The Korea Times

SPC puts hold on opening of Maison de PB in NYC

Maison de PB store at Changi Airports International in Singapore / Courtesy of SPC GroupBy Kim Jae-heunSPC Group Chairman Hur Young-inThe country's food and confectionery giant SPC Group has been desperate for overseas expansion, as its mainstay businesses in the local market have already peaked and reached the saturation point.SPC successfully exported its flagship bakery brand Paris Baguette abroad, including opening a location in the symbolic Times Square in New York City, but some critics say the brand still struggles in terms of brand recognition outside the Korean Peninsula.Despite this, SPC Group was attempting to push its ambitious expansion plan focusing on the United States by reviewing a possibility to open a high-end restaurant brand named Maison de PB in New York. Jack Moran, a former global CEO of Paris Baguette for Americas & Europe, said earlier in an interview with U.S. media outlet Thrive Global that Maison de PB would debut in the U.S. market sometime last year. However, New York was harshly hit by the COVID-19 pandemic, leading to suspension of SPC Group's pla

Jun 5, 2020By Kim Jae-heun

SPC puts hold on opening of Maison de PB in NYC

Companies

Retailers on alert for possible food contamination

People shop at a groceries corner in Homeplus in Seoul in this 2019 file photo. / YonhapBy Kim Jae-heunLocal retailers are becoming anxious over possible massive food spoilage as the country is forecasted to suffer one of the hottest summers in year.Worries are arising as firms are eagerly trying to recover from the COVID-19 pandemic, especially offline supermarkets. Retailers are now on alert to better protect their fresh produce from spoiling and this is an even bigger problem for e-commerce firms as they are responsible for the delivery of the products. The average afternoon temperature in the southern part of the country this week reached 30 degrees Celsius, indicating summer is just around the corner. Department stores are paying extra attention to monitor for potential hygiene issues in fresh produce sections, particularly regarding grocery utensils and staff hygiene amid the COVID-19 pandemic. “Kitchen knives and cutting boards used for preparing food are classified as special-care items that need to be washed every two hours,” a Lotte Shopping official said. Lotte

Jun 3, 2020By Kim Jae-heun

Retailers on alert for possible food contamination

Companies

'Hermes, Chanel, Louis Vuitton will not allow their duty free items to sell in local market'

Shinsegae's duty free store in Myeong-dong, Seoul, is seen empty on May 14. / Korea Times fileBy Kim Jae-heunThe so-called “big three” of international luxury brands ― Hermes, Chanel and Louis Vuitton ― will not allow duty-free firms here to sell their products in the local market. The Korea Fair Trade Commission (KFTC), the country's top antitrust regulator, said it needs evidence like a “written contract” between a luxury brand and duty free company or a whistleblower's file of complaint to start an investigation on the three luxury brands' alleged breach of the Fair Trade Act. In late April, the Korea Customs Service decided to loosen regulations allowing duty free firms like Shinsegae, Lotte and Shilla to sell their luxury goods inventory in the local market after they saw a plunge in sales owing to the COVID-19 pandemic that made countries ban international travel.Contrary to customers' high expectations for the chance to buy clothes and handbags of their three favorite luxury brands, Hermes, Chanel and Louis Vuitton have refused to allow sale of their pr

Jun 2, 2020By Kim Jae-heun

'Hermes, Chanel, Louis Vuitton will not allow their duty free items to sell in local market'

Companies

Coupang's 'secretive stance' overshadows Nasdaq bid

A notice at Coupang's logistics center in Bucheon, Gyeonggi Province notifies people of its temporary closure for the safety of customers and workers amid the outbreak of a COVID-19 infection there, May 28. / Korea Times photo by Bae Woo-hanBy Kim Jae-heunCoupang founder and CEO Kim BomCoupang's response to the coronavirus outbreaks at its logistics centers is raising doubts on the e-commerce giant's bid to secure a spot on the Nasdaq, as the company was apparently being “secretive” on managing a serious risk, something that could preclude its listing.Coupang closed its logistics centers in Bucheon and Goyang, both in Gyeonggi Province, after 111 workers were confirmed to have tested positive for COVID-19 at the two locations. The Bucheon center reported its first case, May 23, and the Goyang center, May 28. Despite the risk of the centers becoming infection clusters for the pandemic, the company took a “reclusive stance” in handling the cases ― it only shut down the Bucheon facility two days after it reported the first case. Reports allege the company did not

