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LG Household & Health Care's American dream becomes nightmare

LG Household & Health Care CEO Cha Suk-yongBy Kim Jae-heunLG Household & Health Care's (LG H&H) has branched out into America but its prospects aren't looking too bright. The Korean cosmetic firm acquired American health and beauty company New Avon last April to act as a bridgehead into expanding its business into the world's largest cosmetics market.However, if New Avon continues to record deficits, this may lead to problems for the Korean company's broader plans.The American cosmetics firm recorded a 40 billion won loss in 2018, which was the year before LG H&H acquired the company. New Avon was also projected to record another 20 billion won deficit this year, but in light of the worsening situation due to the novel coronavirus, it will likely see an even greater loss. When a virus pandemic hits a country, demand for food and daily necessities goes up while demand for fashion clothing and cosmetics products decreases.LG H&H says it is in the beginning of expanding is business in the American market so it is not highly concerned about recording losses with New A

Mar 31, 2020By Kim Jae-heun
LG Household & Health Care's American dream becomes nightmare
Films

CGV closes down 35 movie theaters

CGV's movie theater is seen empty in this outlet in Seoul, March 2. / Courtesy of CGVBy Kim Jae-heunThe country's biggest multiplex operator CGV temporarily closed 30 percent of its movie theaters here starting last Saturday as a result of the fallout from the COVID-19 pandemic. CGV has been making every effort to continue its business amid the plunging number of moviegoers but it has come to the point where it can no longer hold out. The multiplex operator owns 116 movie theaters across the country and 35 among them including ones in Chungdam, Myeongdong and Daehangno have now been shut downThe remaining 81 cinemas will not open every day and instead take turns to screen movies. Also, only movie theaters in Yongsan, Wangsimni and Youngdeungpo will be opened full time ― the rest will be limited to three showings per day. Normally, the movie theaters have seven screenings. All CGV employees will work three days a week as a result. The CEO, executives and manager will have their salaries cut by 30 percent, 20 percent and 10 percent, respectively. Those who have worked over 10 years are

Mar 30, 2020By Kim Jae-heun
CGV closes down 35 movie theaters
Companies

Department stores to offer sales amid prolonged COVID-19 pandemic

A staff member at Lotte Department Store in Dong-gu, Gwangju, hands over a shopping item to a customer in a car using its drive thru service, March 19. / YonhapBy Kim Jae-heunLocal department stores will begin their regular sales period from the first week of April for two weeks amid the prolonging COVID-19 pandemic here.The stores have delayed the sale period for a week this year as part of observing social distancing suggestions in fear of further spread of the virus. However, department stores said they can no longer postpone their events as they have already seen drastic plunges in sales. Sales at top department store franchises, such as Lotte, Shinsegae and Hyundai, decreased 10 percent in February and a 20 percent in March compared to those of last year. Items are overstocked in stores as fewer people are visiting the franchise outlets. Spring season items, in particular, will not be popular when weather warms up so departments stores are in hurry to sell them.Shops are trying to spread out customer visits to prevent crowds shopping at the same time.Lotte Department Store has l

Mar 30, 2020By Kim Jae-heun
Department stores to offer sales amid prolonged COVID-19 pandemic
Companies

Pulmuone noodle pack sales skyrocket in America

Pulmuone's premium fresh noodle items / Courtesy of PulmuoneBy Kim Jae-heunKorean fresh food company Pulmuone is seeing positive results in the American market with its Asian noodle products. According to the company, Tuesday, annual gross sales of its noodle packs have skyrocketed, increasing six-fold in four years to record over $30 million. Pulmuone adopted the strategy of putting a strong emphasis on product quality, placing premium fresh noodles in the American market where only relatively cheap instant noodles with flavoring powder existed before.The fresh food company first entered the U.S. mainstream Asian noodle market with premium noodle products in 2015 when its annual sales started at $5 million. With the solid performance of its Black Bean Sauce Noodles and Teriyaki Stir-fry Udon packs in Costco stores across the country, their sales have been increasing steadily. Pulmuone saw particular success in 2018 when the number soared by 85 percent in one year to hit the $30 million mark. The Black Bean Sauce Noodles was Pulmuone's initial offering that attracted U.S. buyers and

Mar 27, 2020By Kim Jae-heun
Pulmuone noodle pack sales skyrocket in America
Companies

New seventh generation Avante

Hyundai's seventh generation Avante (Elantra in the U.S.) is seen in this file photo. The local carmaker will launch the new model of the bestselling medium-sized sedan worldwide next month. / Courtesy of Hyundai Motor

