The Korea Times

COVID-19 pushing Orion to target in China, Vietnam

Orion Vice Chairman Huh In-cheol introduces the company's mineral water Jeju Yongamsu during a press conference in Gangnam, Seoul, last November. / Courtesy of OrionBy Kim Jae-heunOrion is aiming to increase its presence in China and Vietnam by launching its signature Jeju Yongamsu mineral water as the confectionary company is seeing faltering sales in the local market.The firm has been hit hard by the spread of COVID-19 as stores around the country have suspended operations or closed amid a shift toward online shopping by customers. Additionally, the government ban on the spending of financial relief payments at conglomerates' offline stores could have contributed to a weak demand for Orion products.The firm decided to focus on Asia after seeing a respective increase of 11 percent and 13 percent in revenue and operating profit there years-on-year. In China, Orion increased its market share to 18.5 percent, earning 88.3 billion won in sales, last year. “Retail businesses in China and Vietnam are continuing to grow faster-than-expected with Orion seeing an increased profit margi

Jun 21, 2020By Kim Jae-heun

COVID-19 pushing Orion to target in China, Vietnam

Companies

Fall of Mr. Pizza to affect Kyochon F&B's IPO

Founder and ex-Chairman of Kyochon F&B Kwon Won-gang speaks at his office in Seoul prior to his resignation in March 2019. / Courtesy of Kyochon F&BBy Kim Jae-heunAfter South Korea's MP Group, which operates domestic pizza chain Mr. Pizza, is set to be delisted from the secondary Kosdaq market, the ouster is expected to have a negative impact on Kyochon F&B's planned listing in the second half of this year.The key rationale is that like MP Group, Kyochon F&B is exposed to risk factors related to its owner family. MP Group Founder Jung Woo-hyun found himself in the center of controversy back in 2016 when he assaulted an office building security guard. A year earlier, Kyochon F&B's senior executive Kwon Soon-cheol, a relative of Kwon Won-gang, chairman of the fried chicken franchise, also attempted to attack employees at the brand's restaurant in Daegu, reports said.Interestingly enough, neither company said anything about the incidents despite calls from third parties to issue a sincere apology regarding repeated inappropriate actions connected to their owner famil

Jun 19, 2020By Kim Jae-heun

Fall of Mr. Pizza to affect Kyochon F&B's IPO

Companies

Ediya Coffee needs to seek changes in contactless era

Ediya Coffee opens its 3,000th franchise shop in Seo-gu, Daejeon, on Nov. 20, 2019. / Courtesy of Ediya CoffeeBy Kim Jae-heunEdiya Coffee is undoubtedly the largest coffee chain here in terms of total stores it operates. There are about 3,000 Ediya Coffee shops operating as franchises as of last November, which is an unrivaled amount compared to Starbucks Korea and A Twosome Place that have 1,350 and 1,163, respectively.However, when it comes to brand power and size of the coffee shops, Ediya Coffee slips down to No.3 player in the market. According to the Korea Reputation Center, Ediya Coffee has ranked third for three months since March in their study measuring coffee chains' brand images in the market. Customers visit Ediya Coffee shops for its competitive prices of its beverages compared to those of Starbucks or A Twosome Place. However, it raised prices for its products by 10 percent in December 2018.Also, Ediya has “no interest” in launching premium coffee stores similar to Starbucks Reserved, which has contributed much in attracting loyal customers to Starbucks sho

Jun 19, 2020By Kim Jae-heun

Ediya Coffee needs to seek changes in contactless era

Companies

Hanwha Defense seeks mutual growth with subcontractors

Hanwha Defense CEO Lee Sung-soo speaks during a regular general meeting of the “council for shared growth” with subcontractors' representatives through video conferencing at his office in Seoul, Wednesday. / Courtesy of Hanwha DefenseBy Kim Jae-heunHanwha Defense held a regular general meeting of the “council for shared growth,” Wednesday, attended by the firm's key executives including its CEO Lee Sung-soo along with 40 representatives of partner companies. The event was held in the form of a mobile video conference for the first time as part of social distancing practices aimed to prevent the spread of COVID-19. All the representatives including Lee found themselves at their respective offices in the afternoon to share business affairs while discussing policies on products' quality assurance and ways to deal with compliance issues.During the meeting, partner companies including Jisung Quality & Tech, Yeonhab Precision and SG Solution received awards for excellence in subcontracting in a periodic evaluation, and six others were also recognized for their c

