Pernod Ricard Korea said Tuesday that Frantz Hotton has been inaugurated as the new CEO of the Korean subsidiary of global wine and spirits company Pernod Ricard Group. Hotton, who is the current CEO of Pernod Ricard Hong Kong & Macao, was appointed to lead the South Korean unit in July. He joined the company as a marketing manager in 1995 and rose to be a professional C-level executive within the group, having served in various marketing and sales-related roles. Under his leadership, the

Consumer Sept. 14, 2021

South Korean chicken burger chain Mom’s Touch said Tuesday it plans to open 100 stores in the United Sates in the next four years. Though the fast food chain opened a test store in the US in 2017, it struck a master franchise agreement with a local business partner and opened its first location in California earlier this year. Following the success of the first store, the company plans to open a drive-thru store sometime this year in the Long Beach area. The first location in California

Consumer Sept. 14, 2021

Nearly half of publicly traded companies in South Korea saw their number of staff drop during the first half of this year, signaling the continuing impact of the COVID-19 pandemic on the economy, a new report has revealed. Among those 1,816 companies listed on either the main bourse Kospi or tech-loaded Kosdaq between 2018 and 2021, 859 reduced the number of staff from a year ago, according to the report released Monday by the Korea Economic Research Institute. The drop in employee numbers was

Industry Sept. 13, 2021

Talks between major automakers and the secondhand car industry have fallen through, stalling the process of opening the market to carmakers, sources close to the matter said Friday. Final negotiations took place Thursday, mediated by a committee dedicated to finding common ground, but to no avail. The issue will now be handled by the Ministry of SMEs and Startups. The committee was launched in June in hopes of an agreement between carmakers and used car businesses within three months. Though

Mobility Sept. 10, 2021

Lotte Confectionery said Friday that it will release a special BTS edition of its popular Xylitol chewing gum next month. The new edition will come in 10 packaging options -- seven representing each member of the septet and the other three featuring the group in its entirety. The gum has two flavors, Apple Mint and Purple Mix, which is a mixture of grapefruit and blueberries. With the volume of the package double the regular size, the company said the new special edition will make them more

Consumer Sept. 10, 2021

SPC Group said on Thursday it has opened the first Eggslut store in Singapore in the busy Orchard Road shopping district. The move comes after the South Korean food company purchased the operating rights for the country for the LA-based breakfast chain restaurant focusing on egg dishes in 2020. Founded by Filipino-American chef Alvin Calian, the first store in Korea opened in June last year. Three stores are currently in operation in the country. Alongside its popular items such as egg sandw

Consumer Sept. 9, 2021

South Koreans spent 143 billion won ($123 million) on social media applications during the first half of this year, becoming the fifth-largest market in the world, new data from app analytics firm App Annie revealed Wednesday. The top four countries were the US, Japan, China and Saudi Arabia. Users in Korea spent the most time on video streaming app YouTube, while spending the most money on KakaoTalk -- a popular messaging app with features such as banking and shopping that boasts over 45 mill

Consumer Sept. 8, 2021

Retail milk prices are expected to rise soon following an increase in the price of raw milk last month. After the decision by the Korea Dairy Committee to raise the price of raw milk from Aug. 1, major milk and dairy product suppliers are mulling when to reflect this in their retail prices. “When to increase the prices or by how much are still under discussion,” one official at Seoul Dairy Cooperative, the largest milk producer in South Korea, told The Korea Herald. “With r

Consumer Sept. 8, 2021

LX Hausys, formerly LG Hausys, which specializes in windows and interior materials, has entered the race to acquire South Korea’s top furniture maker Hanssem. The company, which is part of LX Group – a new entity that was separated from LG Group earlier this year, is the latest to show interest in buying a controlling stake in the firm, following other retail giants including Lotte, according to multiple reports. For its bid, LX Hausys will be joining a private equity fund set up

Consumer Sept. 7, 2021

Korean Air said Monday that it had joined hands with petroleum and refinery company SK Energy to launch carbon-neutral jet fuel in an effort to tackle climate change. Under the partnership, the airline will purchase a month’s worth of carbon-neutral jet fuel for domestic flights departing from Jeju and Cheongju. Carbon-neutral jet fuel can be achieved when enough carbon credits are purchased to offset the total carbon footprint produced through fuel production, transport and consumption

Mobility Sept. 6, 2021

Hyundai Glovis, the logistics arm of Hyundai Group, announced on Sunday it will enter the gas shipping market in 2024 after striking a multi-year deal with major commodity trading company Trafigura. The shipping deal with the Switzerland-based company will see the Hyundai Glovis carry ammonia and liquefied natural gas for up to 10 years for global markets. Two very large gas carriers (VLGC), which boast 86,000 square meters in capacity, will be built with 200 billion won ($173.2 million) in in

Mobility Sept. 5, 2021

Japanese cosmetics firm DHC announced on Thursday that it was withdrawing its business from South Korea later this month amid growing criticism over the company’s racially discriminatory stance against Koreans. In a statement on its website, DHC Korea said it had strived to satisfy customers with great service and products but “regrettably decided to end its operation in South Korea.” The closure of the business is scheduled for Sept. 15, nearly 20 years after it entered the

Consumer Sept. 2, 2021

Kwon Oh-hyun, who led Samsung Electronics’ semiconductor business until 2017, will chair the board of directors at SNU Holdings, a holding company of his alma mater Seoul National University, the university said on Wednesday. Nicknamed Mr. Chip, he previously served a chief executive officer of Samsung Electronics in charge of its flagship chip and display business from 2012-2017, before stepping aside from management. He was then promoted to the chairman, more of an honorary post at Sams

Industry Sept. 1, 2021

Global online retailer Amazon and South Korean e-commerce platform 11st launched the Amazon Global Store on 11st on Tuesday. The move has made it easier to buy tens of millions of products available on Amazon’s US website, ranging from PCs, toys and fashion to electronics, with free shipping on orders over 28,000 won ($24). Though the service has been in operation in 12 other countries, it marks the first time Amazon is working with a local company for the launch. It also makes 11st the

Consumer Aug. 31, 2021

Incheon International Airport is planning to start offering an unmanned currency exchange service beginning in February 2022. Dubbed the “unmanned currency exchange zone,” currency exchange machines will be installed in the airport’s Terminal 2 and will be in service 24 hours a day, officials at Incheon International Airport Corporation said on Monday. IIAC is currently in talks with major banks to introduce the service. Shinhan Bank is on board with the move, according to on

Mobility Aug. 30, 2021