Hanjin Group announced Friday that it has named Cho Won-tae president of its airline Korean Air, with effect from Wednesday. Cho, the son of Cho Yang-ho, Hanjin Group’s chairman, was promoted from executive vice president and chief operating officer to president and COO. He was one of 53 executives promoted or newly named by the group. Chi Chang-hoon, the current president and COO of Korean Air, will serve as a senior adviser to the company for the next year. Cho Won-tae (Hanjin Group)According

Industry Jan. 6, 2017

Apple Korea on Friday posted job openings for the first-ever Apple Store to be opened here, officially confirming reports of its launch. “We’re excited about opening our first Apple Store in Korea, one of the world’s economic centers and a leader in telecommunication and technology, with a vibrant K-culture. We’re now hiring the team that will offer our customers in Seoul the service, education and entertainment that is loved by Apple customers around the world,” Apple Korea said. The Apple logo

Technology Jan. 6, 2017

On Thursday morning, the duty-free floors of Lotte World Mall were bustling with Chinese tourists dragging travel luggage as they stood in long lines in the cosmetics section. Shoppers handed store attendants cell phones with pictures of specific products they wanted to buy. Periodically, announcements in Mandarin rang out from the store speakers. Lotte’s duty-free operator reopened its World Tower outlet Thursday after receiving a final operating license from the Korean customs regulator. The s

Industry Jan. 5, 2017

Lotte Group Chairman Shin Dong-bin recently participated in a joint evacuation training session at Lotte World Tower in southern Seoul, making his first public appearance of the year.The evacuation drills were conducted jointly by Lotte Corp., the Seoul Metropolitan Government and the Songpa-gu District Office, starting from 3 a.m. with the participation of 3,000 volunteers. They underwent a simulation of a fire breaking out on the 107th floor of the 123-floor building. The drills involved 23 ag

Industry Jan. 4, 2017

Fashion company LF said Wednesday that it is entering the liquor industry through an investment deal with alcohol distributor Indulge.Although LF declined to comment on its investment stake in Indulge citing contract confidentiality agreements, there are reports estimating that LF‘s stake is now more than 50 percent of the company.(LF)Indulge is the sole distributor of the sparkling wine brand Bernini, tequila brand Patron, and beer brand Brew Dog. According to LF, Indulge also plans to open a b

Industry Jan. 4, 2017

Food manufacturer and restaurant operator Shinsegae Food said Wednesday that it has begun franchise operations, starting with its first franchise stores for burger chain Johnny Rocket and ice cream chain O’slo.The two stores are the first franchise stores operated under brands launched in Korea by Shinsegae Food. Shinsegae currently also owns the franchise chain Smoothie King, which already had stores nationwide before the company acquired it in 2015. O’slo’s first franchise store in Paju, Gyeon

Industry Jan. 4, 2017

Korea’s second-largest air carrier has set up a joint venture with Swiss airline catering company Gate Gourmet, raising speculation over whether the company is looking to launch its own catering business.Asiana Airlines and Gate Gourmet launched the joint venture Gate Gourmet Korea here last October. Asiana disclosed at the end of December that it acquired a 5.2 percent stake in the company for 53.3 billion won ($44.2 million), bringing its stake in the company up to 40 percent effective July 20

Industry Jan. 4, 2017

Pizza Hut Korea has been fined by South Korea’s antitrust regulator for its unfair business practices against franchise owners here.According to the Fair Trade Commission on Tuesday, Pizza Hut was fined 526 million won ($437,000) for unilaterally creating and collecting new fees -- called “administration fees” -- from franchise owners. To date, the FTC estimated that Pizza Hut has extorted 6.8 billion won from franchise owners through these fees.  (Pizza Hut official website)The fee was not incl

Industry Jan. 3, 2017

South Korean cosmetics maker Amorepacific‘s R&D Center in Yongin could be at the center of a new urban industrial complex if it receives a final approval, according to the company and Yongin City on Tuesday.The cosmetics company is mulling plans to invest 32.9 billion won ($27.3 milllion) into the project, which will result in a 231,000-square-meter complex set to be completed by 2019.Currently, Amorepacific is expanding its existing R&D Center in Giheung-gu to add more research facilities. Urba

Industry Jan. 3, 2017

Lotte Group Chairman Shin Dong-bin began the year with an address emphasizing “bold innovation and change” for survival in the face of difficult business conditions.Shin called on Lotte to focus on improving its core capabilities and advantages by conducting operations focused on on-site supervision rather than depending on the group’s central control tower. Lotte Group Chairman Shin Dong-bin (Lotte Group)He said that each of Lotte’s affiliates will have to create a strategy to prepare for comin

Industry Jan. 2, 2017

Hanjin Group Chairman Cho Yang-ho called in his new year‘s address for a balance of safety and service to bring “customer happiness” in 2017.As for Korean Air, the chairman said that employees must go beyond a simple understanding of service rules and manuals, and make the rules a part of their daily lives through repeated training.  Hanjin Group Chairman Cho Yang-ho (Hanjin Group)Cho said that precise and strict application of existing rules will allow Korean Air to “prevent problematic situati

Industry Jan. 2, 2017

A recent incident involving an unruly passenger on a Korean Air flight has sparked debate about the capabilities of Korean airlines to ensure the safety of their passengers, as well as the leniency of Korean laws regarding in-flight disturbances.On Tuesday, a drunk 34-year-old male passenger surnamed Lim caused a scene aboard the Prestige (business) class on the Korean Air Flight 480 bound for Incheon from Hanoi, Vietnam. He slapped the passenger next to him and was eventually restrained by the

Industry Dec. 25, 2016

Discount retailer Homeplus opened its 142nd branch with a mall layout that emphasizes experience over shopping, in Paju, Gyeonggi Province on Thursday. Homeplus’ 66,000-square-meter Paju Unjeong branch is the company’s largest discount retail outlet in Paju. The mall includes stores directly operated by Homeplus as well as a culture center and a movie theater.According to the company, the branch’s layout reflects the recent trend of discount retailers by minimizing traditional grocery store offe

Industry Dec. 22, 2016

A union of part-time workers and labor activists called Thursday for the arrest of the CEO of E-Land Park and a crackdown on alleged unfair labor practices.Eight groups including the Arbeit Workers Union and the Korean Confederation of Trade Unions held a press conference in front of the E-Land Park headquarters in Geumcheon-gu, Seoul, to demand that the company‘s food business CEO, Park Hyeong-sik, be taken into custody for breaking labor laws.“Many of the workers affected by E-Land Park’s meti

Industry Dec. 22, 2016

Incheon Airport will build a new cargo complex and terminals with an aim to raise its annual freight volume to 3 million tons by 2020, the Transport Ministry said Wednesday.It is part of a move to improve the airport’s freight competitiveness in the face of changing air cargo market trends, with the world’s trade volume on an overall slowdown.The arrivals hall at Incheon International Airport (Incheon International Airport)Traditional air cargo items such as electronic products are now turning t

Industry Dec. 14, 2016