my timesThe Korea Times
jhkim

Kim Jae-heun

Korea Times Print Reporter

Go to Email

Read more

Companies

Will Chanel follow Hermes to sell handbags online?

Hermes' Birkin Bag / Korea Time fileBy Kim Jae-heunChanel opened its online store here in 2018 but it has seen limited sales of cosmetics due to its headquarters' management policy. It could be seen as Chanel's last shred of pride to maintain the policy of selling their handbags and clothes in exclusively offline boutiques. Yet it is not out of the realm of possibility that it could soon start selling these traditionally offline products online, as Hermes does.Hermes, which launched its online service June 3, showed how successfully a luxury brand can transition to online sales with most of its luxury items selling out on the day the service was launched. Nearly all the items from slippers priced in the 800,000 won range to comparatively cheaper handbags priced at 2 million to 3 million won went out of stock. The demand for Hermes items exceeded the supply online. There are four handbag types available for sale in the women's section as of June 14.This totally went against the theory proposed by so-called experts that people will not purchase luxury items online because they want to

Jun 15, 2020By Kim Jae-heun
Will Chanel follow Hermes to sell handbags online?
Tech & Science

Competition between music streaming platforms gets stronger

From the top, logos of Melon, Apple Music and Spotify / Korea Times fileBy Kim Jae-heunA cutthroat competition between online music streaming platforms is taking place ahead of Spotify's entry into the local market. The Swedish media service provider is set to launch its music streaming platform here within the year, and local platform businesses are preparing their defenses. Spotify currently operates its streaming service in 79 countries including America, France and Japan and has nearly 271 million paying subscribers.The service's strength lies in offering a vast amount of music unavailable on local music streaming platforms which are notoriously Korea-centric.Knowing that they cannot hold a candle to Spotify in terms of its catalog, domestic music streamers are betting on offering differentiated services or cheaper membership to attract users.The most notable change is by Melon, the country's No.1 online music streamer, which will stop offering its real-time music chart service soon. After the controversy around Melon's chart system, which instigated fierce competition between ar

Jun 14, 2020By Kim Jae-heun
Competition between music streaming platforms gets stronger
Companies

Gmarket rises as 'marketing tool' for international influencers

A popular Thai beauty YouTuber Soundtiss ST introduces JAYJUN's cosmetics on her channel, on June 10. / Courtesy of eBayBy Kim Jae-heunGmarket's English and Chinese versions of its Global Shop, operated by eBay, is seeking to serve as a stepping stone for promising small- and medium-sized firms here that aim to enter the global market by teaming them up with relevant social media influencers from around the world.The e-commerce platform has identified local brands that want to collaborate with influencers, riding the global trend of a contactless culture in the post-coronavirus period.Based on its 20-year experience, Gmarket Global Shop is working with various social media stars around the world to sell Korean products that global customers are developing a taste for. Korean companies will not only benefit from exposing their products via international influencers' social media content but with purchasing power that leads to actual sales as Gmarket helps them develop loyal customers. Local cosmetics brand JAYJUN is the epitome of success after its collaboration with Gmarket. Global S

Jun 14, 2020By Kim Jae-heun
Gmarket rises as 'marketing tool' for international influencers
Companies

WeMakePrice and Coupang to lead online retailing

WeMakePrice CEO Park Eun-sang / Courtesy of WeMakePriceBy Kim Jae-heunIt has only been 10 years ago since Coupang and WeMakePrice were established in May and September 2010, respectively, as social commerce firms based on smartphone application services. There was a start-up boom that saw about 500 venture companies set up then, but only a few survived and they are prospering these days thanks to the growing popularity of the contactless consumption trend. Coupang's biggest strength was its quick delivery service. Their slogan reading, “Make your order today and get your item tomorrow,” showed Coupang was the company making the fastest deliveries here.Starting last year, Coupang started a membership program called “Rocket Wow” that delivers customers' orders overnight, putting their parcel in front of their door before 7 a.m. for a monthly charge of 2,900 won ($2.42). Coupang Founder and CEO Kim Bom said earlier this year that he wanted to make a world in which people could not live without his firm and he is on track to realize his dream.According to research

Jun 14, 2020By Kim Jae-heun
WeMakePrice and Coupang to lead online retailing
Companies

Danggeun Market chasing after troubled Coupang

Danggeun Market CEO Kim Jae-hyun poses with the company's mascot character at his office in Gangnam, Seoul, in this 2019 file photo. / Korea times fileBy Kim Jae-heunMobile flea market application Danggeun Market is growing quickly in the e-commerce scene with its platform visited by the second-largest number of daily users here after Coupang. According to data released in April by mobile data analysis platform Mobile Index, the daily average users connecting to Danggeun Market reached 1.56 million, which beat out 1.37 million of 11st and 1.09 million of WeMakePrice. The number placed Danggeun Market second on the rankings for highest daily rate in the overall online shopping market. Compared to Danggeun Market's number of monthly users in January, the number skyrocketed by 230 percent two months ago and its lead over No.2 online flea market player Bungaejangter has more than tripled.The flea market application recorded 6.6 million downloads alone, which outnumbers 2.35 million of Bungaejangter and 1.36 million of Junggonara, the country's very first online second-hand mall. Multiple

Jun 12, 2020By Kim Jae-heun
Danggeun Market chasing after troubled Coupang
Companies

