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Ko Dong-hwan

Korea Times Business Reporter

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PHOTO Beauty brand Age20’s heats up Hongdae

Visitors flock to a pop-up by Aekyung for its beauty brand Age20's near an Olive Young store in Hongdae in western Seoul, Monday. Last week, they launched the brand's globally popular makeup compact Signature Essence Pact Intense Cover for Olive Young, a chain store and hotspot for K-beauty and wellness brands. Aekyung has hired social influencer Choi Mina Sue, seen on the poster above, as ambassador for the product. Courtesy of Aekyung

May 25, 2026By Ko Dong-hwanphoto
[PHOTO] Beauty brand Age20’s heats up Hongdae
Companies

Uber, Naver show interest in taking over Baedal Minjok

Woowa Brothers, the operator behind Korea's largest food delivery platform Baedal Minjok, is now for sale as German parent firm Delivery Hero has begun restructuring its portfolio. Most speculation over potential buyers has pointed towards a consortium between Uber, which owns and operates Uber Eats global food and grocery delivery business, and Naver, the largest local online portal and major e-commerce shopping platform. According to industry officials on Monday, Delivery Hero appointed JPMorgan Chase earlier this month as lead manager for the sale of Woowa Brothers, and has distributed teaser materials to major strategic investors and private equity firms. The estimated price for Woowa Brothers is 8 trillion won ($5.8 billion), roughly double the price that Delivery Hero paid when it acquired the company in 2019. Among the various companies mentioned as potential buyers, Uber and Naver are considered the most likely candidates. Given the hefty price tag, speculation has also emerged that the two companies may form a consortium, although Naver said it is reviewing various options and n

May 25, 2026By Ko Dong-hwan
Uber, Naver show interest in taking over Baedal Minjok
Companies

Shinsegae chief to issue in-person apology over Starbucks Korea's 'Tank Day' marketing controversy

Shinsegae Group Chairman Chung Yong-jin is set to issue a public, in-person apology on Tuesday over the controversy surrounding Starbucks Korea’s recent marketing campaign, which has drawn public backlash after critics said it inappropriately referenced Korea’s pro-democracy movement of the 1980s. “Chairman Chung Yong-jin plans to offer a direct apology to all those who were hurt by Starbucks Korea’s inappropriate marketing campaign carried out on the anniversary of the May 18 Uprising,” the group said in a press statement, Sunday. Emart, an affiliate of Shinsegae Group, is the largest shareholder of Starbucks Korea. It added the venue will be held at Josun Palace in southern Seoul, a hotel owned by the group. The apology comes after the coffee chain launched a tumbler-related promotional event titled “Tank Day” on May 18, the date marking the annual commemoration of the Gwangju Democratic Uprising. The campaign drew criticism as the title was seen as evoking military vehicles used during the 1980 Gwangju crackdown under the military junta of Chun Doo-hwan, who became pres

May 24, 2026By Ko Dong-hwan
Shinsegae chief to issue in-person apology over Starbucks Korea's 'Tank Day' marketing controversy
Companies

HD Hyundai, Mykolaiv Oblast sign MOU to redevelop war-torn Ukraine

Engineering giant HD Hyundai will expand efforts to rebuild war-torn Ukraine by diversifying support channels using its construction equipment arm. HD Hyundai Construction Equipment said Friday it signed a memorandum of understanding (MOU) with Ukraine’s Mykolaiv Oblast State Administration to provide the support package. HD Hyundai Vice Chairman Cho Young-cheol, HD Hyundai Construction Equipment President Moon Jae-young and Mykolaiv Oblast Governor Vitaliy Kim signed the deal. The signing took place at HD Hyundai’s Global R&D Center in Seongnam, Gyeonggi Province, Thursday. The MOU followed HD Hyundai Construction Equipment’s donation of five vehicles including excavators and forklifts in 2023. Under the renewed partnership, the Korean firm will not only provide more construction vehicles but establish a vehicle control training center in Mykolaiv Oblast and provide maintenance and related services. Funding and restoring local energy infrastructures in the Ukrainian province were also included. The Korean firm said the partnership has advanced to a mid- to long-term plan. HD Hyun

May 22, 2026By Ko Dong-hwan
HD Hyundai, Mykolaiv Oblast sign MOU to redevelop war-torn Ukraine
Companies

Restaurant associations protest Coupang Eats' free delivery promotion

Restaurants selling food through mobile delivery platform Coupang Eats protested the company’s free delivery promotion for consumers on Friday, claiming the costs of the promotion would ultimately be shifted onto them. Korea's five small business associations, including the Korea Federation of Micro Enterprises, the Korea Merchant Association and the Korea Foodservice Industry Association, issued a joint statement saying the promotion will eventually make the platform’s market influence even stronger and result in higher platform usage fees for its partner restaurants. The associations said the promotion will make Coupang Eats consumers excessively reliant on the company. They added that its market dominance may eventually make the company feel entitled to demand even more from its partner restaurants. “Small business owners are now standing on the brink of closure amid a quadruple whammy of high interest rates, high inflation, rising labor costs and shrinking consumer spending," the statement read. "The aggressive marketing offensives by major platform companies, capitalizing on t

May 22, 2026By Ko Dong-hwan
Restaurant associations protest Coupang Eats' free delivery promotion
Companies

