The Korea Times

AmorePacific to reduce reliance on Chinese customers

Chinese shoppers queue in front of a duty free shop in Seoul before it opens in this 2018 file photo. / YonhapBy Kim Jae-heunAmorePacific Chairman Suh Kyung-baeThe country's No. 1 cosmetics maker AmorePacific said it will work to reduce its reliance on Chinese visitors by diversifying its target customers.Ahead of the potential upcoming visit by Chinese President Xi Jinping possibly in April this year, expectations have risen that China will ease what it says is an “unofficial ban” of Chinese tourists to Seoul. Chinese tourists were the key source of profits for South Korean duty free shops and department stores.Presidential aides said President Moon Jae-in extended the invitation to his Chinese counterpart Xi during their December summit in Beijing and added it's “almost certain” that Xi will visit Seoul. The invitation comes as additional proof of a thaw in relations between Seoul and Beijing, which have been worsening since South Korea's decision to deploy a U.S.-manufactured THAAD missile shield system in 2017. The main beneficiary of the Chinese visitors

Jan 22, 2020By Kim Jae-heun

AmorePacific to reduce reliance on Chinese customers

Companies

Head of McDonald's Korean unit quits

Former Managing Director of McDonald's Korea Joh Ju-yeon gives New Year speech at the company's headquarter in Seoul, on Jan. 9. / Courtesy of McDonald's KoreaBy Kim Jae-heunWhat seems like an easy job for many wasn't easy for Joh Ju-yeon, the former managing director at McDonald's Korea. Joh, also known as Melanie Joh, recently emailed all employees notifying them of her “sudden” resignation. The managing director's departure was viewed by many as a “surprise” given the New Year's message to employees she sent to employees in which she detailed her initiatives to make McDonald's a “client-focused” restaurant. According to the company, the resignation of Joh was for a “personal reason” and it stressed Joh's departure has nothing to do with the company. A McDonald's spokesperson noted that the company is seeking for Joh's successor.However, officials with direct knowledge of the issue told The Korea Times that Joh was forced to step down from the position as she was dissatisfied with the burger franchise operator's U.S. headquarters with

Jan 21, 2020By Kim Jae-heun

Companies

Happy Lunar New Year!

S-Oil CEO Hussain Al-Qahtani delivers a box of rice cakes to a senior citizen living alone in Yeongdeungpo-gu, western Seoul, Monday. The CEO took part in the volunteer activity along with 100 other employees to celebrate his first Lunar New Year in Korea. / Courtesy of S-Oil

Jan 20, 2020By Kim Jae-heun

Companies

Lotte chairman aims to reduce Japanese influence

Lotte Group Chairman Shin Dong-bin leaves the funeral hall at Asan Medical Center in Songpa-gu, Seoul, Monday. Shin's father Shin Kyuk-ho died of a chronic illness at age 99 on Sunday. / YonhapBy Kim Jae-heun“Chewing Gum emperor” Lotte Group Founder Shin Kyuk-ho, who passed away on Sunday, left behind a complicated legacy of remarkable entrepreneurial achievements clouded by corruption and messy family feuds.Key tasks for the group chairman Shin Dong-bin ― who recently succeeded in an ugly battle with his brother Shin Dong-joo for control of the group ― is how to convince investors that the retail giant will function well and present updated business strategies for corporate sustainability.As a plan to improve corporate governance and further tighten his grip on the entire conglomerate, the chairman is expected to accelerate moves to list Lotte Hotel on the stock market, the group's critical cash cow, according to company officials and market analysts.The acrimonious battle with Dong-joo spooked overseas investors. At the time of his release from jail, Shin promised to ma

Jan 20, 2020By Kim Jae-heun

Lotte chairman aims to reduce Japanese influence

Companies

McDonald's price hike angers customers

McDonald's Korea will increase the price of some menu items by about 1.36 percent from Monday. / YonhapBy Kim Jae-heunJoh Ju-yeon.McDonald's will increase the price of some menu items in South Korea by an average 1.36 percent from Monday.The company said on Friday the decision was because of increases in the prices of raw materials for its products. It said it would keep the prices for customers' favorites such as Mac-All-Day Meal.However, the price of some other best-selling items, Big Mac Meal and Cheese Burger Meal, will rise by 200 won (17 cents). Local customers have criticized the price increases. “It is ridiculous how McDonald is increasing its price for burger meals little by little,” said office worker Cho Hyun-soo. “What is the most iconic and popular meal of McDonald's? What do they mean they will not increase the price for popular burger meals when they did for Big Mac Meal?“McDonald's has been lying about everything from when it increases the price of items to when something happens with a burger. I wouldn't even complain about the price increase

Jan 17, 2020By Kim Jae-heun

Companies

Shinsegae acccused of 'backdoor deal' with Big Hit Entertainment

By Kim Jae-heunChung Yong-jinNowadays, those hiring K-pop star Bangtan Boys as models for advertisements are among exclusive club. The boy band's value has skyrocketed to an unprecedented level where only cash-abundant conglomerates can afford to use them in their product commercials.A retail insider said Bangtan Boy's agency Big Hit Entertainment, led by founder Bang Si-hyuk, has decided not to consider striking an advertisement deal with the boy band for domestic only campaigns that have different models for overseas campaigns. This is one of Big Hit Entertainment's strategies to raise the boy band's pay rate in the advertisement market, which was estimated at about 7 billion won ($6.04 million) last year, according to the official. The official asked not to be identified citing the sensitivity of the issue.Considering that Korean football star Son Heung-min receives 1 billion won for a one-year advertisement contract, which is already the top-level payment in the local industry, Bangtan Boy's power in the market is absolute. Local conglomerates have been weighing the value of

