Stakes are running high as Kumho Asiana Group gears up for a legal fight over the acquisition of a controlling stake in Kumho Tire, as it continues to demand that creditors allow Chairman Park Sam-koo to form a consortium to fund the purchase.The main point of conflict currently involves the deadline upon which Park is to specify whether he would move to buy back the 42 percent controlling state that is to be sold to Chinese tire maker Doublestar unless he does. On Friday, Park rejected an April

Industry April 2, 2017

Korean retailers are seeking to provide customized and real-time shopping solutions for consumers using artificial intelligence in hopes of racking up sales in a sluggish retail economy.SK Planet‘s online open market platform 11st kicked off the trend with the commercial release of a chatbot named Baro on Wednesday. Baro is designed to complement 11st’s digital concierge service that allows for real-time product consultations through the 11st smartphone app. It is currently available for product

Industry April 2, 2017

Asiana Airlines said Tuesday that it was ranked the top airline in this year’s National Customer Satisfaction Index.In particular, Asiana passengers showed high satisfaction among women, passengers in their 20s, and those flying in premium classes. (Yonhap)The airline received high marks for its premium services, its new planes and IT-focused services including its mobile app and beacon service.The NCSI, compiled by the Korea Productivity Center, is an index measuring consumer satisfaction towar

Industry March 28, 2017

Kumho Tire’s creditors have voted to disallow Kumho Asiana Chairman Park Sam-koo from forming a consortium to raise funds to buy a controlling stake in the tire company, but allowed for the possibility of “revisiting the discussion.”On Tuesday, Korea Development Bank released a statement saying that the creditors voted down a motion to allow Park to form a consortium with no strings attached. However, the creditors also voted to leave open the possibility of another vote if Park submits a “speci

Industry March 28, 2017

SK Planet’s open market n11.com was the top open market in Turkey for the second consecutive year in 2016, according to the company Tuesday. Employees pose at the headquarters of n11.com in Istanbul, Turkey. (SK Planet)It was the shopping platform with the most transactions in 2015, overtaking Turkish operator Hepsiburada. Last year, transactions on n11.com totaled $563 million, with 18 million visitors to the site each month. Both sales and visitors rose by 20 percent on-year.According to SK Pl

Industry March 28, 2017

Wellness company Amway Korea said Tuesday that it has named Kim Jang-hwan as its new chief executive, effective June 1.The 53-year-old former COO of Amway has been with the company since 1993. Since then, he has held positions in finance, human resources, merchandising, sales and marketing within the company.  Amway Korea’s new CEO Kim Jang-hwan (Amway Korea)According to the firm, Kim was instrumental in implementing the company’s future strategy Amway Next in Korea and bringing Amway’s distribu

Industry March 28, 2017

Food group SPC said Monday that it is readying the launch of a new salad restaurant called Pig in the Garden, set to open April 3.The restaurant will be a fine casual salad restaurant mainly offering up fresh salad bowls and salad plates that combine fresh greens with grilled dishes.  Construction is underway at the first Pig in the Garden branch in Yeongdeungpo-gu, Seoul. (SPC)The menu will also include popular dishes such as caesar salad and cobb salads, as well as seasonal salads like ricotta

Industry March 27, 2017

Korea’s largest air carrier forecast over 840 billion won ($747.7 million) in operational profits this year at a shareholder meeting Friday morning, the first session to be led by new President Cho Won-tae.“This year, we have decided that our management policy will be to create a sustainable business that can produce profits even in times of rapid environmental change,” Cho said at the meeting.Cho Won-tae, President of Korean Air (Korean Air)It was the first time that Cho Won-tae led a sharehold

Industry March 24, 2017

Alpecin, a German shampoo brand that uses caffeine to reduce the effects of hair loss, has officially entered the Korean market.At a press conference Thursday, Alpecin Korea Business Development Manager Yoo Min-jung said that although Korea has a large market for hair loss products, there is low awareness about the positive effects of caffeine on hair growth.Citing a study conducted jointly with Nielsen Research, Yoo said that “although 85 percent of surveyed men answered that they were concerne

Industry March 23, 2017

Incheon International Airport Corp. has signed an agreement with Korail and Gwangmyeong City to create a city airport terminal at Gwangmyeong Station, according to the company Wednesday.Under the agreement, Incheon Airport will provide investment and management support during the initial operation of the terminal, while Korail will be the operator of the terminal itself. The terminal is set to open in September. Incheon International Airport CEO Chung Il-young (center), Korail CEO Hong Soon-man

Industry March 22, 2017

Duty-free operators and air carriers in Korea are seeking out ways to increases sales among tourists from countries other than China, as Beijing’s travel ban is expected to cut deep into revenues this year.Dependency on Chinese consumers has been high in Korea, as indicated by data for February that showed the impact of anticipation of the travel ban.According to the Korea Duty Free Shops Association, sales at duty-free outlets here hit a record high in February to reach $1.14 billion. The growt

Industry March 22, 2017

Germany-based communication agency Serviceplan Group said Wednesday that it has launched a Korean office of its subsidiary group Plan.Net to handle Serviceplan’s digital businesses.Plan.Net, based in Europe, has been ranked as Germany’s top digital creative agency for three consecutive years by the German Digital Industry Association.  Hong Jun-hwa, CEO of Plan.Net Korea (Serviceplan Group)Its Korean office will be headed by CEO Hong Jun-hwa, who most recently led the Integrated Campaign Headqua

Industry March 22, 2017

Soaring 555 meters into the sky in southern Seoul, Lotte World Tower is a behemoth of a building filled with everything from high-end offices to serviced residences and an observation deck.South Korea’s tallest building was unveiled to the press Tuesday morning ahead of its grand opening to the public on April 3.The location for the building was chosen in December 1987, and construction began on the 4 trillion-won structure in 2010.“Skyscrapers like the Lotte World Tower are often pursued by gov

Industry March 21, 2017

Online open market Gmarket took the top slot among online shopping malls in an annual brand power index for the seventh year in a row, according to eBay Korea Monday.The Korea Brand Power Index is compiled each year by Korea Management Association Consulting, taking into account various aspects of brand power including trustworthiness and value. This is the K-BPI‘s 19th year. (eBay Korea)“Consumers seek out Gmarket because of our product and price competitiveness, which comes from strong partner

Industry March 20, 2017

The founding family of Lotte Group stood trial Monday, denying their charges of embezzlement and corrupt management of their businesses. It marked the first time that the feuding members have appeared in court together.　The trial came five months after prosecutors first charged Chairman Shin Dong-bin and four other family members in October last year. Following Monday’s opening trial, the court plans to hold hearings three times a week regarding the charges of embezzlement and tax evasion.　Chair

Industry March 20, 2017