AI reshapes Korea’s fashion retail, manufacturing landscape

Artificial intelligence (AI) is reshaping the fashion industry for both makers and consumers in Korea. Leapfrogging conventional practices in which offline stores display items and visitors try them on before purchase, the trade has become more oriented for e-commerce where shopping no longer requires visiting shops in person to nail the right choices. The online technologies are also supporting businesses by making their trading platforms more sensitive to consumer demands so that visiting customers can find more reasons to spend money. To manage stocks and workforce, AI has also become a rising force wielding the highest levels of efficiency and precision. Fashion is one of those industries where AI has brought unprecedented waves of change. To survive, Korean companies are adapting to the new frontiers. And some of them have already accomplished eye-catching updates. Customer services Major fashion retailer LF last month introduced a “virtual fitting service” for its British heritage brand Barbour. The brand’s official Korean website is now supported by Ottok VTON, a virtual clo

May 22, 2026By Ko Dong-hwan
AI reshapes Korea’s fashion retail, manufacturing landscape
Companies

Shinsegae chair controversy deepens amid Starbucks ‘Tank Day’ backlash

The renewed scrutiny of Shinsegae Group Chairman Chung Yong-jin’s political views, following Starbucks Korea’s recent promotion controversy — which critics say referenced Korea’s pro-democracy movements of the 1980s in an inappropriate manner — is beginning to spill over into the group’s broader business portfolio beyond the coffee chain. Chung’s long-running controversies are now raising concerns that the conglomerate’s ongoing development projects and its partnership with Starbucks headquarters in Seattle could come under pressure. The fiasco has also reignited questions over his leadership and management judgment. His far-right views began drawing public backlash in 2021 and continued into the following year, when he repeatedly used the word “myeolgong” — meaning “eradicate communism” in Korean — in Facebook posts. He also uploaded posts condemning communism with the hashtag “myeolgong” and mocked reporters who questioned his social media activity by leaving sarcastic comments on their news articles online. The provocative rhetoric sent shockwaves thro

May 21, 2026By Ko Dong-hwan
Shinsegae chair controversy deepens amid Starbucks ‘Tank Day’ backlash
Companies

CJ Olive Young to open 1st US offline store, launch K-beauty ‘global gateway’ strategy

CJ Olive Young is launching a full-scale push into the world’s largest beauty market with the opening of its first brick-and-mortar store in the United States. CJ Olive Young said Thursday that it will open “Olive Young Pasadena” on Friday (local time) in Pasadena, California. The company will also launch a dedicated U.S. online mall the same day. “We are taking Olive Young’s first step into the U.S., a key global market, after establishing ourselves in Korea as both a leading K-beauty shopping destination and a landmark for foreign tourists,” said Lee Sun-jung, CEO of CJ Olive Young. “We hope to help K-beauty and K-lifestyle take deeper root in overseas markets.” Olive Young aims to establish a “global showcase” for K-beauty and wellness products in one of the world’s leading beauty and fashion markets through its distinctive retail approach. At launch, the Pasadena store will offer around 5,000 products from approximately 400 beauty and wellness brands. The lineup will feature a balanced mix of K-beauty brands popular in Korea, brands gaining traction in North Amer

May 21, 2026By Ko Dong-hwan
CJ Olive Young to open 1st US offline store, launch K-beauty ‘global gateway’ strategy
Companies

Seoul Food 2026 to open in June to expand K-food export opportunities

Korea’s largest food exhibition will return next month, bringing together global buyers and food companies seeking new business opportunities as the worldwide popularity of Korean cuisine continues to grow. Seoul Food 2026 is scheduled to run from June 9 to 12 at the KINTEX exhibition center in Goyang, Gyeonggi Province, the Korea Trade-Investment Promotion Agency (KOTRA) said. Now in its 44th edition, the exhibition will host about 1,650 companies from 45 countries, positioning itself as one of Asia’s leading food industry platforms and a key venue to promote the “K-food export initiative.” The event aims to strengthen its role as a global business platform for the food industry while helping Korean companies expand overseas and reinforcing the exhibition’s status as a proven gateway for international market entry. Industry professionals can attend free of charge through advance registration on the event’s official website. A wide range of programs will be offered this year to support the sustained global growth of K-food. The exhibition will host export consultation meetings

May 20, 2026By Ko Dong-hwan
Seoul Food 2026 to open in June to expand K-food export opportunities
Companies

Samjin Foods debuts fishcake cafe in China

Major fishcake maker Samjin Foods introduced Korea’s popular street food to China by opening a fishcake cafe, the first of its kind, in Hunan province on Wednesday. The Busan-based company opened its first shop in China inside Taskin Mall at Desiqin City Plaza, a landmark in the Yuhua district of Changsha. The commercial hotspot, which sees average daily foot traffic of 60,000 people, houses offline stores for China’s 30 top-selling retail brands. According to the company, the area is especially busy with people in their 20s and 30s, making it an ideal hub for its expansion in China. The two-story store features a giant media wall displaying the Busan coast, an appealing feature for visitors from inland cities. Localized menu items include five-spice beef croquette, mala lobster croquette, a deep-fried fish cake with stir-fried beef, and a bamboo shoot and sausage croquette, all of which use popular local ingredients. Ahead of the official opening, Samjin opened the store to the public on April 16 for a sneak preview. The company said the shop was crowded with over 600 visitors, 82

May 20, 2026By Ko Dong-hwan
Samjin Foods debuts fishcake cafe in China
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