The Korea Times

Lotte Department Store tops $744 mil. in foreign customer sales

Lotte Department Store said its foreign customer sales nationwide surpassed 1 trillion won ($744 million) on Tuesday, making it the first Korean department store operator to reach the milestone. The retailer, which already exceeded last year's total of 734.8 billion won in July, attributed the growth to demand for luxury goods and Korean fashion, food and cultural experiences. Its Myeong-dong shopping district operations in central Seoul generated about 520 billion won in sales to foreign customers. The flagship store has expanded Korean fashion offerings and themed events to attract overseas visitors. Foreign customer sales at its Jamsil complex in eastern Seoul doubled from a year earlier. Shoppers from North America and Europe accounted for 35 percent of foreign sales there, up 15 percent from 2019. Growth also extended beyond Seoul. Sales to foreign shoppers at its Busan stores rose 150 percent from the previous year, while those at stores in the country’s southwestern region, including Jeonju and Gwangju, doubled during the same period, according to the company. Luxury sales to for

Oct 6, 2026By Ko Dong-hwan

Lotte Department Store tops $744 mil. in foreign customer sales

Companies

K-beauty breaks boundaries to offer broader solutions

Beauty companies in Korea are increasingly expanding beyond their traditional businesses into beauty devices, energy-based devices and medical aesthetics as they seek to become comprehensive beauty solution providers. APR, which operates the cosmetics brand Medicube and home beauty device label AGE-R, has begun expanding into medical devices. “For the new medical device businesses, approval procedures for products and manufacturing facilities are currently underway, and the commercial launch date will be determined based on the acquisition of relevant approvals and the progress of commercialization preparations," the company said in its half-year report. APR is preparing to launch new medical devices, including an energy-based device using focused ultrasound technology and a skin booster using polynucleotide. During a conference call in August, the company said the focused-ultrasound device had recently obtained domestic approval and could be launched as early as late this year. The company’s polynucleotide-based skin booster has already received Class II medical device clearance and

Oct 6, 2026By Ko Dong-hwan

K-beauty breaks boundaries to offer broader solutions

Companies

LG Electronics secures North American AI data center cooling deal

LG Electronics has signed a long-term supply agreement with AIR Control Concepts, a global platform for companies specializing in heating, ventilation and air conditioning (HVAC), electrical, service and controls, to provide advanced chillers for data centers in the United States and Canada, the company said Monday. The deal covers large-scale artificial intelligence (AI) data center projects with a combined capacity of more than 5 gigawatts in North America, strengthening LG's position in the rapidly growing AI data center cooling market. AIR oversees large-scale infrastructure projects across major North American data center hubs and serves leading global data center operators. Under the agreement, LG will supply advanced chillers for AIR's data center projects. Its Air-Cooled Centrifugal Chiller for AI data centers incorporates refrigerant-free cooling technology that uses outdoor air to reduce the cooling load on compressors. According to LG's internal simulations, refrigerant-free cooling can consume about 30 percent less energy annually than waterside free cooling. LG said the agree

Oct 5, 2026By Ko Dong-hwan

LG Electronics secures North American AI data center cooling deal

Companies

Korea begins US investment but trade pressure persists

Korea has begun implementing its $350 billion investment commitment in the United States, but U.S. pressure for additional investments and an ongoing review of unfair foreign trade practices are keeping Seoul on edge over the possibility of additional tariffs. Korea recently made its first $2.4 billion capital injection into the U.S., marking the first phase of the $350 billion investment package finalized by the two countries last year. The initial fund is earmarked for a gas-fired combined-cycle power plant project in Encinal, Texas, designed to supply electricity to AI data centers. The investment is intended to demonstrate Korea’s commitment to the economic partnership and help secure the agreed 15 percent tariff ceiling for its key exports. However, the commencement of actual funding has failed to ease U.S. trade pressure. U.S. President Donald Trump has significantly ramped up his rhetoric, publicly pressuring Seoul to join a $54 billion Alaska LNG pipeline and terminal project. Trump has repeatedly portrayed Korea’s participation as a done deal in domestic political rallies, u

Oct 5, 2026By Ko Dong-hwan

Korea begins US investment but trade pressure persists

Companies

HD Hyundai XiteSolution launches 18-ton electric forklift

HD Hyundai XiteSolution has launched electric forklifts with lifting capacities of up to 18 tons, expanding electrification into heavy-duty worksites such as shipyards, ports and steel mills. The company said Monday that it recently held a test-drive event for its next-generation electric forklifts at its plant in Eumseong, North Chungcheong Province, where it showcased its new large-model lineup and began mass production. The lineup includes 10- to 18-ton models, following the launch of mid-sized electric forklifts last year. HD Hyundai XiteSolution is the only Korean manufacturer producing electric forklifts with capacities of 10 tons or more. Diesel forklifts have traditionally been used at heavy-duty worksites because of their high power and long operating times. But tighter environmental regulations and growing demand to cut carbon emissions are driving the shift to electric models. HD Hyundai XiteSolution applied high-voltage battery systems and enhanced electric motor performance to deliver work speeds, hill-climbing ability and power comparable to those of diesel models. The large

