met to share the Southeast Asian country’s business outlook and its will to support foreign businesses. “Daewoo E&C is carrying out diverse c

Industry Dec. 6, 2022

South Korean business moguls joined a banquet hosted by President Yoon Suk-yeol on Monday to commemorate Vietnamese President Nguyen Xuan Phuc’s state visit to Seoul. Following their summit talks earlier in the day, the two presidents held a state dinner, with a slew of business and political leaders in attendance. The list of the attending tycoons included: Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, Jungheung Group Chai

Industry Dec. 5, 2022

Apparel prices surged by the largest margin in more than a decade last month, government data showed Monday. According to data from the Korean Statistical Information Service, in November, the consumer price index for clothing and shoes in the country put prices at 107.33 -- up 5.5 percent from the same month last year. CPI gauges the measure of the average change in prices for a fixed-market basket, or a fixed list of goods and services of constant quantity, purchased by South Korean consumers

Consumer Dec. 5, 2022

Shares of Posco companies fluctuated Thursday after one of its two unions decided to leave the Korean Metal Workers’ Union, considered one of the most hard-line labor groups here, via ballot a day earlier. In a ballot held for three days, almost 70 percent of the Posco unionists voted in favor of the departure. The KMWU falls under the Korean Confederation of Trade Unions, the nation’s largest and most powerful labor group. Following the news, Posco Steeleon, a steel plate producer,

Industry Dec. 1, 2022

Oriental Brewery's flagship beer brand Cass secured the top market share in the domestic beer market in October and seeks to continue its momentum via various promotions related to the World Cup, said the country's largest beer maker Wednesday. According to market research firm Nielsen Korea, Cass logged the largest market share in the off-trade market for the beer industry in October. Off-trade market refers to retail outlets such as hypermarkets, supermarkets, convenience stores and

Consumer Nov. 30, 2022

Among imported beers, Chinese brands were imported the most to South Korea according to data on Tuesday -- successfully reclaiming the top position after weathering dwindling profitability for years due to a nationwide reluctance to use Chinese products during the pandemic. According to data from the Korea Customs Service, $31.16 million of Chinese beer was imported into the country in October -- the highest total for imported beer from one country for the month. The data shows a drastic recover

Consumer Nov. 30, 2022

South Korean builder Daewoo E&C said on Tuesday its design prowess has been recognized again with a prestigious design award, continuing its winning streak through its brands, including their flagship apartment brand Prugio. The company said two of its entries won Bronze Prizes at the Good Design Award 2022 -- an esteemed design award ceremony hosted by the Ministry of Trade, Industry and Energy, which was held annually since 1985, under the Industrial Design Promotion Act. The awarded archi

Industry Nov. 29, 2022