Mar 26, 2020By Kim Jae-heun
New seventh generation Avante
Tech & Science

Olympic postponement takes major toll on Korean companies

A countdown clock for the Tokyo 2020 Olympic Games is seen reflected in a puddle of water in front of Tokyo Station, March 23. / YonhapBy Kim Jae-heunThe postponement of the Tokyo 2020 Olympic Games has taken a major toll on Korean firms hoping to expand their customer base with aggressive marketing during the summer sports extravaganza.The International Olympic Committee announced the delay of the Games, which were scheduled to start in July, to next year, Wednesday, for the first time in the history of the modern Olympics.The decision came amid the worldwide spread of the COVID-19 pandemic. Korean firms had high hopes to market their latest products during the Games, which would have been the first held in Asia since the 2008 Beijing Olympics. Tech giant Samsung Electronics, also an official sponsor of the Tokyo 2020 Olympic Games, will likely face a setback due to the postponement. The company had been preparing to showcase limited editions of its latest Galaxy S20 and Galaxy Z flip smartphones, but this has now been scrapped.“We will have to wait and see if the delay, and t

Mar 26, 2020By Kim Jae-heun
Olympic postponement takes major toll on Korean companies
Companies

Shinsegae and E-Mart seek structural improvements for new future

By Kim Jae-heunShinsegae CEO Cha Jeong-hoThe last few years have been hard for retailers such Shinsegae and its subsidiary E-Mart. Shinsegae is a department store franchise that owns the world's largest department store in Centum City, Busan, and E-Mart is the largest retailer in Korea. They both enjoyed their heyday until 2010, when customers started moving more and more towards shopping online.But the department store franchise and retail giant refused to face the reality and kept focusing on their offline platforms until they reached the point where revenues had plunged and operating profits turned into record deficits.E-Mart CEO Kang Heui-seokWednesday's general meetings for Shinsegae and E-Mart showed their will to seek change in their business reflecting the market's demand and needs. Shinsegae will stick to its three-executive-director management system with only new CEO Cha Jeong-ho replacing former CEO Jang Jae-young.Cha was CEO for Shinsegae's subsidiary Shinsegae International and he successfully led that firm. In particular, he made the cosmetic label “Vidi Vici&rdq

Mar 26, 2020By Kim Jae-heun
Shinsegae and E-Mart seek structural improvements for new future
Companies

BMW accelerates efforts to fight COVID-19

CESCO workers disinfect a BMW facility and car displayed in the showroom in Seoul, on March 24. / Courtesy of BMW KoreaBy Kim Jae-heunBMW, one of Korea's favorite German carmakers, is accelerating corporate efforts to fight the new coronavirus here.BMW Group Korea has started its “BWM·MINI Relief Care Service Campaign” from Feb. 10 to temporarily close its driving center in Incheon and carry out disinfection at all its premises while keeping their employees working from home. The carmaker said its local dealer firms are strengthening 'untact' services whereby they offer to pick-up, repair and return the vehicles of customers who are hesitant to visit stores. This is to minimize the possibility of spreading the virus between customers and relieve their anxiety. Sanitation is a top priority concern at every BMW stores in Korea. All the employees must wear a face mask and customers without a face mask are restricted from entering the premises. Also, body temperatures checks are in place at entry points and hand sanitizers are available for use at all times. Tables for

Mar 24, 2020By Kim Jae-heun
BMW accelerates efforts to fight COVID-19
Companies

BTS agency's listing face hardships

K-pop boy band BTS pose during the press conference for new album release on Feb. 24. / Courtesy of Big Hit Entertainment By Kim Jae-heun Big Hit Entertainment Founder and CEO Bang Si-hyuk Everything seemed to be going well for Big Hit Entertainment and its plan to go public this year as their peak estimated valuation on the stock market was estimated at 6 trillion won ($48.19 billion). Just two years ago, their enterprise value hovered between 1.28 trillion won and 2.28 trillion according to a 2018 report by the Hyundai Research Institute (HRI). But, thanks to K-pop sensation BTS, the label grew so much in one year that it's revenue in 2019 skyrocketed 95 percent to 587.9 billion won, while its operating profit increased 17 percent to 97.5 billion won. Reflecting this performance, HRI estimated its new enterprise value at 4 trillion won last year.At

Mar 24, 2020By Kim Jae-heun
BTS agency's listing face hardships
Companies

Renault Samsung strengthens 'untact' service programs

The Renault Samsung XM3 / Courtesy of Renault SamsungBy Kim Jae-heunSamsung expanded 'untact' service at its stores and repair centers as part of its effort to take quarantine action and allay customers' concerns over COVID-19. Starting in March, the motor company started a month-long program to pick up, repair and deliver any model of Renault Samsung cars for customers who wish to keep social distance amid fears of virus infection. Customers only need to register the car pick-up and drop-off point. The delivery service costs 10,000 won on a basic rate for the first 10 kilometers followed by an additional 1,000 won per 1 kilometer. The service offers free for delivery within the same town as the service center.Cars damaged in accidents are not eligible for the pick-up and delivery service. Customers can either call customer service at 080-300-3000 or visit a Renault Samsung dealer nearby to register for the 'untact' repair service. They can also make a reservation online through the motor company's mobile application or on the official website. The carmaker is also taking preventive

Mar 23, 2020By Kim Jae-heun
Renault Samsung strengthens 'untact' service programs
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