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Ko Dong-hwan

Korea Times Business Reporter

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Companies

Shinsegae hits record Q1 figures in shopping sectors

Shinsegae Group posted record first-quarter sales and operating profit, driven by a surge in spending from foreign visitors across its businesses. According to the retailer on Tuesday, the group reported sales of 3.21 trillion won ($2.16 billion) and operating profit of 198 billion won, up 11.7 percent and 49.5 percent from a year earlier, respectively. Spending by international customers across the group’s operations — spanning department stores, duty-free shops, fashion, beauty and lifestyle brands — more than doubled from a year earlier to exceed 1 trillion won. At the main branch of Shinsegae Department Store in central Seoul, sales to foreign shoppers jumped 140 percent on-year. The company attributed the increase to the global boom in K-culture, which has been drawing more tourists to its luxury retail destinations. Department stores remain the core growth engine for Shinsegae Group. Operating 13 locations nationwide, Shinsegae Department Store recorded sales of 2.03 trillion won and operating profit of 141 billion won, up 13 percent and 30.7 percent on-year, respectively. The

May 12, 2026By Ko Dong-hwan
Shinsegae hits record Q1 figures in shopping sectors
Companies

Coupang data breach probe likely to conclude as early as June

The government is expected to conclude its investigation into a massive data breach at Coupang early next month and issue its final ruling, including the size of any fine to be imposed on the e-commerce giant. The Personal Information Protection Commission (PIPC), under the Office for Government Policy Coordination, completed its investigation, determined the level of penalty and sent an advance notice of disposition to Coupang in early April, industry sources said Tuesday. The notice is part of due process under PIPC regulations, which require authorities to give the subject of an investigation at least 14 days to review the proposed penalty and submit feedback and supporting materials. Coupang reportedly requested a deadline extension, which the commission granted. An advance notice of disposition typically includes sanctions and penalties to be imposed, the reasoning behind it, relevant legal provisions and the deadline for submitting its response, but not the exact amount of fines. The company recently submitted its feedback, in which it objected to most of the proposed penalties and

May 12, 2026By Ko Dong-hwan
Coupang data breach probe likely to conclude as early as June
Companies

Genesis BBQ enters Central Asia with 1st Kazakhstan store

Genesis BBQ, a major fried chicken franchise operator, has opened its first store in Kazakhstan, signaling a start of the global brand’s expansion across Central Asia. The company said Monday that the store opened April 29 inside the MEGA Alma-Ata shopping center in Almaty. According to Genesis BBQ, the 180,000-square-meter mall is one of the largest shopping complexes in Central Asia, drawing about 10 million visitors annually, with tourists, university students and office workers driving consumption. Almaty is Kazakhstan’s financial hub, Genesis BBQ said, highlighting its strong consumer-driven economy supported by advanced dine-in, franchise, retail distribution and service sectors. The company added that banking, trade and tourism are key growth drivers, along with a dense concentration of universities, including Al-Farabi Kazakh National University and Satbayev University, which help sustain the local talent pool and consumption base. The restaurant’s opening follows Genesis BBQ signing a master franchise deal last December with Kazakhstan’s Restopark KZLLP Group, whose CEO,

May 11, 2026By Ko Dong-hwan
Genesis BBQ enters Central Asia with 1st Kazakhstan store
Companies

KCON Japan turns spotlight on latest K-food trends

A major K-pop concert in Japan last weekend became a pavilion for the latest K-foods, as leading gastronomic companies targeted music fans on site. KCON Japan 2026 saw the makers of Bibigo and Buldak launch food trucks and booths, sharing samples of their flagship products with fans from around the world. From Friday to Sunday, the event at Makuhari Messe in Chiba drew 120,000 visitors. CJ CheilJedang carried out its project with K-pop boy band ZEROBASEONE. Under its “Happy Bibigo Day” campaign, the company successfully drew the group’s fans to its promotional spots. Over the three days, food trucks gave away 20,000 Bibigo products, including dumplings and its fruity Micho vinegar drinks, which the company has selected as strategic items to attract the Japanese consumer market. According to the company, the trucks were constantly bustling with long queues throughout the event. CJ CheilJedang cited a Japanese visitor to KCON Japan as saying, “I loved taking photos at the ZEROBASEONE photo zone in the Bibigo booth and enjoyed the Bibigo dumplings I often eat. I want to experience n

May 11, 2026By Ko Dong-hwan
KCON Japan turns spotlight on latest K-food trends
Companies

Samlip redefines supermarket bread, eyes global expansion

For every local shop — from a tiny convenience store to a major superstore — there is always a dedicated shelf or aisle for bread items. While these mass-produced products are not particularly known for their quality, like some delicacies at premium bakery shops are, their affordability and variety continue to drive steady consumer demand. Samlip, a subsidiary of major food conglomerate SPC, specializes in this commonplace, popular food segment, having introduced all-time-favorites in Korea like steamed stuffed buns and Full Moon cakes. Few would dispute the company's status as a market trendsetter. The company recently reached a meaningful milestone. One of its latest pipeline products, Soft Cheesecake, is now on shelves at Costco stores across the United States. Its growing presence in one of the world’s largest consumer markets is driven by rising demand. This is the outcome Lee Jin, director of international sales at the company’s Global Business Division, had envisioned prior to launching the product in the U.S., which he referred to as the “major league” for global foo

May 11, 2026By Ko Dong-hwan
Samlip redefines supermarket bread, eyes global expansion
Companies

