my timesThe Korea Times
jhkim

Kim Jae-heun

Korea Times Print Reporter

Go to Email

Read more

Companies

Hyundai, Kia win five awards at int'l advertising festival in NYC

Smaht Pahk ad / Courtesy of Hyundai MotorBy Kim Jae-heunHyundai Motor and Kia Motors said Friday they won five main prizes at 2020 New York Festivals Advertising Awards, one of the top three industry events in the world. Hyundai Motor's TV commercial “Smaht Pahk,” both produced and managed by the South Korean car manufacturer's American branch, won two first prizes for the “Best Use of Humor” and “Casting” and a second prize for “Script and Copywriting” in the film craft category.“Smaht Pahk” runs for 60 seconds and it was aired in the middle of the Super Bowl in February. Hollywood actors Chris Evans, John Krasinski, Rachel Dratch and former Major League Baseball star David Ortiz appeared in the commercial and they act with a “big surprise” upon seeing Sonata's remote smart parking assist (RSPA) function. The commercial received attention from viewers to rank second on the USA Today Super Bowl Ad Meter asking for their favorites among the 62 commercials aired during the National Football League's championship fi

May 8, 2020By Kim Jae-heun
Hyundai, Kia win five awards at int'l advertising festival in NYC
Companies

Lotte ON to prevent Shin Dong-bin's Hotel Lotte listing here

Lotte ON platform / Courtesy of Lotte ShoppingBy Kim Jae-heunLotte Group Chairman Shin Dong-binLotte Group Chairman Shin Dong-bin's hope to list Hotel Lotte this year, in an effort to grasp total control of the conglomerate, is fading away owing to various factors including its newly launched online retail business that is at the center of criticism. Lotte Shopping launched its online platform Lotte ON last Tuesday. Only 10 days after its introduction, customers are already rapping out complaints of what Shin called the future of his retail business. The biggest complaints are frequent shutdowns for mobile devices of the shopping platform, which combines the company's seven affiliates' online businesses. Lotte ON aimed to bring together all the items sold at Lotte Shopping's affiliates in one AI-based platform. This will allow customers to see more options when they search for certain products. However, many customers are complaining that the platform is failing to show the products they search for, let alone a variety of alternatives. In fact, when they searched for the products on

May 7, 2020By Kim Jae-heun
Lotte ON to prevent Shin Dong-bin's Hotel Lotte listing here
Companies

Louis Vuitton raises prices in Korea only

Louis Vuitton opened a boutique shop in Incheon International Airport in Incheon in Sept. 2011. / YonhapBy Kim Jae-heunLouis Vuitton has raised prices for its items only in Korea, aiming for the critical moment of economic recovery here as shopping malls reopen to a sea of customers who have wallets full of cash and are ready to spend.The markup came only two months after it increased prices by between 3 percent and 4 percent in March. The latest price hike varied for handbags and clothing items but price increases ranged from 5 percent to 10 percent.The French fashion house did not offer any explanation as to why it increased its prices in Korea.“We have decided to raise the prices starting on May 5. It was part of our pricing policy based on the long-term view. Though, we cannot comment on how much we have increased our prices regarding individual items,” a Louis Vuitton Korea official said. Louis Vuitton increased its prices twice in 2019, first in February and again in November. The markup in March came just three and a half months after the previous price increase bu

May 6, 2020By Kim Jae-heun
Louis Vuitton raises prices in Korea only
Companies

E-commerce firms adopts different method of survival

By Kim Jae-heunLocal e-commerce firms have decided to adopt a different strategy after learning that playing chicken was not the way to gain the initiative in the market. The U.S. based Amazon became the top player in the online retail market after implementing an aggressive strategy that took out all its competitors. In Korea, the current reigning player Coupang is doing the same, but others are not playing this game and are taking a different path.Many are ensuring internal stability to prepare mid- to long-term goals to sell their companies or go public. EBay Korea (a franchise of the U.S. giant), the only online retail firm making a continuous operating profit, is seeking to sell itself, according to local investment banks. Last year, it recorded 1.09 trillion won in revenue and a profit of 61.5 billion won. However, it does not see a future in Korea where the competition is becoming fierce. Not only has it lost its top position to Coupang recently, but offline retail giants Shinsegae and Lotte Shopping have jumped into the online competition, in addition to Naver and Kakao which

May 5, 2020By Kim Jae-heun
E-commerce firms adopts different method of survival
Companies

COVID-19 induces rapid changes in retailing

The unprecedented coronavirus pandemic, which broke out in late December 2019 and has now engulfed the world, portends to reshape our lives, and the world order as we know it. This is the seventh of a series to cast light on the changes that might lie ahead. ― ED.By Kim Jae-heunIt had been predicted that one day people would no longer go to a supermarket to shop for fresh food and daily necessities; but no one expected the day to come this early and in such a short period of time. Local offline retailers such as Shinsegae and Lotte Shopping were enjoying their hey-day until e-commerce firms begin to appear on the scene in 2010 to take their customers away one at a time. Shinsegae affiliate E-Mart, the country's largest retailer, ignored this reality until the second quarter of last year, when the company recorded its first ever operating deficit in the 26 years since its establishment in Nov. 1993. E-Mart's sales had increased 14.8 percent compared to those of the second quarter of 2018, but the fierce competition with e-commerce players dropped unit sales prices ― leading to a big l

