This is the second installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. About 7 out of 10 tofu products sold in the US are made by South Korean food giant Pulmuone. Cho Kil-su, head of Pulmuone USA, said its unrivaled market position is an outcome of years of efforts to creatively localize one of the most highly regarded alternative sources for protein -- Korean tofu -- along with a slew o

Consumer March 9, 2023

South Korean beauty giant Amorepacific's luxury skin care subsidiary Sulwhasoo said Thursday it signed a partnership with the Metropolitan Museum of Art in a bid to conduct various collaborative works with the New York-based art museum, including the preservation of Korean cultural artifacts. Sulwhasoo, which has been promoting traditional Korean art and craftsmen through its exhibition series, will be working with the Met for a year starting this March. Throughout the year, Sulwhasoo will

Industry March 9, 2023

Only 1 out of 4 employees working at major Korean companies were women, with their average yearly income some 30 percent less than that of the men at the companies, according to a report from market tracker Korea CXO Institute. Korea CXO Institute analyzed the 15 South Korean companies with the highest sales across 10 different sectors, in a bid to gain insight into the gender ratio in the Korean workspace and the wage gap between Korean male and female employees. According to the results, the n

Industry March 7, 2023

Wholesale prices of hanwoo, or Korean beef, a highly coveted luxury food item among South Korean consumers, are estimated to drop further this year due to increased supply but sagging demand amid widespread inflation fears. According to the Korea Rural Economic Institute Monday, the wholesale prices of Korean beef for the first half of 2023 are expected to range from 16,500 ($12.73) to 17,500 won per kilogram. This range marks an average 20.9 percent decrease from the same period last year, when

Consumer March 6, 2023

The number of Chinese consumers who bought Korean products plummeted last year amid China's falling perception of Korea-made commodities, according to a survey conducted by the Korea International Trade Association. KITA conducted a survey on 1,000 consumers living in 10 major Chinese cities to gain insight into changes in their perceptions toward Korea-made goods since the COVID-19 pandemic. The survey, released Sunday, found that the percentage of Chinese consumers who responded that th

Consumer March 5, 2023

South Korean cosmetics giant Amorepacific is reconstructing its brand image in a bid to wean its sales off a dependence on China and ramp up its sales in North America and Europe. According to Amorepacific, the company on Wednesday released First Care Activating Serum VI, the six edition of Sulwhasoo's flagship serum. Sulwhasoo is Amorepacific's luxury skincare subsidiary brand that accounts for some 40 percent of the Korean beauty giant's total annual cosmetics sales. The company

Industry March 2, 2023

South Korean construction giant Booyoung Group said Wednesday it has donated a total of 200 buses to the Cambodian capital of Phnom Penh as part of its ongoing social contribution activities in the Southeast Asian country. Booyoung Group founder and Chairman Lee Joong-keun and Phnom Penh Municipal Gov. Khuong Sreng attended the delivery ceremony held Tuesday (local time), with dozens of city and company officials and Korean residents there present. The latest donation, worth $8.83 million, aims

Industry March 1, 2023

South Korean e-commerce giant Coupang is extending its winning streak in earnings, posting a profit for the second consecutive quarter in the fourth quarter 2022, according to its earnings report on Wednesday. The US-listed company said it posted quarterly operating profits of $83.4 million in the September-December period, an almost 10 percent growth from $77 million in the third quarter when the company first turned a profit since launching its ultrafast Rocket Delivery service in 2014. The co

Consumer March 1, 2023

South Korean duty-free retailers are expected to see a bump in profits this year with the return of Chinese tourists, according to a Bank of Korea report released Tuesday. This year the number of Chinese tourists visiting Korea is estimated to reach 2 million –10 times last year’s 200,000. The Korean government’s lifting of mandated PCR tests for Chinese tourists upon arrival and the recent resumption of short-term visa issuance for Chinese nationals were cited as key driving

Consumer Feb. 28, 2023

Four years since the “No Japan” boycott in South Korea, Japanese goods are making a comeback in the local market. The boycott, which followed Japan's introduction of control on exports of some of its key products to Korea, was one of Korea's biggest economic boycotts conducted on imported goods. Japanese clothing retailer Uniqlo, one of the brands hit the hardest in the nation by the “No Japan” boycott, said through its annual earnings report for 2022 that the b

Consumer Feb. 27, 2023

South Korean commodities trader Posco International said Friday it will strengthen its food business overseas by cooperating with Korean food giant Daesang. The two companies signed a memorandum of understanding to review joint investments in new overseas starch sugar businesses on Thursday. "We hope that this cooperation with Daesang, who conducts the largest starch business in the country, provides us with the opportunity to expand the value chain of the food business," said Lee Sang

Industry Feb. 24, 2023

This is the first installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Paris Baguette is a bakery as common in South Korea as Dunkin Donuts is in the United States. The nation’s No. 1 bakery chain, operated by food giant SPC Group, boasts a whopping 3,400 outlets nationwide, which means almost one in five bakeries in Korea is a Paris Baguette store. In recent years, Paris Baguette ha

Consumer Feb. 23, 2023

SK Networks said Wednesday it has invested an accumulative $176 million in some 20 global projects as of 2023, disclosing its global investment performance for the first time at an investment briefing session. “Based on our investment experiences in Silicon Valley, we will play a gate-keeper role in global innovation,” said SK Networks General Executive Director & President Choi Sung-hwan in his opening remarks at the event held in Seoul. “We will use our influence not just

Industry Feb. 22, 2023

CJ Logistics, South Korea’s largest logistics firm, said Tuesday it has opened a regional office in Wroclaw, Poland, in a bid to target the European logistics market. According to CJ Logistics, Wroclaw is the largest industrial city and logistics hub in southern Poland. The company explained that the city functions as an important crossing region for European companies, as it is located right in the middle of Europe. Moreover, CJ Logistics explained that Poland is home to Gdansk port, wh

Consumer Feb. 21, 2023

South Korean builder Ssangyong Engineering & Construction said Tuesday it has completed the construction of Atlantis the Royal, a $1.2 billion ultraluxury resort complex, after almost seven years of work. Atlantis the Royal, set on the crescent of the human-made island Palm Jumeirah in Dubai of the United Arab Emirates, comprises three 44-story five-star hotels and three residence hotels. The hotel buildings consist of 791 rooms, 94 pools and penthouses with their own private infinity pools,

Industry Feb. 21, 2023