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Kyochon set to enter Taiwan

Kyochon F&B Chairman Kwon Won-kang, left, poses with La Kaffa Chairman Henry Wang after signing an MOU for a master franchise contract of Kyochon Chicken in Taiwan at Kyochon F&B's headquarters in Osan, Gyeonggi Province, on Jan. 12. Courtesy of Kyochon F&BBy Kim Jae-heunKyochon F&B, the owner of Korea's leading fried chicken franchise Kyochon Chicken, said Sunday that it signed a memorandum of understanding (MOU) with La Kaffa International Group (La Kaffa) for a master franchise contract to enter the Taiwanese market.La Kaffa is one of Taiwan's top three food and beverage companies that leads the restaurant business there with its solid infrastructure. It operates a global beverage company that has 2,500 stores around the world along with several more dessert and tea cafes in and outside of Taiwan.Interest in Korean food has been steadily increasing in Taiwan thanks to the growing popularity of Korean series, movies and music.Kyochon Chicken has been leading the local fried chicken franchise market for the past 32 years with its popular menu items of Honey, Red and

Jan 16, 2023By Kim Jae-heun
Kyochon set to enter Taiwan
Companies

Companies rush to open pop-up stores to woo young consumers

Food delivery firm Yogiyo's pop-up store at multi-shopping complex Starfield COEX in Seoul / Courtesy of YogiyoBy Kim Jae-heunCompanies across the board, including food firms, entertainment agencies and foreign luxury brands, are rushing to open pop-up stores to meet with young customers and appeal to their corporate values, according to industry officials Tuesday. As the COVID-19 pandemic enters an endemic phase here, people are rushing out to enjoy outdoor activities, and pop-up stores have become a new playground, especially among younger generations.A pop-up store refers to a retail store that operates for a short period of time ― anywhere from one day to a few weeks or months. The large U.S. big box department store chain Target first introduced this concept in 2002 and many retailers have since benchmarked the marketing tool after watching it succeed. In Korea, pop-up stores began to gain popularity in 2009, especially among local retailers. “I think the concept of a pop-up store has changed in the wake of COVID-19. Before the pandemic companies used to launch temporary s

Jan 15, 2023By Kim Jae-heun
Companies rush to open pop-up stores to woo young consumers
Companies

Dongwon, Binggrae recall contaminated products

Binggrae's Gracia Cookie & Cream ice cream, left, and Dongwon F&B's Yangban Sura Seolleongtang / Courtesy of Binggrae, Dongwon F&BBy Kim Jae-heunDongwon Food & Beverage (F&B) and Binggrae have issued recalls for their products that have been found to contain bacteria and iron fragments, while providing refunds to buyers, according to company officials Monday.Dongwon F&B posted an official apology on its homepage recently saying that “the company was notified by the Busan Public Health and Environment Research Institute that some of its Yangban brand's seolleongtang products tested positive on bacterial growth testing.” Seolleongtang is the Korean name for ox bone soup. “We are truly sorry for the inconvenience. We will take thorough complementary measures and make sure the same problem does not occur again,” Dongwon F&B CEO Kim Sung-yong said. The products to be recalled are those produced at Dongwon F&B's plant in Gwangju on Oct. 14, 2022, with an expiration date of Oct. 13, 2023. The company began the recall on the seolleongta

Jan 15, 2023By Kim Jae-heun
Dongwon, Binggrae recall contaminated products
Companies

Koreans' per capita spending on luxury goods highest in world

By Kim Jae-heunKoreans were found to have spent the most per capita on high-priced bags and other luxury goods, according to a report by Morgan Stanley. The global investment bank said it estimated that Koreans' total spending on luxury items grew 24 percent to $16.8 billion (208.6 trillion won) in 2022 from a year ago, which is about $325 per person. The per capita figure is far more than the $280 and $55 spent by Americans and Chinese, respectively.Morgan Stanley analyzed that the high demand for luxury goods among Koreans comes from their increased purchasing power over the years and desire to flaunt their social standing by wealth. “Appearance and financial success can resonate more with consumers in South Korea than in most other countries,” a Morgan Stanley analyst wrote in the report. A global consulting firm McKinsey's survey also showed only 22 percent of Korean respondents thought it was in bad taste to make displays of wealth, which is comparatively lower than 45 percent of Japanese respondents and 38 percent of Chinese respondents who do. “Koreans do not

Jan 15, 2023By Kim Jae-heun
Koreans' per capita spending on luxury goods highest in world
Companies

Kangwon Land to export slot machines to casinos in Philippines

KL Saberi slot machines in Kangwon Land Casino / Courtesy of Kangwon LandBy Kim Jae-heunKangwon Land will export slot machines to the Sheraton Manila Bay Hotel in Manila, after signing a sales contract with RGB, the largest slot machine retailer in Southeast Asia, the company said Tuesday.The company will first manufacture 30 slot machines and send them to the casino in the Philippines through RGB, where they will be installed for use by April.“The slot machine manufacturing business is a highly anticipated project with many advantages such as fostering small and medium-sized domestic companies, creating jobs in local communities and earning foreign currency. We plan to make it a new growth engine of Kangwon Land,” Kangwon Land CEO Lee Sam-kul said.It is Kangwon Land's first overseas sale since it started producing the machines in 2017. The company said its contract with RGB is meaningful as it has built a base to enter the Asian market. The company also expects to take the opportunity to escape from its sluggish business affected by COVID-19.Kangwon Land has been develop