Hermes, Chanel and Louis Vuitton unlikely to sell on Kakao

Kakao's gift shop selling luxury items / Screen captured from Kakao TalkBy Kim Jae-heunThe “big three” international luxury brands ― Hermes, Chanel and Louis Vuitton ― are unlikely to sell products on Kakao's mobile e-commerce platform, despite the increasing number of users flocking to it.The Kakao platform is being successfully used by 1.5- and second-tier luxury brands, and local retailers such as Lotte Tops that have been selling designer boutique items such as clothes and bags. More specifically, the retailers sell gift coupons for nearly 30 brands, including Gucci, Prada and Yves Saint Laurent. However, the top brands' items are not available via the coupons. Hermes, Chanel and Louis Vuitton are well-positioned to use the channel run by the country's top mobile app operator. But it's fair to say that these top brands are not weighing in on any move as they want to keep “loyal customers” by exclusively selling the products through their own channels.Regarding any possibility of using the platform, all three brands downplayed this, although Kakao remains q

Jun 11, 2020By Kim Jae-heun
Hermes, Chanel and Louis Vuitton unlikely to sell on Kakao
Companies

Coupang's worker angry over company's 'irresponsible' countermeasure

Coupang's logistics center in Bucheon, Gyeonggi Provice / Courtesy of CoupangBy Kim Jae-heunCoupang's response and countermeasures to COVID-19 infection clusters at its logistics centers in Bucheon and Goyang in Gyeonggi Province are stirring controversy.A 40-something female worker at the center in Bucheon recently posted a petition on Cheong Wa Dae's official website requesting government help to get employees safer working conditions. According to the worker, Coupang neither took immediate nor responsible action when the first COVID-19 infection was confirmed at the Bucheon center, May 23. The e-commerce firm did not share the news with its employees and told them to come to work the next day. The female worker was infected with the virus and without knowing, gave it to her husband and daughter. The next day, her husband began to suffer from severe muscle ache and later also tested positive for the coronavirus. The man is reportedly in a critical condition following a cardiac arrest and acute respiratory failure, while the worker and her daughter are also hospitalized at the momen

Jun 10, 2020By Kim Jae-heun
Coupang's worker angry over company's 'irresponsible' countermeasure
Companies

'Best Burger embodies voice of customers'

McDonald's Korea Managing Director Antoni Martinez / Courtesy of McDonald's KoreaBy Kim Jae-heunIn a video titled “Invitation to Best Burger: Antoni Martinez's Message” released on June 10 through McDonald's Korea's official YouTube channel, its new managing director revealed that the U.S. fast food franchise will achieve growth with a customer-centered strategy.As customer communications move to online platforms across industries, McDonald's Korea is among the first in the food and beverage industry to engage with consumers virtually. The online video message introduces the detailed changes brought by the Best Burger Initiative as well as Martinez's reflection on his first three months as managing director at McDonald's Korea, and outlines the company's strategic path forward.Martinez presented the achievements of the Best Burger Initiative, which has been garnering positive feedback from customers. On March 26, McDonald's Korea launched the Best Burger Initiative after two years of research into how to improve the overall burger-preparation process encompassing food ing

Jun 10, 2020By Kim Jae-heun
'Best Burger embodies voice of customers'
Companies

Shinsegae to make breakthrough with hotel business on Jeju Island

Grand Josun Hotel on Jeju Island / Courtesy of Shinsegae Josun HotelBy Kim Jae-heunShinsegae has flopped in the alcohol drink market with its new soju brand, “Pureunbam,” and has also delayed opening its duty free business on Jeju Island due to the COVID-19 outbreak. The company's next big hope is to launch its Grand Josun luxury hotel in Seogwipo on Jeju. Last year, Shinsegae secured the operating rights to the Kensington Jeju Hotel from SK D&D and has been remodeling it with a view to opening it as the Grand Josun by the end of the year.There are mixed opinions on the outlook of Shinsegae's hotel business on Jeju, as the COVID-19 pandemic is showing few signs of abating, and the government still recommends people to stay at home to prevent any spread of the virus here. Also, its rivals Lotte and Shilla are already operating luxury accommodations in the town, meaning the competition will be fierce there. However, Jeju Island could be one of the regions with the highest resilience once the pandemic subsides. In the first week of May, when the country was still practic

Jun 7, 2020By Kim Jae-heun
Shinsegae to make breakthrough with hotel business on Jeju Island
Companies

Chanel, Louis Vuitton 'can face tax probe'

People queue in front of the Louis Vuitton store at Lotte Department Store in Myeong-dong, Seoul, on May 13. / Korea Times photo by Lee Han-hoBy Kim Jae-heunThe National Tax Service's (NTS) special audit of Starbucks Korea could be a warning sign for other multinational corporations here suspected of tax evasion. The tax probe of the U.S. multinational coffeehouse brand seemed to be an irregular one that the tax agency could have launched against any firm operating in the country suspected of evading tax. The NTS has been probing offshore tax evasion since the beginning of this year, mainly targeting multinational tech companies and imposing 1.33 trillion won in penalties for tax evasion. Companies generating over 150 billion won in sales are subject to a special audit. In this case, luxury brands like Chanel and Louis Vuitton could also be targets. As “limited companies,” they are not obliged to open their account books to the public, so their recent annual sales are unknown. However, considering that Louis Vuitton Korea recorded 497.4 billion won in revenue when it last

Jun 5, 2020By Kim Jae-heun
Chanel, Louis Vuitton 'can face tax probe'
previous page
121122123124125
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.