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Emart24 drives Korean food craze in Singapore

People wait in line to try Korean food at an Emart24 store in Jurong Point, a mall in Singapore, December 2022. Courtesy of Emart24By Kim Jae-heunEmart24, a convenience store chain operated by retail giant Shinsegae, is creating a craze in Singapore for Korean delicacies and snacks, only six months after it started business there, company officials said Monday. The retailer opened its first two convenience stores together in Singapore's Jurong Point and NEX malls last December. It did not disclose specific numbers, but the company more than doubled its sales target set when the stores opened. “We sell various items including fried chicken, hot dogs and instant noodles at Emart24 stores in Singapore. About 700 to 800 people visit our Jurong Point branch every day to try instant noodles and tteokbokki (stir-fried rice cake) products,” an Emart24 official said. Singapore has not been a much-sought-after market for Korean retailers due to its relatively small population of 5.4 million, which is about 10 percent of Korea's. However, the retail firm saw potential in the Southea

Jun 20, 2023By Kim Jae-heun
Emart24 drives Korean food craze in Singapore
Companies

Daesang acquires Lucky Foods to make more kimchi in US

Daesang's kimchi factory in Los Angeles / Courtesy of DaesangBy Kim Jae-heunDaesang has acquired U.S. food firm Lucky Foods to boost its sales of kimchi in the world's largest economy as part of its global expansion plan, Korea's largest kimchi maker said Monday.The company purchased a 100 percent stake in Lucky Foods and all of its facilities for 38 billion won ($29.6 million), raised through a paid-in capital increase in March.Founded in 2000, Lucky Foods specializes in producing Asian foods, including kimchi, which accounts for about two-thirds of its business. It is also diversifying its business into various products such as home meal replacements, Korean sauces and spring rolls. “We will accelerate the expansion of the kimchi business in the U.S. market through the acquisition by utilizing Lucky Foods' product power and its infrastructure in the States,” a Daesang official said. “We are planning to strengthen marketing and research and development for our products in the U.S. too.”Daesang will also make additional investments in Lucky Foods to expand its

Jun 19, 2023By Kim Jae-heun
Daesang acquires Lucky Foods to make more kimchi in US
Companies

Hyundai Elevator wins largest-ever order for apartment reconstruction project in Seoul

Hyundai Elevator's smart campus in Chungju, North Chungcheong Province / Courtesy of Hyundai ElevatorBy Kim Jae-heunHyundai Elevator has won its largest-ever order to supply a total of 314 elevators and escalators to the country's biggest apartment reconstruction project in southeastern Seoul, the company said Sunday. It will receive 43.4 billion won ($33.9 million) for its 256 elevators and 58 escalators, the largest in terms of the number of items and the contract sum. Its previous biggest contract was constructing 249 elevators and escalators for some 30.5 billion won at “The H Firstier I Park” apartment in Seoul in 2021.“It is an achievement by all of Hyundai Elevator's executives and employees, who have put their best efforts into improving the company's technology and brand competitiveness in the past 39 years,” Hyundai Elevator CEO Cho Jae-cheon said. “We will provide the best value to our customers with the best product that increase safety and convenience.”Hyundai Group Chairwoman Hyun Jeong-eun also congratulated the company's accomplishm

Jun 19, 2023By Kim Jae-heun
Hyundai Elevator wins largest-ever order for apartment reconstruction project in Seoul
Companies

Chong Kun Dang accelerates development of new drugs

Researchers conduct an experiment to discover effective ingredients from natural materials at Chong Kun Dang's Hyojong Research Center in Yongin, Gyeonggi Province, in this 2022 file photo. Courtesy of Chong Kun DangBy Kim Jae-heunChong Kun Dang (CKD) is accelerating the development of new drugs by significantly expanding investments in research and development, the pharmaceutical company said Sunday.During the first five months of this year, CKD spent 181.4 billion won ($141.7 million) or 12.2 percent of its annual sales in 2022 to expand the scope of new drug development to advanced biopharmaceuticals and antibody drug conjugates (ADC) such as gene and cell therapies. The pharmaceutical company is expected to focus on first-in-class drugs and responding to unmet needs in the medical market.Last May, the CKD signed a memorandum of understanding with ENCell, a contract development manufacturing organization (CDMO) company specializing in cell-genetic therapy and next-generation stem cell therapy, for strategic investments and joint research on cell-genetic therapy. CDMO refers to the

Jun 18, 2023By Kim Jae-heun
Chong Kun Dang accelerates development of new drugs
Companies

Kumho Tire boosts presence in Europe

European dealers pose at the KUMHO TCR World Tour Event at the Autodromo Vallelunga Piero Taruffi, north of Rome, Sunday. Courtesy of Kumho TireCompany invites dealers to KUMHO TCR World Tour motorsport event By Kim Jae-heunKumho Tire hosted a party of 50-plus dealers at the Vallelunga race circuit near Rome, Italy, from June 9 to 11, as part of its goal of strengthening its presence in the European market, a company official said Thursday.The tiremaker invited dealers from across Europe to witness the fifth and sixth rounds of the KUMHO TCR World Tour held at the Autodromo Vallelunga Piero Taruffi, north of the Italian capital, and to experience the full effect of the car races via a range of additional activities including a grid walk. The company also hosted a “Kumho Night in Rome” at which it presented flagship products and its sales and marketing strategies. The events enabled Kumho to communicate directly with dealers to help raise its brand recognition in Europe. A number of senior company officials were on hand at the events, including Kumho Tire CEO Jung Il-taik,

