Kakao, the South Korean tech giant behind popular messaging app KakaoTalk, is taking steps to acquire mobile shopping app Zigzag, according to local reports Friday. The reported deal could see Kakao buy a controlling stake in the operator of the shopping app -- estimated to be worth about $1 billion -- and create a new subsidiary for a merger. Kakao, however, has not yet confirmed the move, saying it is taking into account “a range of options.”　 The reports came after Kakao, once

Consumer April 9, 2021

GS Group kicked off a mentoring camp with biotech startups on Thursday as part of environmental, social and governance efforts, with plans to pursue eco-friendly business projects together. A total of six startups have been chosen to be part of the camp dubbed the GS Challenge based on their business potential after 85 startups in the biotech field applied for the acceleration program. The South Korean conglomerate known for its energy and retail businesses said it will provide mentoring on tec

Industry April 8, 2021

Innisfree, a cosmetic brand under Amorepacific, has been forced to clarify its eco-friendly “paper bottle” packaging after a customer’s complaint about plastic usage and a “misleading” label went viral online. In a post on a Facebook group called “No Plastic Shopping,” a customer shared photos of what is inside the package for the brand’s face serum product after cutting the bottle in half. Despite the label reading “Hello, I‘m Paper

Consumer April 8, 2021

French luxury fashion house Christian Dior racked up 104.7 billion won ($93.2 million) in operating profit last year despite the coronavirus pandemic, according to data from the Financial Supervisory Service. Christian Dior Couture Korea, the operator of the brand’s South Korean unit which produces clothes, bags and makeup products, also saw its revenue rise 75.8 percent to 328.5 billion won, while its net profit jumped by 250 percent to 77.7 billion won. The figures buck the trend seen

Consumer April 7, 2021

The stock price for HYBE, the company behind BTS, continues to rise after it announced last week plans to purchase media company Ithaca Holdings. According to Korea Exchange, HYBE’s shares were traded at the price of 271,000 won ($242) per share at 2:08 pm Wednesday, up more than 4 percent from a previous close and extending its rising streak to a fifth day after the announcement of the surprise move. HYBE is traded on the bourse as Big Hit Entertainment, the company’s name before i

Industry April 7, 2021

Starbucks Korea has vowed to stop the use of disposable cups by 2025. As part of its long-term sustainability “Better Together” project, the coffeehouse chain said Tuesday it will roll out reusable cups at all stores across the country and replace single-use cups completely in the next four years. The new eco-friendly cups will be rolled out first at a select few shops during the second half of this year. The reusable cups come with a deposit that will be returned to customers when

Consumer April 6, 2021

South Korean low cost carrier AeroK said Tuesday its first scheduled flight between Cheongju and Jeju will take off on April 15. The airline, which is based at Cheongju International Airport, will fly three round trips per day with its A320 aircraft between the largest city of North Chungcheong Province and Jeju Island. “Operation of our first scheduled flight had to be delayed as a result of the obstacle that is COVID-19, but we believe the news about our operation will be a silver lini

Mobility April 6, 2021

Sales at department stores increased 34 percent year-on-year in February in the biggest jump in 25 years since 1996, the latest data from Statistics Korea showed Monday. The retail sales index, which is designed to reflect consumption trends, appears to have recovered to near pre-pandemic levels during February, as it stood at 115.2 after adjustments for seasonal factors. The figure stood at 116.2 in December 2019. The first case of coronavirus was detected in Korea the following month. Februa

Consumer April 5, 2021

Hybe, formerly known as Big Hit Entertainment and home to South Korean pop group BTS, made headlines over the weekend following the announcement that it has bought Ithaca Holdings, a US music firm behind the likes of Justin Bieber and Ariana Grande. The $1 billion deal has been described as “inevitable” by Hybe Chairman and CEO Bang Si-hyuk who said the two firms will work closely together to “transcend borders” and “break down cultural barriers.” Scooter Br

Industry April 4, 2021

Makgeolli, a centuries-old traditional Korean rice wine, is enjoying its new life as a trendy and premium drink as of late. Easily found at convenience stores and casual dining restaurants in Korea, it was once thought to be an “old man’s drink” over its affordability and stereotypes surrounding it. But one man’s journey to revolutionize makgeolli and give it a more youthful and upscale makeover seems to have paid off in triggering a trend in recent year. The Korea Agro

Consumer April 1, 2021

Former acting deputy US trade representative Wendy Cutler said on Wednesday that Korea should consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and wait for the US to follow suit. “Korea was one of the major negotiating partners for the TPP, but missed the opportunity because it waited for too long,” Cutler said during the 1st CPTPP Trade Forum organized by the Korean Chamber of Commerce and Industry. She attended the session via virtual link

Industry March 31, 2021

Korean Air aims to launch a single integrated entity with Asiana Airlines, its biggest acquisition to date, in 2024, its chief executive president said Wednesday. Explaining to reporters the post-merger integration plan, which it reported to Asiana’s main creditor earlier this month, Woo Kee-hong said Asiana Airlines would operate as a subsidiary of Korean Air for two years before being integrated into one brand. “Once Asiana Airlines become a subsidiary of Korean Air, the proces

Mobility March 31, 2021

Fila Korea is staying silent on the ongoing controversy surrounding Xinjiang cotton after its Chinese unit vowed to continue using the fabric. When asked about Fila China’s statement on Chinese social media platform Weibo last week confirming its support for Xinjiang cotton, a representative of the company acknowledged the existence of backlash but refused to comment. In a statement on Weibo last week, FILA China said it “has always purchased and used cotton produced in China inclu

Consumer March 30, 2021

Incheon Airport marked its 20th anniversary of operations on Monday. Since its opening two decades ago as the country’s main gateway airport, it has become one of the busiest in the world, connecting 255 flights between 63 countries. In 2019, the airport boasted the third-largest cargo traffic and the fifth-largest volume of international traffic, according to Incheon International Airport Corp., the airport’s operator, based on data from Airports Council International. President

Mobility March 29, 2021

As spring creeps in, more people are seeking outdoor activities to take advantage of the warmer weather -- as evidenced by the recent uptrend in Korean-language Google searches for parks. Located 25 kilometers north of central Seoul, the ASEAN National Recreation Forest in the city of Yangju, Gyeonggi Province, makes for a good spot for outings with family and friends. The forest is especially accessible to those based in Seoul, Incheon, Ilsan and Uijeongbu, as it takes roughly an hour to make

Industry March 27, 2021