Jun 1, 2020By Kim Jae-heun

Coupang's 'secretive stance' overshadows Nasdaq bid

Companies

Dongsuh Foods to run smart factory in Incheon

Dongsuh Foods CEO Lee Kwang-bok looks at the board in the control room of a smart factory in Bupyeong, Incheon, May 22. / Courtesy of Dongsuh Foods Corp.By Kim Jae-heunThe country's instant coffee giant Dongsuh Foods said Wednesday it will invest 41.8 billion won ($33.9 million) to turn its instant drink manufacturing plants, located in Bupyeong-gu in Incheon and Changwon in South Gyeongsang Province, into “smart factories.” By applying “smart factory” systems in its Bupyeong factory, the company is aiming to boost production stability and efficiency for its popular instant coffee items including Maxim Kanu, Maxim Mocha Gold and Maxim T.O.P. Dongsuh Food built the country's very first coffee plant in Bupyeong. With people demanding more variants of instant coffee sticks, it needs to improve the factory's overall manufacturing processes as part of cost-cutting efforts.Automatic control and real-time monitoring are possible now by integrating production processes that were previously operated individually, such as bean roasting, extracting, condensing, freezing

May 27, 2020By Kim Jae-heun

Dongsuh Foods to run smart factory in Incheon

Companies

Chanel and Louis Vuitton's 'tyranny' never ends

By Kim Jae-heunWhat does Chanel and Louis Vuitton have to do to keep its customers loyal here? Raise prices frequently, never notify them about it and make them wait to buy leftovers. If the two fulfill corporate social responsibility (CSR), their customers will not be happy. The luxury brands' “tyranny” in the local market is not a new trend and it has been making headlines in newspapers occasionally. Korea is the eighth largest luxury market in the world after America, Japan, China, France, Italy, England and Germany. According to researcher Euromonitor International, the local luxury market has been growing an average 6.5 percent annually since 2013 and its size was estimated at 13.29 trillion won ($10.76 billion) in 2017. Counting only the luxury bag market, Korea has already beaten France, the country of origin of most of the brands. Though, luxury brands seem to never want to give in return.When the government indicated it would revise a law to allow the Financial Service Commission to look into international firms' account books, the majority including Louis Vuitto

May 27, 2020By Kim Jae-heun

Chanel and Louis Vuitton's 'tyranny' never ends

Companies

KFTC to regulate Delivery Hero Korea over illegal price fixing

Yogiyo and Baedaltong logos / Courtesy of Delivery HeroBy Kim Jae-heunThe Korea Fair Trade Commission (KFRC) said it will hold a meeting next Wednesday to decide on restrictions to be imposed on Delivery Hero Korea over price fixing of local restaurants' menus.The German firm, which operates the country's second-biggest delivery player Yogiyo, has allegedly been preventing restaurant owners from giving discounts to customers who ordered food over the phone.It also threatened to delete the restaurants from the Yogiyo application when the owners encouraged people not to order through the mobile app, for which they have to pay a 12.5 percent commission per order.Between 2013 and 2017, Delivery Hero Korea launched a lowest-price-guarantee program that compensates customers if they paid more by ordering on Yogiyo. When customers notified the German firm that other delivery players or restaurants themselves were offering better prices than on Yogiyo, it gave them e-coupons equivalent to the price difference. In this way Delivery Hero Korea was able to figure out which restaurants had been