AB InBev makes history with 3rd Creative Marketer of Year title

Global brewing giant AB InBev, parent company of OB Beer, has been named the 2026 Creative Marketer of the Year by the Cannes Lions International Festival of Creativity. Cannes Lions is the world’s largest and most prestigious creativity festival The honorary title recognizes marketers that have built a sustained body of iconic, Lion-winning work. AB InBev secured 37 Lions at last year’s festival, underscoring its continued commitment to using creativity as a growth driver across its global portfolio. The company has now won the accolade three times — in 2022, 2023 and 2026 — becoming the first in Cannes Lions history to do so. Since 2021, AB InBev has shifted from inorganic to organic growth, positioning creativity as a key competitive advantage contributing to strong business performance and rising revenues. “AB InBev has embedded creativity into how it operates, not just how it leverages marketing, and it is consistently outperforming as a result,” said Simon Cook, CEO of the LIONS Division. “By prioritizing creativity at a C-suite level and implementing an internal crea

May 10, 2026By Ko Dong-hwan
AB InBev makes history with 3rd Creative Marketer of Year title
Business

Record-high number of migrant workers to fill agriculture labor vacuum

Korea will invite a record-high 104,000 migrant workers to join the agricultural sector in the first half of this year, the Ministry of Agriculture, Food and Rural Affairs said Friday, underscoring the country’s growing dependence on overseas labor. Among them, 94,000 will be seasonal workers on an E-8 visa valid for up to eight months. The rest are reserved for E-9 visa holders who can stay for three years while seeking opportunities in broader industries such as livestock. The number of seasonal workers alone marks a 53 percent increase from the 61,248 allocated in the first half of last year. According to the ministry, the number of migrant workers in the agricultural sector stood at 20,738 in 2020, but quickly shot up to 85,292 in 2024 and 130,259 in 2025, marking an increase of more than six times. With the figure for the first half of this year already exceeding 100,000, the annual total is expected to reach 140,000 this year, setting another record. The sharp increase is tied to government efforts to address the labor vacuum in rural areas. In Korea, April to June and September to

May 8, 2026By Ko Dong-hwan
Record-high number of migrant workers to fill agriculture labor vacuum
Companies

Homeplus Express sold, measures to continue for rehabilitation

Homeplus, an ailing Korean retailer undergoing rehabilitation proceedings, sold its supermarket chain Homeplus Express to NS Home Shopping. Despite the sale, the discount chain remains desperate to secure more cash, announcing a series of restructuring measures on Friday to pay wages and maintain operations. The company said it will temporarily close 37 underperforming Homeplus stores on Sunday to concentrate on the remaining 67 stores. Homeplus said the measure is to prioritize supplying limited product quantities to key stores first, so that it can restore customer trust and prevent sales declines at key outlets. Since January, the company’s financial difficulties have escalated into a liquidity crunch, prompting partner firms to halt supplies over concerns about delayed payments, leaving some shelves partially empty and reducing customer traffic in some stores. "Closure of the stores was an unavoidable decision due to the difficulty in supplying sufficient products to all stores, as major trading partners have tightened supply terms following the commencement of the rehabilitation p

May 8, 2026By Ko Dong-hwan
Homeplus Express sold, measures to continue for rehabilitation
Companies

CJ Cup to pour cocktails inspired by Korean tradition

CJ CheilJedang, the host and main sponsor of The CJ Cup Byron Nelson later this month, will showcase Korean traditional alcohols throughout the PGA Tour event, which is scheduled to take place from May 20 to 24 in Texas. The major Korean food company said on Thursday it will introduce Munbaesool liquor and Gamuchi soju as bases for cocktails. Munbaesool is the brand name for Korea's most famous munbaeju, a drink originally made in Pyeongan Province in North Korea and famed for its delicate floral fragrance, reminiscent of pear blossoms. Gamuchi soju, brewed by Danong Bio, is a premium distilled spirit made with rice. The company first introduced Munbaesool to the United States at last year’s tournament, using it in four different cocktails. Munbaesool Brewery CEO Lee Seung-yong said he was grateful for the renewed collaboration with CJ CheilJedang and the opportunity to showcase Moonbaesool in the U.S. and to visitors from around the world through the tournament. “Enthusiastic response from the local market in the U.S. allowed us to confirm our traditional liquor’s potential and ma

May 7, 2026By Ko Dong-hwan
CJ Cup to pour cocktails inspired by Korean tradition
Companies

Samyang America CEO bets on culture over spreadsheets in Buldak’s US expansion

Samyang America, the U.S. subsidiary of Samyang Foods, is currently led by a former financial analyst known for his skill with numbers. CEO Shin Young-sik, however, has moved beyond a spreadsheet-driven mindset, discovering new meaning in leadership as his role no longer revolves around crunching figures and exact calculations. Over the past three years, he has secured Buldak’s shelf space with major U.S. retailers including Costco, Walmart, Target and Amazon. The company recorded $419 million in sales last year, up sharply from $50 million in 2023. Of the 1 billion Buldak packets sold worldwide in the second half of 2025, the majority are estimated to have been bought and consumed in the United States. Steering the company in of the world’s most dynamic food markets, Shin said that the essence of a brand ultimately lies in people and emotions, not just spreadsheets. He closely watches and listens to young consumers in the U.S., searching for insights that resonate across the broader market. The efforts paid off in 2024 when Samyang Foods topped a survey of the most popular brands am

May 6, 2026By Ko Dong-hwan
Samyang America CEO bets on culture over spreadsheets in Buldak’s US expansion
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