The Korea Times

Nongshim's heavy dependence on Shin Ramyun raises concerns

Nongshim's Shin Ramyun products are displayed on a shelf at a large grocery store in Seoul in this 2022 file photo. Korea Times fileBy Kim Jae-heunConcerns are growing over Nongshim's growing reliance on sales of instant noodles ― especially its all-time bestselling Shin Ramyun, which accounts 40 percent of the company's overall instant noodle sales ― according to industry officials Monday.The company has strengthened its overseas business to continue its growth, but there has not been noticeable progress in other business sectors apart from instant noodles as it struggles to find new growth engines.According to company officials, its instant noodle sales accounted for 73.23 percent of Nongshim's total revenue in 2012. The ratio continued to grow to 78.33 percent in 2021 and 78.75 percent by the end of last September.Instant noodles are the main export products of Nongshim too, accounting for 74.25 percent of the food firm's export in 2021, which have since grown to the 80 percent range ― thanks to the company's establishment of local production facilities in the United States and Ch

Feb 14, 2023By Kim Jae-heun

Nongshim's heavy dependence on Shin Ramyun raises concerns

Companies

Samsung, KAIST to nurture robotics experts

Samsung Research President Cheun Kyung-whoon, left, poses with KAIST Executive Vice President Lee Seung-seob after signing an agreement to foster robotics experts via a recruitment-linked master's course at KAIST in Daejeon, Monday. Courtesy of Samsung ElectronicsBy Kim Jae-heunSamsung Electronics and the Korea Advanced Institute of Science and Technology (KAIST) signed an agreement to establish the Samsung Electronics Robotics Talent Training Program at the school's main campus in Daejeon on Monday. The program aims to foster professionals to lead research and development for the local robotics industry. It is a recruitment-linked master's course and Samsung and KAIST will select 10 scholarship students every year from 2023. They will go through a robotics-related curriculum studying advanced theories and building practical capabilities in the field. Participants will be sponsored to cover their tuition fees. After acquiring a master's degree, they will automatically be recruited at Samsung Electronics. Students will also be provided with field training as well as opportunities to a

Feb 13, 2023By Kim Jae-heun

Samsung, KAIST to nurture robotics experts

Companies

Chanel loses appeal among Korean consumers due to steep price hikes

Customers wait in line in front of Chanel's boutique at a department store in Seoul, on Jan. 7. Korea Times fileBy Kim Jae-heunA 32-year-old housewife surnamed Park was surprised that there wasn't a long line to enter Chanel's boutique when she visited a department store in Seoul last week. It was not a scene she was used to, with people normally waiting for up to six or seven hours just to enter the store.“It was Monday afternoon when I went to the store. But still, I always had to wait at least two hours. It was the first time in recent years that I didn't have to wait and could go into the store right away,” Park said. A 34-year-old pharmacist surnamed Jeon said she understands why Chanel has been raising the prices of its products so often.“Chanel bags are a dream item for many women in Korea. That is why they save up money to buy one or ask for one as a wedding present from their husbands. But this is only under the circumstance that the prices are affordable, at least to a certain level. Chanel has been raising the prices of its items by a million won ($787) e

Feb 13, 2023By Kim Jae-heun

Chanel loses appeal among Korean consumers due to steep price hikes

Companies

Consumers complain about series of price hikes by hamburger franchises

An employee hands an order to a customer at a McDonald's drive-thru restaurant in Seoul, on Dec. 23, 2022. Korea Times fileBy Kim Jae-heunA 34 year-old office worker surnamed Jang says that hamburgers are his favorite food and expressed his frustration over how often fast food franchises have raised the prices of their menu items recently. “Hamburger are a popular food choice that people like to eat when they don't know what to have for lunch or dinner because it's cheap and the restaurants are easy to find. But now a Big Mac, burger only, costs 5,200 won ($4.09). That was the price of the whole set with a drink and french fries around a year ago.”A 59-year-old taxi driver surnamed Kim said he hates how fast food companies are putting the cost burden onto consumers by constantly raising their prices.“I know the price of raw materials has soared internationally and companies are facing hardships to cover rising labor costs and logistics expenses too. But they can't just continuously raise the price of their menu items and pass on the cost to customers. They are hikin