Jun 16, 2023By Kim Jae-heun
Kumho Tire boosts presence in Europe
Companies

Hyundai Bioscience's CP-COV03 selected for presentation at ASM Microbe 2023

Hyundai Bioscience headquarters in Seoul / Courtesy of Hyundai BioscienceBy Kim Jae-heunHyundai Bioscience's broad-spectrum antiviral Xafty (CP-COV03) and its phase 2 clinical study results will be presented at the “Emerging Science” session of the 2023 Microbial Annual Conference of the American Society for Microbiology (ASM), the world's largest infections and microbiology conference, in Houston, Texas, from June 15 to 19 (local time), the company said Thursday.Woo Heung-jung, chief of the department of infectious diseases at Dongtan Sacred Heart Hospital and Hallym University College of Medicine, participated in the conference as a presenter and shared the results of the phase 2 study on Xafty followed by a Q&A session. Woo is also a former deputy chairman of the Korean Society of Infectious Diseases. “We are honored to present Xafty's outstanding achievement at the ASM Microbe 2023,” Woo said. “Xafty has been recognized by the global scientific community as an innovative solution to the COVID-19 pandemic and future viral challenges.”Unlike

Jun 15, 2023By Kim Jae-heun
Hyundai Bioscience's CP-COV03 selected for presentation at ASM Microbe 2023
Companies

Beauty device company APR earns unicorn status with 1 trillion won valuation

Actress Kim Hee-sun, a global ambassador for AGE-R, poses with the beauty device. Courtesy of APRBy Kim Jae-heunGlobal beauty tech firm APR has become a unicorn company after receiving a 1 billion won ($781,983) investment from CJ OnStyle, thereby putting its corporate value over 1 trillion won, the company said Thursday.APR CEO Kim Byung-hoonUnicorn companies are those that reach a valuation of 1 trillion won without being listed on the stock market. The company disclosed its pre-initial public offering (IPO) investment from CJ Group's home-shopping affiliate on June 14 through DART, the Financial Supervisory Service's electronic disclosure board.This is the second pre-IPO investment APR has received this year, following the previous one in March, the company said “Following the company's corporate value that was evaluated in March at 700 billion won pre-IPO, it improved to 1 trillion won this time, because many people recognized our potential for growth. We will continue to focus on developing more products and strengthening our production capabilities to occupy the future be

Jun 15, 2023By Kim Jae-heun
Beauty device company APR earns unicorn status with 1 trillion won valuation
Companies

7-Eleven Korea strengthens trading business via global network

7-Eleven's private brand Seven Select's export stocks are in a warehouse in Busan, in this 2022 file photo. Courtesy of Korea Seven By Kim Jae-heun7-Eleven Korea, a major convenience store chain, has used its worldwide network to become a global trading company exporting domestic products and importing popular overseas items, company officials said Wednesday.7-Eleven is a multinational chain of retail convenience stores founded in Dallas in 1927. It currently operates 85,000 stores in 19 countries including the United States, Japan and Korea.The chain is using its global network to share consumption trends and popular products in each country by exporting and importing them.“We are introducing popular overseas products to local consumers by expanding our partner firms' export channels utilizing 7-Eleven's global network, which is the company's strength,” a Korea Seven official said. Korea Seven is a Lotte Group subsidiary that operates 7-Eleven stores in Korea. On T

Jun 15, 2023By Kim Jae-heun
7-Eleven Korea strengthens trading business via global network
Companies

Kyochon promotes Korean-style fried chicken in New York

People visit Kyochon F&B's booth at the IFE 2023 in New York, June 2. Courtesy of Kyochon F&BBy Kim Jae-heunKyochon F&B participated in the International Franchise Expo (IFE) 2023, held in New York from June 1 to 3, to promote its Korean-style fried chicken to local consumers and increase brand awareness there, the company said Tuesday.The IFE is the largest franchise expo in the United States, gathering popular brands from all sectors including food service, groceries and health care. This year, it invited 250 companies from 13 countries around the world. Kyochon opened its booth within the Korea Agro-Fisheries & Food Trade Corporation's pavilion established at the expo and met with potential business partners. Over 2,000 people visited its booth and asked for business consultations during the event period.The fried chicken franchise firm also operated a food truck at the expo and offered its famous signature menu items such as Honey Series and Red Series for free.The company said it will use the expo as a stepping stone to further develop its franchise business glob

Jun 14, 2023By Kim Jae-heun
Kyochon promotes Korean-style fried chicken in New York
Companies

Retailers, food firms increase collaboration with YouTubers

Popular Japanese YouTuber General Manager Matsuda shoots YouTube content in collaboration with GS Retail at a GS25 convenience store in southern Seoul in May. Courtesy of GS RetailBy Kim Jae-heunRetailers and food companies are rushing to collaborate with popular YouTubers to promote their new products and raise brand awareness, according to industry officials, Tuesday. As viewers are increasingly moving away from traditional media and engaging with online video content, some trendsetting YouTubers have become influencers with high commercial value. GS Retail's convenience store firm GS25 recently introduced its new Chat-GPT developed whiskey highball beverage Bubbly with Japanese YouTuber General Manager Matsuda, who has 1.04 million subscribers on his YouTube channel “544TV.”Matsuda shot promotional content for the retailer's new alcoholic beverage at a GS25 store in southern Seoul in May, and will release it on his YouTube channel soon. “We chose General Manager Matsuda to introduce our new whiskey highball product, as highball culture is big in Japan and we beli

Jun 13, 2023By Kim Jae-heun
Retailers, food firms increase collaboration with YouTubers
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