Samsung Electronics and Swiss luxury jeweler de Grisogono have agreed to jointly launch a so-called “super-luxury” limited edition of the Samsung Gear S3, a next-generation smartwatch that is set for official release later this year. “We are currently collaborating with Samsung to develop its next-generation smartwatch,” a de Grisogono official told The Korea Herald at the Conde Nast International Luxury Conference held in Seoul last week. The Samsung Gear S2 by de Grisogono (de Grisigono offici

Technology April 25, 2016

In South Korea, home to some of the world’s most avid coffee consumers, tea has often been pushed aside as a traditional drink befitting the older generation and out of touch with modernity. However, with more Koreans prioritizing health and demanding wider beverage options, tea is gradually emerging as an attractive drink, fueling the country’s fledgling tea industry. Tea franchise O’sulloc`s tea. (AmorePacific)

Industry April 22, 2016

Two children of AmorePacific Group’s late founder Suh Sung-hwan were found to have established paper companies in the U.S. Virgin Islands in an apparent scheme to evade taxes, a local news outlet reported on Thursday.Citing legal documents leaked by Panama-based law firm Mossack Fonseca, Newstapa said it has discovered two ghost companies each established under the name of the founder’s oldest son Suh Young-bai and youngest daughter Suh Mi-sook.The two are siblings of AmorePacific chairman Suh K

Industry April 22, 2016

Luxury has long been a subject of admiration and exclusivity. 　Fashion products created with expert craftsmanship and inspired by high-end culture, however, are likely to take a different path in the future, according to global fashion leaders gathered in Seoul for the Conde Nast International Luxury Conference. 　　In the future, the concept of luxury may become more democratic and open, as technological advancements transform how people consume information and spend money, they said.　“The velvet

Industry April 21, 2016

Technology will play a significant role in revolutionizing the global fashion industry, the chief of Samsung’s fashion unit said Wednesday, stressing that the South Korean electronics giant is ready to take the lead in the marriage between technology and fashion. A timeless value has been a defining component of luxury fashion for decades. However, fashion will become "limitless" in the future as fast-evolving technology and social networking services transform the way people experience and cons

Industry April 20, 2016

Roche Korea, the local branch of Switzerland-based global biopharmaceutical giant Roche, on Tuesday appointed former chief of Roche Pharma Peru Matt Sause as its new general manger.  “Korea is considered as a key market within Roche Group, and I am very pleased to assume this important role,” Sause said in a statement. “I will devote myself to improving the quality of the lives of Korean patients by strengthening access to innovative medicines by collaborating with various health care profession

Industry April 19, 2016

The second annual Conde Nast International Luxury Conference will kick off in South Korea on Wednesday, bringing together hundreds of officials from the world’s major luxury and high-end fashion industries to examine the present and future of the Korean and global luxury market.　The two-day conference, organized by Conde Nast International, a U.S. multimedia company which publishes major fashion and lifestyle magazines like Vogue, GQ and Vanity Fair, will take place at the Hotel Shilla in Seoul.

Industry April 19, 2016

Lotte Mart, one of the manufacturers of a humidifier disinfectant that allegedly caused lung damages that claimed 143 lives, on Monday officially apologized and vowed to provide due compensation to the victims and their families.The announcement marks the first ever public action taken by a maker of the toxic disinfectants in question since a probe on the case began in 2011. It also comes as the prosecution is set to summon executives of Lotte Mart, alongside three other firms, for questioning t

Industry April 18, 2016

Taiwanese milk tea franchise Gong Cha Korea confirmed Monday that it is in the process of potentially acquiring its global headquarters Royal Tea Taiwan Co.“Gong Cha Korea is currently in talks over potentially acquiring Royal Tea Taiwan Co.,” Gong Cha Korea spokesperson Hyun Ye-seul told The Korea Herald.“However, the details of the acquisition have yet to be determined, as the negotiations are still underway and still open to changes,” she said.If the deal goes through, Gong Cha Korea would be

Industry April 18, 2016

CJ Foodville, a food services company under South Korean conglomerate CJ Group, is selling off its premium wedding and banquet business unit to Japan-based private equity fund Unison Capital.　A CJ Foodville official on Friday said that the firm is “in the process of selling off Apelgamo, CJ’s premium wedding hall and banquet services brand in Seoul, to Unison Capital.” The firm will soon spin off the division for the sale. (Apelgamo)The official selling price of Apelgamo has yet to be disclosed,

Industry April 17, 2016

Korea Seven, the local operator of major convenience store chain 7-Eleven, on Sunday said it has signed a deal with milk tea chain Gong Cha Korea to launch two new drinks under the Gong Cha brand at 7-Eleven stores nationwide.Under the agreement, the two firms will jointly develop a range of ready-to-drink Gong Cha products to be exclusively sold at 7-Eleven outlets in Korea. The first two products will be introduced by the end of this month, with more to come in the future, according to Korea S

Industry April 17, 2016

Korea’s average tax burden for wage earners with and without children differ by roughly 2.3 percentage points, the fifth lowest among the Organization for Economic Cooperation and Development countries, recent data showed Sunday.　According to the OECD’s Taxing Wages 2016 report, Korea’s “tax wedge” -- the proportion of taxes in an individual’s wage income -- for households with one earner and two children stands at 19.6 percent, compared to 21.9 percent for working single-person households.　The

Industry April 17, 2016

STARBUCKS SOCIAL CONTRIBUTION -- A barista from Starbucks Coffee Korea (left) offers career consulting and training to students from Songgok Tourism High School in Seoul on Friday as part of a career development program led by Starbucks in partnership with Junior Achievement, a U.S.-based nonprofit youth organization. Starbucks plans to hold similar programs in high schools within and outside of Seoul until November as part of joint social contribution efforts. (Starbucks Coffee Korea)

Industry April 17, 2016

Lotte Mart introduces realistic Barbie dolls to AsiaLotte Mart has introduced a new lineup of realistic “Fashionista” Barbie dolls that includes three new body types -- tall, curvy and petite -- in South Korea on Thursday.After decades of criticism, Barbie, a brand known for its unrealistically skinny figurines, introduced new dolls with diverse physiques and hairstyles in January this year. Seoul is the first Asian market where these realistic Barbies are being introduced. Available in seven ty

Industry April 14, 2016

COFFEE RECYCLING - Vice Environment Minister Jeong Yeon-man (second from left) and Starbucks Coffee Korea CEO Lee Seock-koo (third from left) water a plant Thursday after signing an agreement to turn used coffee grounds collected across Starbucks outlets nationwide into eco-friendly compost, animal feed and other repurposed substances for local usage. This year, the two plan to collect roughly 3,500 tons of used coffee grounds for recycling purposes. (Starbucks Coffee Korea)

Industry April 14, 2016