Jan 16, 2020By Kim Jae-heun

Shinsegae acccused of 'backdoor deal' with Big Hit Entertainment

Companies

Leadership crisis poised to challenge Shinsegae

Emart's discount store Pierrot Shopping in Seoul is seen empty without customers in this 2018 file photo. / Courtesy of EmartBy Kim Jae-heunShinsegae Group Vice Chairman Chung Yong-jin's leadership is being questioned after the group's subsidiary Emart saw its very first deficit in the second quarter of last year. The operating profit of the country's largest retailer dropped to 489.3 billion won ($422.6 million) in 2018 and last year it saw an operating loss of 29.9 billion won ($25.8 million) between April and June. Emart made 83.2 billion won more business profit in the same period in 2018. The retailer giant picked poor performance at discount stores as the main cause, which saw a business loss of 4.3 billion won alone. Recording 18.8 billion won ($16.2 million) operating loss in the specialty store sector also played a part. The deficit occurred mainly in health and beauty store Boots and Chung's most-anticipated dollar-store concept Pierrot Shopping. Last month, Chung decided to close down all Pierrot Shopping stores in the country. Pierrot Shopping was Chung's most-anticipated

Jan 15, 2020By Kim Jae-heun

Leadership crisis poised to challenge Shinsegae

Trends

Edrington Korea to exit Korea

Models hold glasses of limited edition Macallan whisky during its launch at a hotel in central Seoul last March. / Korea Times photo by Bae Woo-hanEdrington Korea to withdraw its Korean branchBy Kim Jae-heunEdrington Korea, one of the leading whisky distributors in the country, has decided to leave amid continued sluggish sales.Sources said Edrington recently told its Korean branch of the decision. The branch also ended its contract with employees. Edrington Korea said it is meeting employees to discuss severance payments and compensation for the sudden notification. “The closure of Edrington Korea isn't something new as the whisky industry has been suffering from continued restructuring for nearly a decade,” an industry official said. “But the closure is viewed as quite symbolic as Edrington Korea owns a number of steady selling premium Scotch whiskies like The Macallan.”Edrington Korea's flagship products are premium single-malt whiskies like The Macallan, Highland Park and the Glenrothes. The Macallan is well regarded as a competitive brand in terms of reco

Jan 14, 2020By Kim Jae-heun

Companies

Korean defense firms to target Indian market at DEFEXPO 2020

A self-propelled anti-aircraft weapon Hybrid Biho, right, developed by Hanwha Defense in cooperation with LIG Nex1, is displayed at Association of the United States Army exhibition held in Washington, in Oct. 2017. / Courtesy of Hanwha DefenseBy Kim Jae-heunTop Korean defense firms said they will join “DEFEXPO INDIA 2020” next month to attract buyers in India, the world's second-largest market for the defense industry. Hanwha Defense, Korea Aerospace Industries Ltd. (KAI), and LIG Nex1, along with seven more companies, are participating in Asia's biggest defense industry expo scheduled to be held in Uttar Pradesh, India, from Feb. 5 to 8. The leading South Korean defense companies said they will display products specially designed for the local defense environment as part of plans for larger penetration in countries in Southeast East Asia, which have higher growth potential. At the exhibition, Hanwha Defense is aiming to win about 3 trillion won ($2.5 billion) worth of deals for orders of Hybrid Biho-branded weapons from the Indian government. It is a self-propelled anti-

Jan 13, 2020By Kim Jae-heun

Korean defense firms to target Indian market at DEFEXPO 2020

Companies

Amorepacific presents advanced cosmetics technology

A visitor tries making a personalized mask pack with Amorepacific's new 3D Printing Mask Pack device at the Consumer Electronics Show in Las Vegas, Thursday. / Courtesy of AmorepacificBy Kim Jae-heunKorea's No.1 cosmetics maker Amorepacific introduced new advanced beauty technologies, including a 3D Printing Mask Pack and LED beauty mask, Thursday, during its first appearance at the Consumer Electronics Show (CES) in Las Vegas. The 3D Printing Mask Pack, which won the CES Innovation Award in the 3D printing category, makes hydrogel mask packs to fit perfectly the user's face and skin type. The equipment designs the mask in real time and takes five minutes to complete it. It is built to provide customized care on five different facial parts with six different treatments.The company said the 3D Printing Mask Pack was displayed along with other CES Innovation Award winners for visitors to experience, and attendees were interested in the technology. The 3D Printing Mask Pack will be launched at the IOPE flagship store in Seoul in April. The tentatively named Light-Emitting Diode (LED) Fl

Jan 10, 2020By Kim Jae-heun

Kim Jae-heun

Read more

AmorePacific to reduce reliance on Chinese customers

Head of McDonald's Korean unit quits

Happy Lunar New Year!

Lotte chairman aims to reduce Japanese influence

McDonald's price hike angers customers

Shinsegae acccused of 'backdoor deal' with Big Hit Entertainment

Leadership crisis poised to challenge Shinsegae

Edrington Korea to exit Korea

Korean defense firms to target Indian market at DEFEXPO 2020

Amorepacific presents advanced cosmetics technology

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