Jun 18, 2020By Kim Jae-heun

Hanwha Defense seeks mutual growth with subcontractors

Companies

Yuhan-Kimberly to donate 6 mil. sanitary pads

Yuhan-Kimberly's picture for the charity campaign “Cheer Up, Daughters” / Courtesy of Yuhan-KimberlyBy Kim Jae-heunYuhan-Kimberly said it will donate 600,000 sanitary pads to nearly 7,000 teenage girls living in child shelters and those leaving them when they turn 20, the age that they can legally move out from the shelters and live alone. This is part of its collaboration with the Happybean Foundation, an online donation service and a platform operated by the country's largest portal site Naver. The hygiene product maker is currently reviewing organizations that wish to receive sanitary pads and choosing 100 of them for donation.Yuhan-Kimberly began this charity in 2016 in cooperation with the Korea Foundation For Women under the campaign name of “Cheer Up, Daughters,” which aims to strengthen human rights, health and hygiene for young women. The company started by donating 1.53 million sanitary pads four years ago and has been sharing over 1 million every year, reaching an accumulated total of 5.08 million last year. Yuhan-Kimberly has donated a total of 6 m

Jun 18, 2020By Kim Jae-heun

Yuhan-Kimberly to donate 6 mil. sanitary pads

Companies

Starbucks-Hyundai Card partnership raising eyebrows

Starbucks Coffee Korea CEO Song Ho-seob, left, poses with Hyundai Card Vice Chairman Chung Tae-young at the U.S. coffeehouse chain's The Jongno R branch in Seoul, Monday. / Courtesy of Hyundai CardBy Kim Jae-heunOn the day of Hyundai Card's ambitious decision to partner with Starbucks Korea, under which the card issuer agreed to issue a Starbucks-branded credit card, a local civic group sued Starbucks Korea CEO Song Ho-seob for violating the law on infectious disease control here. The Public Welfare Committee (PWC) filed a lawsuit to the Seoul Southern District Prosecutor's Office claiming Starbucks Korea “ignored the government's strenuous effort” to control the spread of COVID-19, and insisted the partnership could possibly have a negative impact on customers in terms of COVID-19 outbreaks by attracting them to offline stores for sweepstakes events. Starting from May 21, Starbucks Korea has been giving out free gifts for customers who purchased 17 drinks at their stores including three special beverages launched as part of a summer edition. One of the gifts called the &

Jun 17, 2020By Kim Jae-heun

Starbucks-Hyundai Card partnership raising eyebrows

Companies

SPC views Canada as 'litmus test' for France expansion

Paris Baguette's bakeshop in Lexington Avenue, New York / Courtesy of SPC GroupBy Kim Jae-heunSPC Group, operator of South Korean bakery chain Paris Baguette, is apparently eyeing expansion in France with the company hoping its recent decision to set up stores in Canada will help lay the necessary groundwork to increase its presence in the European country, according to SPC and industry officials.SPC operates Paris Baguette stores in major cities in Asia, the United States and Europe. While it has been able to transform Paris Baguette's brand image to appeal to today's affluent consumers in these new markets, no substantial progress has yet been in its plan to establish a premium Maison de Paris store in New York City.Now, because bakeries are among the most dynamic food sectors in the European Union, strongly driven by innovation and evolving consumer preferences, SPC Group is scrambling for a plan B. SPC launched its brand in Paris in 2014, yet it only operates two stores in the French capital. Compared to the 83 stores the South Korean bakery chain is operating in the United State

