Pizza Hut Korea on Monday denied reports of its possible sale, saying that recent restructuring efforts were aimed at improving competitiveness. Rumors began circulating that Pizza Hut Korea would be sold by the US-based franchise giant Yum Brands to a third party, when the Korean corporation began changing its company-owned stores to franchised stores last year. “Yum Brands and (Pizza Hut Korea) are not considering a sale to a third company, and will pursue continued growth in the Korean franch

Industry Aug. 23, 2016

Hoegaarden Rosee is now available in 250-milliliter bottles and on tap. Since its release in August las year, the raspberry flavored beer has proven to be a hit with female beer drinkers. The pink-tinted drink was originally released in a 750-milliliter champagne bottle aimed at female drinkers who were looking for something sweet and light.The Hoegaarden Rosee line. From left: the 750-milliliter bottle, the 250-milliliter bottle, and draft beer. (Oriental Brewery Company)With just 3 percent alc

Industry Aug. 23, 2016

The proportion of Korean consumers who seek luxury fashion brands when buying directly from overseas sellers has dropped significantly over the past two years, according to a survey by the national consumer agency released Monday.The survey by the Korea Consumer Agency was conducted on 1,000 consumers who shopped directly from overseas sellers in the past year. It asked questions similar to a 2014 survey about consumers’ preferences and habits when buying products directly from abroad.In 2014, 4

Industry Aug. 22, 2016

German-born luxury brand MCM Worldwide, run by Sungjoo Group in Korea, was awarded the trendsetter prize at the 20th Accessories Council Excellence Awards, the brand announced Friday.According to the company, the brand was given the trendsetter award for its bold designs and innovative style. MCM is best known for its patterned designs on backpacks and handbags. Logos from the Accessories Council and MCM (MCM)The awards given at the ceremony change year by year depending on that year‘s events in

Industry Aug. 19, 2016

Competition for customers at Seoul’s various casual premium restaurants is fierce, with restaurants opened up by owner-executives of Korea‘s largest corporations aggressively seeking to set trends and gain international clout. The battle features some formidable names, including CJ’s Lee Jay-hyun and Shinsegae’s Chung Yong-jin.CJ Group’s restaurant operator CJ Foodville is undoubtedly the oldest and best established in casual dining. Its buffet and steak house VIPS has long become a household na

Industry Aug. 19, 2016

French bag and travel trunk brand Moynat, owned by the Louis Vuitton Moet-Hennessy group, is launching its first store in Korea on Aug. 26, according to the brand Thursday.The store will be on the first floor of the Shilla Hotel in Seoul. Moynat Gallery Shilla (Moynat Korea)This will be the brand’s fourth boutique in Asia, following stores in Beijing, Hong Kong and Tokyo. The Moynat Gallery Shilla boutique will feature men’s and women’s lines as well as exclusive designs created for the Seoul br

Industry Aug. 18, 2016

Lotte Group’s beleaguered retail company Lotte Shopping paid a salary of 800 million won ($723,800) to Lotte founder Shin Kyuk-ho for the first half of 2016, despite his absence from company operations, according to a report disclosed by the company Wednesday.This is the same amount of salary paid to the founder last year. Shin, who is currently undergoing court proceedings to determine whether he should be appointed an adult guardian due to mental incompetency, has not been involved in Lotte’s

Industry Aug. 18, 2016

Finance Minister Yoo Il-ho said Thursday that Korea will firmly stand against trade protectionism by further seeking economic partnerships with other economies despite growing uncertainties, while urging again the National Assembly to approve its extra spending proposal.In a meeting to review its external economic conditions, the finance minister said that the issue of protectionism is rising amid uncertainties on Brexit and becoming a major topic in the US presidential race.About 10 industrial

Aug. 18, 2016

Hanwha‘s retail arm Hanwha Galleria Timeworld jumped into the Seoul duty-free business with its first outlet in Seoul at the end of last year, hoping to find a new engine for growth.As one of five duty-free store operators newly licensed last year, Hanwha was tasked with finding a competitive edge against more established operators such as Lotte and Hotel Shilla.After Lotte’s duty-free outlet in the Lotte World Mall near amusement park Lotte World lost its license, Hanwha saw an opportunity to m

Industry Aug. 17, 2016

With temperatures in Seoul hitting record highs this summer and the Rio Olympics keeping people up late at night, consumers have turned to food delivery services and all-night convenience stores to keep their stomachs full without having to cook at home, data showed Wednesday.Popular food delivery mobile phone applications such as Baedal Minjok, whose name translates to Delivery Nation in English, saw orders significantly rise at the end of July.  Models pose with late-night snack options from 7

Industry Aug. 17, 2016

One of the most grueling parts of travel is the long-haul flight, where prolonged changes in air pressure and constricted movement can lead to discomfort. According to Korean Air’s medical team, there are easy ways to alleviate common symptoms associated with long flights. Flight attendants pose near a Korean Air plane in Incheon International Airport. (Korean Air)When flights take off or land, the change in air pressure can cause discomfort in the ears that can be eased by swallowing. Young chi

Industry Aug. 17, 2016

As Shinsegae Property, the real estate development company owned by Shinsegae Group, prepares to sign a contract to take over operations of Coex Mall and CALT Mall in southern Seoul, questions remain about the future profitability of the project.Shinsegae Property was named the preferred bidder to oversee operations of the malls’ 327 stores for the next 10 years through a master lease. It was the only bidder for the contract after Hyundai Department Store and Aekyung Group dropped out, most like

Industry Aug. 16, 2016

An Asiana Airlines plane was hit by lightning in Turkish airspace shortly before landing at Ataturk Airport in Istanbul on Saturday, according to the airline Tuesday.Although the body of the A330 was charred by the lightning, there was no significant damage and no casualties. The plane landed safely at Ataturk to undergo inspection.The plane, which had taken off from Incheon International Airport for flight OZ551, had been originally scheduled to return to Incheon that afternoon.The inspection o

Industry Aug. 16, 2016

The dawn of Internet of Things technology has sparked a fierce war between Korea’s three major telecom carriers as they seek to become the dominant network provider for IoT-based services.While improvements in information and communications technology have advanced communication between people through objects, the Internet of Things seeks to facilitate communication between objects themselves.According to a July report by the Hyundai Research Institute, the Korean IoT market is expected to grow

Technology Aug. 11, 2016

This is the third installment of a series of articles on companies in Korea striving to enter the world’s luxury market. -- Ed.CHEONGJU, North Chungcheong Province -- A middle-aged woman sits in a quiet room, porcelain napkin ring in one hand and a set of tweezers delicately holding a Swarovski crystal in the other. She carefully glues the crystal down, the first of dozens that will decorate the ring.She is one of just eight employees who are trusted to the task of decorating napkin rings, tea s

Industry Aug. 7, 2016