Spirits maker Diageo said Tuesday that it is hoping to expand its presence in the low-alcohol whisky market with the introduction of its new product, W Signature 12.“(W Signature 12) will allow us to solidify our position in the low-alcohol spirits market following on the heels of our 17-year product,” said Cho Kil-soo, the CEO of Diageo Korea, at a press conference held at the British Embassy in Seoul.“I believe that W Signature 12 will become a product that will represent a safe, smart choice

Industry Oct. 24, 2017

Following the passage of a tax hike bill on heat-not-burn tobacco products at a parliamentary committee, South Korean consumers are bracing for a price hike to begin as early as next month.On Friday, the strategy and finance committee of the National Assembly passed a proposal to raise individual consumption taxes on HNB products to 90 percent of the same tax levied on conventional cigarettes. If the bill passes the floor next month, each 20-stick pack of HNB sticks will be taxed to the tune of

Industry Oct. 23, 2017

Shinsegae‘s private soju brand Pureunbam has entered the Mongolian market, according to the company Monday.On Sunday, the first shipment of Pureunbam soju was sent from Incheon to Ulaanbaatar, Mongolia. The products are expected to hit shelves at E-mart’s two branches in Ulaanbaatar in mid-November. Poster for Pureunbam soju (Shinsegae)The first shipment includes 19,200 bottles of the low-alcohol “Short Night” and 4,800 bottles of the stronger “Long Night.”According to Shinsegae, the decision to

Industry Oct. 23, 2017

Budget carriers Jeju Air and T’way Air have made moves toward creating affiliate companies tasked with the airlines’ ground handling operations, according to the two airlines Monday.Jeju Air announced that it had signed a deal to buy Dongbo Airport, a company specializing in airline operations and ground handling services. Dongbo had been providing ground handling operations for T’way Air.Dongbo will begin servicing Jeju Air as early as this year.“As Jeju Air’s fleet and flights continue to expa

Industry Oct. 23, 2017

Poland‘s flagship carrier celebrated the one-year anniversary of its Incheon-Warsaw direct route Thursday, with hopes to further increase the frequency of the flight and promote Central European destinations in the Korean market.“It is a very important route, not only from the tourist perspective but also because it provides business connectivity,” said LOT’s chief executive Rafal Milczarski during an interview with The Korea Herald. The Incheon-Warsaw flights serviced by LOT began on Oct. 18 la

Industry Oct. 22, 2017

Cosmetics researchers from all over the world will gather in Seoul to discuss convergence and creativity in cosmetic science starting Monday.The 24th Conference of the International Federation of Societies of Cosmetic Chemists is set to take place from Monday to Wednesday at the Grand InterContinental Seoul Parnas under the theme of “Cosmetic Science: Beauty, Convergence and Creativity.”This is the second time that the conference, which began in 1960, will take place in Seoul.Researchers study c

Industry Oct. 22, 2017

A department store chain in South Korea said its customers aged 70 and over led a significant growth in sales, indicating a rising trend of older generations picking up the offline retail business.According to department store AK Plaza on Thursday, senior citizens in their 70s showed an average of 15 percent annual growth in sales over the past three years, the largest in any age group.(123rf)“Department stores attract senior citizens in their 70s looking for a place to socialize, and many of th

Industry Oct. 19, 2017

Incheon Airport has been named the best airport in the world for the 12th consecutive year by an international airport council, the airport announced Thursday.It is the first airport to win for best airport worldwide at the Airport Service Quality Awards hosted by Airports Council International for 12 straight years. The annual awards are based on interviews with airport visitors who rank the services of each airport.  Incheon International Airport Corp. CEO Chung Il-young (right) receives the a

Industry Oct. 19, 2017

E-commerce firm Coupang said Thursday it has opened a new store focused on grooming products for men.The store offers over 77,000 products, including shaving, skin care and hair products as well as supplements for weight loss and protein.“As more men care about their appearance, demands of male customers are steadily growing for grooming and workout products,” said a Coupang representative.Promotional image for Coupang's men's grooming store (Coupang)The brands offered include popular brands alr

Industry Oct. 19, 2017

Finger paint from many different brands sold in South Korea have been found to contain toxins, according to a study by the Korea Consumer Agency.Out of twenty brands tested, half showed toxic levels of preservatives, acidity and microorganisms. The study utilized safety standards for children‘s toys that are scheduled to go into effect on Feb. 1 next year.Six brands were found to have unacceptably high levels of chloromethylisothiazolinone and methylisothiazolinone, commonly referred to as CMIT

Industry Oct. 18, 2017

German carmaker Mercedes-Benz met with trendsetting Korean companies in consumer electronics to scout for new suppliers, the company said Wednesday.The Mercedes-Benz Procurement and Supplier Quality booth at the Korea Electronics Show at Coex in Seoul (Mercedez-Benz)Mercedes-Benz was the first OEM automaker to participate in the four-day Korea Electronics Show that began Tuesday, where it met with potential suppliers. One of the companies that met with Mercedes-Benz was Geo-Line, a startup that

Industry Oct. 18, 2017

Despite rumors about Amazon‘s future plans to enter the South Korean market, it is unlikely that the e-commerce giant will launch a Korean version of its flagship online shopping website, according to industry insiders.“It is unclear what Amazon will have to gain by entering the e-commerce market at this point,” an official at another e-commerce firm operating in Korea said, asking not to be named.Rumors have been circulating that Amazon was planning a launch of a Korean arm after the US e-comme

Industry Oct. 17, 2017

Air traffic growth in the Northeast Asian region will be mainly driven by LCCs, according to an executive from airplane maker Boeing.“As we look at growth in the future, we expect that growth to be driven by airlines in the emerging and developing economies, as well as low-cost carriers,” Randy Tinseth, vice president of marketing for Boeing Commercial Airplanes, told reporters at Boeing‘s offices in Seoul on Monday.Together, the air travel traffic in Korea, Japan and Taiwan are expected to grow

Industry Oct. 16, 2017

Police on Monday sought an arrest warrant for Hanjin Group Chairman and Korean Air CEO Cho Yang-ho, who stands accused of embezzling funds to renovate his private home.　Cho was questioned by police last month on accusations of using approximately 3 billion won ($2.66 million) of Hanjin funds that had been earmarked for the construction of a hotel in Incheon. The renovations to Cho’s private home in Jongno, Seoul, took place between May 2013 and January 2014. Hanjin Group Chairman Cho Yang-ho app

Industry Oct. 16, 2017

The stock prices of Korean biologics companies Samsung BioLogics and Celltrion soared to new highs Friday, putting a spotlight on the biologics market. On Friday, Samsung BioLogics broke 400,000 won ($354) per share to reach a high of 411,000 won, setting a new record. The jump made the company the sixth-most valued stock on the Kospi bourse, up from 13th two days ago. The sharp rise came after the biologics contract manufacturer announced Thursday that its second production plant in Songdo had

Industry Oct. 13, 2017