Feb 12, 2023By Kim Jae-heun

Consumers complain about series of price hikes by hamburger franchises

Companies

Philip Morris seeks to surpass KT&G in e-cigarette market

Philip Morris Korea Managing Director Paik Young-jae speaks during a press conference held for the launch of new heat-not-burn product IQOS ILUMA ONE in Seoul, Wednesday. Courtesy of Philip Morris KoreaBy Kim Jae-heunPhilip Morris Korea introduced its latest heat-not-burn (hnb) product IQOS ILUMA ONE, Wednesday, as part of its efforts to surpass KT&G and reclaim its No. 1 spot in the growing e-cigarette market.IQOS ILUMA ONE is the latest smoke-free device unveiled by Philip Morris in three months after the introduction of IQOS ILUMA and IQOS ILUMA PRIME models last October. Philip Morris Korea Managing Director Paik Young-jae said the launch of ILUMA ONE completes the ILUMA platform family and it will play a key role in putting the company back in the top position in domestic hnb product sales.“The first two ILUMA models have received a good response from the market and if this continues, I am hoping that we will reclaim the leading position in the e-cigarette market here,” Paik said. Philip Morris has been trying to catch up with KT&G by selling the ILUMA series

Feb 8, 2023By Kim Jae-heun

Philip Morris seeks to surpass KT&G in e-cigarette market

Companies

Oasis to become first e-commerce firm listed on Kosdaq

Oasis CEO Ahn Jun-hyung speaks during a press conference held for the company's IPO plan in Seoul, on Wednesday. Courtesy of OasisBy Kim Jae-heunOasis Market will become the first e-commerce firm to be listed on the Korean stock exchange on Feb. 23 ― going ahead of all the other top players in the market that have postponed their initial public offerings (IPOs) due to the sluggish economy. Oasis will list its shares on the secondary Kosdaq. Oasis believes this year is the right time to go public as it has many business plans ready to launch in the first half of 2023. Most importantly, there is plenty of room for the company to grow and continue its double-digit sales growth over the next few years.“We only have 1.3 million users registered to our paid-membership program. That is not a big number compared to the 10 million users that Kurly has. However, if you think about it another way, it means Oasis still has much room to grow,” Oasis CEO Ahn Jun-hyung said. “We have the smallest number of users among all e-commerce firms here but our customers show a 95-percent r

Feb 8, 2023By Kim Jae-heun

Oasis to become first e-commerce firm listed on Kosdaq

Companies

SM6 Feel attracts customers with popular options, low price

Renault Korea Motors' SM6 Feel / Courtesy of Renault Korea MotorsBy Kim Jae-heunRenault Korea Motors' SM6 series Feel sedan is gaining popularity in the domestic market as a stylish yet cost-effective option. Prior to the model's launch, the carmaker surveyed which options consumers really want and need when buying a car. The SM6 Feel adopts the trim of its previous model, the SM6 SE, as well as the SM6 LE. Nonetheless, it is priced at a very reasonable 27.4 million won ($21,855), which is 940,000 won cheaper than the SM6 LE.In addition, the LED system on the SM6's exterior, which offers LED pure vision headlamps, full LED rear combination lamps and dynamic turn signals as standard in the car. Moreover, auto holds, electronic parking brakes, rear cameras, driver power seats, auto-lighting headlamps, rain-sensing wipers, an intelligent smart card system and more are also offered as default. “Renault Korea Motors has been classifying its SM6 series models from entry level of SE to the premium level of Premiere. SM6 Feel distinguishes itself from the others in terms of its commerc

Feb 8, 2023By Kim Jae-heun

SM6 Feel attracts customers with popular options, low price

Companies

KT&G to generate $25 billion in sales over next 15 years via partnership with Philip Morris