Jan 13, 2023By Kim Jae-heun
Kangwon Land to export slot machines to casinos in Philippines
Companies

Concerns grow over ready-made frozen foods

Twenty five frozen fried rice products are displayed on a table at the headquarters of the Korea Consumer Agency in Eumseong County, North Chungcheong Province, on Jan. 10. Courtesy of Korea Consumer AgencyBy Kim Jae-heunA 28-year-old barista surnamed Lee eats frozen foods at his work place from time to time, given that he doesn't have enough time to cook or rest during his lunch break. “I often eat fried rice foods that come in a frozen pack because they are ready-made and they only take two to three minutes to defrost. I kind of know they are not good for my health because they contain a high level of sodium, so I shouldn't eat too much of them,” Lee said.A 36-year-old office worker whose surname is Kim is also concerned about her children's health as she must spend the majority of her day in the office while her young son and daughter cook (frozen food) for themselves at home. “I can barely cook my children lunch when they return from school, so I stock up on various fried rice foods in the freezer for them to eat. Of course, I know they are not nutritious, but I

Jan 12, 2023By Kim Jae-heun
Concerns grow over ready-made frozen foods
Companies

POSCO Holdings opens 'Silicon Valley office to foster ventures

POSCO Holdings headquarters in Seoul / Korea Times fileBy Kim Jae-heunPOSCO Holdings has begun operating a startup development facility for venture companies in Silicon Valley's San Jose the company said Wednesday. It held an opening ceremony for the CHANGeUp GROUND Silicon Valley office, Tuesday (local time), inviting 70 relevant officials from Korea Development Bank, the Korea Venture Investment Corp., Samsung, SK Group and Hanwha Group.POSCO has been operating CHANGeUp GROUND offices in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province, to discover and foster venture firms, and now the offices have been expanded to the global scene with the opening of a new one in the United States. “POSCO Group plans to actively support domestic startups by connecting them to partner firms in overseas while revitalizing the global venture ecosystem with a virtuous cycle of business startups, investment, fostering and investment collection,” said Park Seong-jin, chief of Industry-Academy-Research Cooperation. “We will also support maximum convenience to the

Jan 11, 2023By Kim Jae-heun
POSCO Holdings opens 'Silicon Valley office to foster ventures
Companies

Hyundai Motor Group wins 11 Good Design Awards

Hyundai Motor's SEVEN concept vehicle / Courtesy of Hyundai MotorBy Kim Jae-heunHyundai Motor Group said Wednesday that its SEVEN and Trailer Drone concept vehicles were recognized at the 2022 Good Design Awards in the transportation category, while its Plug & Drive (PnD) Mobility robotic module, PnD L7 and Mobile Eccentric Droid (MobED) robot have won awards in the robotics category. “Hyundai Design strives to forge strong connections between our customers and our mobility solutions,” Executive Vice President and Head of Hyundai Global Design Center Lee Sang-yup Lee said.“The awards recognize how we add more value to our customers' everyday lives within and beyond the automotive space. Our design dream team and engineers put their passion and heart into these projects to make our dreams closer to reality,” Lee added.Following the 45 concept EV in 2019 and the Prophecy concept EV in 2020, the SEVEN electric SUV concept vehicle opened a new chapter for the IONIQ electric-only model when it was unveiled in 2021. It is also the perfect example of the IONIQ's

Jan 11, 2023By Kim Jae-heun
Hyundai Motor Group wins 11 Good Design Awards
Companies

Consumers frustrated with food firms' price hikes despite falling raw material costs

A woman inspects food item at a large discount store in Seoul, on Sept. 29, 2022. Korea times fileBy Kim Jae-heunA 35-year-old office worker named Kil is definitely not happy with food and beverage companies raising prices on all of their products from the beginning of this year. “The price of water went up, the price of soda went up, the price of fried chicken went up and processed food prices went up. How are people going to live with all the food prices going up? They already increased their product prices last year so why are they raising them again?” Kil said. A 59-year-old housewife named Kong also expressed her concerns about continuing increases in living costs.“I saw the news on television that soaring raw material costs around the world have somewhat settled down. But why are local firms still increasing the price of their products? I don't understand. It just seems like they want to make a profit from naive consumers,” Kong said. As Kil and Kong stated, most food firms have already raised prices two to three times last year as the price of raw mater

Jan 11, 2023By Kim Jae-heun
Consumers frustrated with food firms' price hikes despite falling raw material costs
Companies

Fila Holdings included in S&P Dow Jones Sustainability Indices

By Kim Jae-heunFILA Holdings CEO Yoon Keun-changFila Holdings was newly included last month in the 2022 Standard & Poor's Dow Jones Sustainability World Indices (DJSI) Korea ― a key benchmark for companies' environmental, social and corporate governance (ESG) management, the company said Tuesday. DJSI is a family of evaluations published by international financial information agency S&P Global, tracking the world's leading companies based on their sustainability management and financial performance. “It is very meaningful that Fila Group's sincere sustainability management has received good reviews from domestic and foreign evaluation agencies along with the honor of a domestic fashion 'first,'” Fila Holdings spokesperson Jamie Jeong said. “We will be reborn as a leading sustainability management company committed to economic performance and social responsibility worldwide under our five-year global strategy of 'Winning Together.'”Launched in 1999, the annually announced DJSI has become an eagerly awaited influencer of public confidence around the worl

Jan 10, 2023By Kim Jae-heun
Fila Holdings included in S&P Dow Jones Sustainability Indices
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