Jun 16, 2020By Kim Jae-heun

SPC views Canada as 'litmus test' for France expansion

Companies

Richemont reaches 1 trillion won in annual sales here

Cartier's boutique in Cheongdam-dong, Seoul / Courtesy of Richemont KoreaHermes, Chanel, Louis Vuitton still unwilling to disclose financial statementsBy Kim Jae-heunRichemont Korea, the Korean branch of the Switzerland-based luxury goods holdings company that operates global watch and jewelry brands including Cartier, Montblanc and IWC, recorded annual sales of over 1 trillion won ($828.22 million) in the local market.It is the first luxury firm that has disclosed an audit report here. According to the financial statement it gave to the Financial Supervisory Service (FSS), Monday, Richemont Korea generated 1.38 trillion won revenue between April 2019 and March 2020.The number soared by 18.6 percent from 875.6 billion won ($725.31 million) recorded in the previous year. In the same period Richemont Korea's profit also increased by 7.9 percent from 57.2 billion won to 61.7 billion won. Richemont was able to manage its “quite impressive performance” thanks to the ongoing consumer preference for luxury items. The group owns nearly 10 luxury brands including Piaget, Jaeger-Le

Jun 16, 2020By Kim Jae-heun

Richemont reaches 1 trillion won in annual sales here

Companies

'I want people to trade used item like they drink Coke on normal occasion'

Parabara founder and CEO Kim Kil-jun, left, poses in front of his used items trading vending machine installed at Yonsei University in Seoul, in this 2019 file photo. / Courtesy of Kim Kil-junBy Kim Jae-heunLike many successful businessmen, Parabara founder and CEO Kim Gil-jun's idea of trading used items through a vending machine started from a simple question. “During the summer break last year, I was looking for a secondhand game console and I came to think that it feels uncomfortable to expose my number and call the seller to meet up to trade the item in person,” Kim told The Korea Times, Monday. “I wondered why we still have to deal with used items in such an old fashioned manner. Then, I remembered storage boxes in subway stations that people pay to keep their items in, and thought about making them into vending machines.”It didn't take too long for Kim, a sophomore at Yonsei University College of Engineering, to build the vending machine at home with his longtime friend Yeo Jun-soo. The problem was finding the right place to install the machine, which n

Jun 15, 2020By Kim Jae-heun

'I want people to trade used item like they drink Coke on normal occasion'

Companies

New McDonald's Korea chief on the right path

New McDonald's Korea Managing Director Antoni Martinez promises to listen to customers' voices in this video released on YouTube, June 10. / Courtesy of McDonald's KoreaBy Kim Jae-heunMcDonald's Korea Managing Director Antoni Martinez has brought many changes since he was assigned to manage the global franchise operator's business here in February.First, Martinez was quick to change the bun for every burger to improve the quality of McDonald's signature offerings, betting on the so-called “Best Burger Initiative” that many loyal customers appreciate. According to McDonald's Korea, the baking time has been increased and the buns are coated with a glaze. This not only keeps the buns looking fresh, but keeps them warm and moist inside. Also, the quick service restaurant now cook fewer patties at a time than before ― with minced onions ― to allow for a richer flavor by trapping the juice in the meat to maximize its taste.Vegetables served in the burgers are kept for a shorter time in containers to preserve freshness and crunchiness; while 50 percent more special sauce is serv

Jun 15, 2020By Kim Jae-heun

Kim Jae-heun

Read more

COVID-19 pushing Orion to target in China, Vietnam

Fall of Mr. Pizza to affect Kyochon F&B's IPO

Ediya Coffee needs to seek changes in contactless era

Hanwha Defense seeks mutual growth with subcontractors

Yuhan-Kimberly to donate 6 mil. sanitary pads

Starbucks-Hyundai Card partnership raising eyebrows

SPC views Canada as 'litmus test' for France expansion

Richemont reaches 1 trillion won in annual sales here

'I want people to trade used item like they drink Coke on normal occasion'

New McDonald's Korea chief on the right path

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