KT&G CEO Baek Bok-in, left, poses with Philip Morris International CEO Jacek Olczak after signing a 15-year contract to supply lil, a lineup of heat-not-burn products, to the multinational tobacco maker at Conrad Hotel in Seoul, Monday. Courtesy of KT&GBy Kim Jae-heunKT&G, Korea's largest cigarette and red ginseng maker, is expected to generate 31.5 trillion won ($25 billion) in sales abroad through 2037 via a recently renewed business partnership with Philip Morris International (PMI), according to the company and Hanwha Investment & Securities, Tuesday. Under the 15-year partnership extension deal signed on Jan. 30, PMI will market and sell KT&G's heat-not-burn (hnb) products including electronic devices and tobacco sticks and other next-generation products (NGPs) outside Korea.According to Hanwha's report, the annual sales growth of the tobacco firm's NGP business abroad is estimated at 20.6 percent over the next 15 years. Its sales growth of tobacco sticks in the same period is predicted to reach 24 percent under the condition that there will be no changes in

Feb 7, 2023By Kim Jae-heun

KT&G to generate $25 billion in sales over next 15 years via partnership with Philip Morris

Companies

Coupang reveals Asia's largest fulfillment center in Daegu

Coupang's fulfillment center in Daegu / Courtesy of CoupangBy Kim Jae-heunCoupang unveiled its brand new, cutting-edge fulfillment center in Daegu to the public last Friday, showcasing what the future of logistics looks like. The e-commerce firm's latest logistics facility is the largest of its kind in Asia, featuring cutting-edge automation technology based on artificial intelligence (AI).“Our Daegu fulfillment center, which introduces various state-of-the-art technologies, is evaluated as a future logistics center that dramatically lowers the work intensity of employees and provides a safe working environment, while enhancing the quality of our Rocket Delivery service for customers,” a Coupang PR official said. Rocket Delivery is Coupang's flagship service that delivers online orders within 24 hours.One of the notable technologies seen in the fulfillment center is its smart logistics system that uses AI automation to manage all processes from collecting ordered items to packaging and classifying them before delivery to customers.Coupang invested more than 320 billion wo

Feb 7, 2023By Kim Jae-heun

Coupang reveals Asia's largest fulfillment center in Daegu

Companies

LG CNS opens integrated IT service center

LG CNS CEO Hyun Shin-gyoon, front row second from left, poses for a picture with employees at the opening ceremony for its integrated IT service center in southwestern Seoul's Gangseo District, Monday. Courtesy of LG CNSBy Kim Jae-heunLG CNS has opened an integrated IT service center that can provide remote system management services for customers, the company said Monday.The service center, which is located at NH Seoul Tower in southwestern Seoul's Gangseo District, will have about 1,800 system management and system integration experts working together at the same venue.They will integrate client companies' data and analyze it to find abnormalities and provide a response system accordingly.“Our integrated IT service center is a key digital transformation (DX) hub that delivers the best IT services to customers. It is also a place where DX professionals develop their expertise and grow with their colleagues,” LG CNS CEO Hyun Shin-gyoon said.The center also plans to operate a “war room” with an integrated disability response system to serve as a control tower i

Feb 6, 2023By Kim Jae-heun

Kim Jae-heun

Read more

Nongshim's heavy dependence on Shin Ramyun raises concerns

Samsung, KAIST to nurture robotics experts

Chanel loses appeal among Korean consumers due to steep price hikes

Consumers complain about series of price hikes by hamburger franchises

Philip Morris seeks to surpass KT&G in e-cigarette market

Oasis to become first e-commerce firm listed on Kosdaq

SM6 Feel attracts customers with popular options, low price

KT&G to generate $25 billion in sales over next 15 years via partnership with Philip Morris

Coupang reveals Asia's largest fulfillment center in Daegu

LG CNS opens integrated IT service center

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