Oct 5, 2026By Ko Dong-hwan

HD Hyundai XiteSolution launches 18-ton electric forklift

Companies

Samsung chief joins chip industry leaders at Korean art gala in London

Samsung Electronics Executive Chairman Lee Jae-yong joined global business leaders at a London gala celebrating a Korean art exhibition on Wednesday (local time), bringing cultural outreach and semiconductor partnerships together at the British Museum in the United Kingdom. About 240 political, business and cultural figures attended the dinner. Britain's Princess Anne attended a reception beforehand to mark the exhibition's opening. The exhibition, “Korea: 2,000 Years of Creativity,” explores 2,000 years of Korean creativity through works from the late Samsung Chairman Lee Kun-hee's collection. It is the museum's first major Korean art exhibition since 1984, according to Samsung. Jointly organized by the British Museum, the National Museum of Korea and the National Museum of Modern and Contemporary Art, Korea, it follows exhibitions in Washington and Chicago. London is the third overseas stop. Guests included ASML CEO Christophe Fouquet, Merck CEO Kai Beckmann, ZEISS CEO Andreas Pecher and Imec CEO Patrick Vandenameele, whose organizations cooperate with Samsung on semiconductor tech

Oct 1, 2026By Ko Dong-hwan

Samsung chief joins chip industry leaders at Korean art gala in London

Companies

LG Electronics to invest $110 mil. for chiller facilities in US, Korea

LG Electronics will invest 150 billion won ($110 million) to set up a new U.S. chiller factory and expand production lines in Korea to meet rising demand for artificial intelligence (AI) data center cooling systems, the company said Thursday. The plant will be established in Windsor, Virginia, and is scheduled to begin production in the first half of 2027. It will have 32,000 square meters of floor space on a 170,000-square-meter site and manufacture air-cooled chillers primarily for AI data centers. LG Electronics will also add air-cooled chiller production lines and upgrade equipment at its factories in Pyeongtaek, Gyeonggi Province, and Changwon, South Gyeongsang Province, by the end of this year. A single-conveyor system spanning all manufacturing stages will improve productivity and enable multiple lines to operate simultaneously. North America hosts more than half of the world's AI data centers. According to market tracker Omdia, global data center power requirements are forecast to rise from 226 gigawatts this year to 420 gigawatts in 2030, with 60 percent concentrated in North A

Oct 1, 2026By Ko Dong-hwan

LG Electronics to invest $110 mil. for chiller facilities in US, Korea

Companies

Yongin national chip cluster construction begins this month amid compensation, fast-track risks

YONGIN, Gyeonggi Province — Korea’s ambitious plan to expand domestic semiconductor production capacity and strengthen its position in the global chip supply chain will take another step forward this month, as construction is set to begin on the Yongin Semiconductor Cluster National Industrial Complex in Gyeonggi Province this month. The initiative, however, is not free from possible delays, including compensation for residents and businesses already at the site and pressure to meet fast-track construction deadlines ordered by President Lee Jae Myung, who is determined to capitalize on soaring artificial intelligence (AI)-driven memory demand before it cools. Two semiconductor clusters are currently planned in Yongin’s Cheoin District. One is the Yongin Semiconductor Cluster General Industrial Complex, where SK hynix is already building its memory chip fabs, and the other is the Yongin System Semiconductor Cluster National Industrial Complex, which is set to break ground this month and will house Samsung Electronics’ foundry and memory fabs. The Korea Land & Housing Corp. (LH),

Oct 1, 2026By Ko Dong-hwan

Yongin national chip cluster construction begins this month amid compensation, fast-track risks

Companies

Trade barriers still bog down K-food firms: lobby group head

Korean food manufacturers, despite K-food’s growing presence in global markets, continue to face hurdles from overseas trade barriers that constrain further export growth, according to the head of the country’s major food industry lobby group, Tuesday. Park Jin-sun, chairman of the Korea Food Industry Association (KFIA), said difficulties faced by the group’s member companies ranged from tariff to custom, certificates and food regulations in foreign markets. Global supply chains that prevent Korea’s imports of necessary materials for the industry also posed a threat. Issues related to food safety, production technologies, eligibility for government subsidy programs and sustainable operation practices were also major concerns for the companies. “We have witnessed rising crude oil prices worldwide, tightening naphtha supplies, disrupting packaging operations and a weakening Korean won,” Park said during a press conference in Seoul marking his first year as chairman. “Not just our importers, our exporters seeking to expand their global markets also suffered from various trade

Sep 29, 2026By Ko Dong-hwan

Trade barriers still bog down K-food firms: lobby group head

Companies

What's holding back innovation among Korean startups?

Korea’s largest fashion shopping platform Musinsa is currently under investigation by the Seoul Regional Tax Office over CEO Cho Man-ho’s alleged appropriation of corporate funds for his real estate investment spinoff firm, Lapel. The investigation, which began last month, is being led by Investigation Bureau 4. Unlike other offices that primarily handle regular tax audits, Bureau 4 is known for conducting special investigations that can begin without prior notice and, in serious cases, develop into tax offense investigations, potentially exposing the targets to criminal complaints and significant business risks. The Bureau 4 investigation began while the Fair Trade Commission (FTC) was still investigating Musinsa in a separate case, which concluded earlier this month. The antitrust watchdog looked into whether Musinsa prevented some partner brands from selling through other retail channels in order to secure exclusive sales of their products. The investigation, which began in August 2024, ended with the FTC concluding that the arrangements were part of normal business or marketing

Sep 29, 2026By Ko Dong-hwan

Ko Dong-hwan

Read more

Lotte Department Store tops $744 mil. in foreign customer sales

K-beauty breaks boundaries to offer broader solutions

LG Electronics secures North American AI data center cooling deal

Korea begins US investment but trade pressure persists

HD Hyundai XiteSolution launches 18-ton electric forklift

Samsung chief joins chip industry leaders at Korean art gala in London

LG Electronics to invest $110 mil. for chiller facilities in US, Korea

Yongin national chip cluster construction begins this month amid compensation, fast-track risks

Trade barriers still bog down K-food firms: lobby group head

What's holding back innovation among Korean startups?

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