May 5, 2020By Kim Jae-heun
COVID-19 induces rapid changes in retailing
Companies

EXCLUSIVE Plastic pieces found in Pulmuone's kimchi packs

Kim uses chopsticks to show a piece of plastic that he found in Pulmuone's “Sliced Kimchi” product when he was eating dinner early this month. / Courtesy of KimThe same product is exported to the US marketBy Kim Jae-heunPlastic pieces have been found in kimchi products made by Pulmuone, the largest kimchi exporter to the United States. A 29-year-old office worker surnamed Kim said he purchased six packets of kimchi at a nearby supermarket and found plastic inside two of them. “I felt something sharp cutting my gum when I was eating Pulmuone's kimchi. The cut wasn't deep and I just spat it out, thinking that it was an accident and I was just unlucky. But I found another piece in the next kimchi pack I opened,” Kim said.“It wasn't thick but it wasn't small, about 1.5 centimeters-long in size. It had a sharp edge that could easily cut someone's gum. I wouldn't have reported it had I not found one piece per package,” Kim added.Kim said the kimchi product he bought came in a plastic container with 400 grams of the traditional Korean side dish.He says th

May 4, 2020By Kim Jae-heun
[EXCLUSIVE] Plastic pieces found in Pulmuone's kimchi packs
Tech & Science

KFTC scrutinizes Netflix over network usage fee

Members of Citizens' Coalition for Economic Justice hold a press conference in Seoul, April 2020, to urge the Korea Fair Trade Commission to investigate the Netflix case where the streaming giant is refusing to pay network usage fees. / Korea times photo by Min Jae-yongBy Kim Jae-heun The Korea Fair Trade Commission (KFTC) said it is investigating American streaming service Netflix for refusing to pay network use fees to local internet service providers (ISP).The country's antitrust regulator had remained silent on the issue until recently. Due to concerns over the spread of COVID-19, the government has recommended people stay at home, which resulted in the number of Netflix subscribers skyrocketing. This has led to an overload on network traffic and SK Broadband, a unit of the country's top mobile carrier SK Telecom, has demanded the company pay network fees. In addition, the Citizens' Coalition for Economic Justice (CCEJ) civic group issued a statement April 23, arguing that the government should strongly regulate Netflix. The group urged both the KFTC and the Korea Communications

May 3, 2020By Kim Jae-heun
KFTC scrutinizes Netflix over network usage fee
Politics

Can TMON become new powerhouse in online retailing?

Ticket Monster CEO Lee Jin-won poses in this 2019 file photo. / Courtesy of Ticket MonsterBy Kim Jae-heunThe country's first social commerce operator Ticket Monster (TMON) recently stated its objectives of achieving a surplus this year and going public next year. If it fulfills its goals, it will be the first player in the sector to do so.TMON showed a gain for the first time in March since its establishment in 2010. It is uncertain whether the company will remain in the black for a second straight month, because it paid bonuses to employees in April. But it does not appear too difficult for the firm to finish the year in profit.The COVID-19 pandemic is helping TMON's finances. It has focused on a lucrative strategy of offering time-limited discounts for different items every hour. This has attracted consumers and sellers alike. In particular, vendors who wish to sell a large quantity of products quickly have been offering special prizes for their items on TMON. This guaranteed the best price for consumers and sales for vendors. The number of vendors by the end of last year soared 42

May 3, 2020By Kim Jae-heun
Can TMON become new powerhouse in online retailing?
Companies

Naver invests 70 bil. won in resell market to launch 'Kream'

Sneakers resell mobile application “Kream” / Courtesy of NaverBy Kim Jae-heunThe country's No.1 portal site Naver invested 70 billion won ($57 million) in a sneakers reseller to launch an online trading platform called “Kream,” last month. Kreme is operated by Camp Mobile, a subsidiary of Naver that also operates other apps such as LINE, SNOW and BAND. Based on the firm's experience operating major services that target millennials, Camp Mobile has entered the field of investment utilizing sneakers.Sneakers are currently the most prospective resell genre. There are many platforms competing fiercely in North America already. American unicorn StockX, which was established in 2015, received investment from DST Global Group last year, setting its corporate value at 1 trillion won. Chinese No.1 sneakers reselling platform Du recorded sales of 430 billion won in just the first half of 2019. American investment bank Cowen & Company said the global sneakers resale market was estimated at $2 billion last year and is expected to grow to $6 billion by 2025. Nike's &ld

Apr 30, 2020By Kim Jae-heun
Naver invests 70 bil. won in resell market to launch 'Kream'
Tech & Science

Samsung enhances mask productivity to increase domestic supply

By Kim Jae-heunSamsung Group has offered to aid expansion of face mask production facilities amid supply shortages. The company is sharing its experience in building smart factories with small- and medium-sized businesses to help them increase the production output of face masks. Starting from March, Samsung has been sending manufacturing experts to three mask makers: E&W, Evergreen and Loesstech. The Ministry of SMEs and Startups and the Korea Federation of SMEs recommended the three companies to receive the advisory assistance.The experts aim to streamline processes by giving instructions on techniques to improve manufacturing procedures that will ultimately maximize output without requiring additional equipment.Companies have had difficulty securing resources needed to manufacture masks, leading Samsung to decide to provide assistance to the firms. Samsung developed the necessary manufacturing components at its production facility in Gwangju Metropolitan City and distributed them to the mask manufacturers in order to avoid delays in imports. Prior to this, Samsung had already

Apr 29, 2020By Kim Jae-heun
previous page
124125126127128
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.