May 26, 2020By Kim Jae-heun

KFTC to regulate Delivery Hero Korea over illegal price fixing

Companies

Starbucks Korea reduces power sockets

Starbucks Reserve store in Seoul / Courtesy of Starbucks KoreaBy Kim Jae-heunStarbucks Korea is allegedly trying to reduce the number of sockets in their coffee shops to stop customers from staying there for a long time.A 31-year-old office worker surnamed Lee visited a Starbucks coffee shop recently in Gwanghwamun, central Seoul, and was shocked to notice there were hardly any electricity outlets available for use. “Usually a Starbucks coffee shop has tables with many electricity sockets for customers. But this shop had barely any. Some people like me came in with laptops and had to leave as there were no electricity outlets available,” Lee said. According to a local media report, Starbucks Korea has installed no outlets at 10 shops that have opened over the last three years including those at Shinsegae Department Store in Hoehyeon-dong, Seoul, Incheon International Airport and Starfield Hanam in Gyeonggi Province. Starbucks Korea said the situation differs based on the location of the shops. For example, the global coffee franchise decided not to install sockets in high

May 21, 2020By Kim Jae-heun

S. Korea to introduce disposable cup deposits

Companies

Korea antitrust regulator to monitor Chanel's alleged breach of Fair Trade Act

People wait in line to purchase Chanel products at Lotte Department Store in Myeong-dong, Seoul, May 13. Korea Times photo by Lee Han-hoBy Kim Jae-heunThe Korean Fair Trade Commission (KFTC) said it will look into French fashion house Chanel following allegations the luxury brand has been forcing restrictions onto local duty free firms regarding the pricing of its items, a violation of the Fair Trade Act.Last month, the Korea Customs Service (KCS) decided to loosen regulations that previously restricted duty free companies from selling and distributing their inventory to local retailers, after the tax-free businesses were hit hard by the COVID-19 pandemic, which has place huge restrictions on international travel, deeply affecting duty free shops. Duty free shops saw an 85.7 percent decline in customers in the wake of the COVID-19 outbreak and their sales have halved this year to a record-low 1.08 trillion won ($885 million) from 2.17 trillion won ($1.76 billion) in 2019. The KCS extended the deadline until Sept. 29 for firms to clear customs on imported inventory worth nearly 3

May 20, 2020By Kim Jae-heun

Korea antitrust regulator to monitor Chanel's alleged breach of Fair Trade Act

Companies

Lee expands global influence in special steel business

By Kim Jae-heunSeAH Holdings Corp. CEO Lee Tae-sungIt has been two years since Lee Tae-sung took over as CEO of SeAH Holdings Corp. to lead the company in the global market by strengthening its product portfolio and securing a new growth engine in the special steel business.Lee was appointed as CEO at a regular general meeting of shareholders in March 2018. He started his career at SeAH Steel Corp.'s branch in Japan in 2006 and soon became the head of strategic planning at the holding company in 2009. In 2014, he was promoted as chief operating officer and head of strategic planning for SeAH Besteel Corp. that supervises the company's strategic planning, human resources, procurement and overseas sales.The CEO took a systematic management course to prepare himself to lead SeAH Group. Lee wants to prove his competency by strengthening responsible management in the highly competitive special steel market. Since he took over the office, Lee has established overseas branches in America, Germany, Thailand and India to increase global sales and has beefed up the marketing group's worldwide

May 20, 2020By Kim Jae-heun

Kim Jae-heun

Read more

SPC puts hold on opening of Maison de PB in NYC

Retailers on alert for possible food contamination

'Hermes, Chanel, Louis Vuitton will not allow their duty free items to sell in local market'

Coupang's 'secretive stance' overshadows Nasdaq bid

Dongsuh Foods to run smart factory in Incheon

Chanel and Louis Vuitton's 'tyranny' never ends

KFTC to regulate Delivery Hero Korea over illegal price fixing

Starbucks Korea reduces power sockets

Korea antitrust regulator to monitor Chanel's alleged breach of Fair Trade Act

Lee expands global influence in special steel business

Top 5 stories