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Korean food firms seek to expand business in Middle East

A football fan looks at CJ CheilJedang's Bibigo products at a K-Food zone in Doha, Qatar, on Dec. 4. Courtesy of CJ CheilJedangCJ, Nongshim, Daesang, Samyang launches aggressive marketing at Qatar World CupBy Kim Jae-heunFootball is not the only boom in Qatar and other Middle Eastern countries. Korean food is captivating the taste buds of many locals as the popularity of Korean culture spreads in the region, according to food industry officials. Over the past few years, sales of Korean food items there have grown rapidly thanks to YouTube content, like “Buldak Ramen” challenges with Samyang Foods' instant noodle, and the Oscar-winning film Parasite that featured Nongshim's “Jjapaguri” noodle product.As the market for Korean foods shows potential there, local food firms like CJ CheilJedang, Daesang, Nongshim and Samyang Foods have started expanding their business in the Middle East. They are especially taking advantage of the ongoing World Cup to promote their products. CJ CheilJedang has already begun selling its popular products such as dried seaweed, kimchi

Dec 19, 2022By Kim Jae-heun
Korean food firms seek to expand business in Middle East
Companies

Korean cosmetics makers struggle with soaring trademark infringements in China

A comparison of CLIO's original product, Kill Cover, left, and PONY CLIO's fake Kiss Cover product / Courtesy of KIPOBy Kim Jae-heunLocal cosmetics firms are grappling with soaring trademark infringements and design copies of their popular products in China and Southeast Asian countries, according to the Korea Intellectual Property Protection Agency (KIPO), Sunday.Most cases of infringement concerning Korean beauty companies occurred in China last year with a total of 2,920. Indonesia was the second most with 840 cases, followed by Vietnam with 660 and Thailand with 550.Korean companies have continued to call for the prevention of the infringement of intellectual property rights internationally, but local businesses in the countries mentioned above are ignorant when it comes to observing the law. A number of counterfeit product manufacturers copy the brand image or item designs and sell them at cheaper prices to local consumers. In the case of the local cosmetics firm, CLIO, their Eye Palette and Kill Cover products were copied. A company named PONY CLIO made similar items using the

Dec 19, 2022By Kim Jae-heun
Korean cosmetics makers struggle with soaring trademark infringements in China
Companies

LG Electronics wins ICC's corporate startup award

An image showing that LG Electronics was selected as the East Asia Corporate Startup Star at the Corporate Startup Stars Awards hosted by the ISS / Courtesy of LG ElectronicsBy Kim Jae-heunLG Electronics recently won the Corporate Startup Stars Awards (CSS Awards) 2022 hosted by the International Chamber of Commerce (ISS) in London, the company said Sunday. The CSS Awards is an annual global award held by the world's largest private international economic organization. It selects the top 100 companies that actively supported and collaborated with startups. It picks 50 firms each from the Startup Stars and Open Innovation Challengers categories. LG Electronics was selected as the East Asia Corporate Startup Star for achieving the best results in the open innovation category in East Asia. It was highly praised for its close cooperation with startups by finding and investing in various domestic and foreign firms through the open innovation platforms LG Future Home and the North American Innovation Center (LG NOVA), which were built in the second half of last year. LG Future Home is crea

Dec 18, 2022By Kim Jae-heun
LG Electronics wins ICC's corporate startup award
Companies

Starbucks opens 5th community store in traditional market

Starbucks Korea CEO Sohn Jeong-hyun, third from left, poses with SMEs and Startups Vice Minister Cho Ju-hyeon, center, and Chairman of Korea Commission for Corporate Partnership Oh Young-kyo, second from right, after signing an agreement to seek mutual growth with the local community at Starbucks' newly opened 5th community store in Kyung Dong Market, in eastern Seoul, Friday. Courtesy of Starbucks KoreaBy Kim Jae-heunStarbucks Korea has presented a new business model for mutual growth with merchants of a traditional market by opening its fifth community store in Kyung Dong Market in eastern Seoul, Friday.Starbucks Korea signed a four-way agreement with the Korea Commission for Corporate Partnership, Kyung Dong Market Merchants Association and KD Market to reflect on the meaning of “local community” and the value of mutual growth at its new coffee shop on Thursday.The Korean-owned coffeehouse chain remodeled the old Kyung Dong Theater that had been built in the 1960s but had been out of business for a while. The new coffee shop has been named Kyung Dong 1960 and has about

Dec 15, 2022By Kim Jae-heun
Starbucks opens 5th community store in traditional market
Companies

McDonald's drive-thrus in Korea to adopt Hi-Pass payment system

Officials from McDonald's Korea, the Korea Express Corporation, Shinhan Card and KIS Information & Communication pose for a picture after signing an agreement to adopt the Hi-Pass payment system at the Korean branch of the American fast food chain's headquarters in Seoul, on Thursday. Courtesy of McDonald's KoreaBy Kim Jae-heunMcDonald's Korea has signed a multilateral business agreement with partner companies to introduce a Hi-Pass payment system at its drive-thrus for the first time in Korea, the company announced Thursday.The Korean branch of the American fast food restaurant chain met with the Korea Express Corporation, Shinhan Card and KIS Information & Communication at its Seoul headquarters and agreed to adopt the e-toll system for faster and more convenient food orders. The Hi-Pass system allows drivers to pay tolls without having to stop at toll booths. About 89 percent of the nation's total vehicles use Hi-Pass. So when a person enters a McDonald's drive-thru and orders food, the payment will be made automatically with the Hi-Pass technology installed in the vehicle

Dec 15, 2022By Kim Jae-heun
McDonald's drive-thrus in Korea to adopt Hi-Pass payment system
Companies

CJ hosts 2022 Olive Young Awards & Festa

Consumers test new cosmetic products at the 2022 Olive Young Awards & Festa at Dongdaemun Design Plaza in Seoul, Dec. 14. Courtesy of CJ Olive YoungBy Kim Jae-heunCJ Olive Young is hosting the 2022 Olive Young Awards & Festa at Dongdaemun Design Plaza in Seoul, which runs from Wednesday to Sunday. This is the fourth year for the nation's largest beauty and drug store chain to hold the event and about 20,000 visitors are expected.“We have sold tickets online for 10 sessions from Dec. 14 to 18 and 20,000 people have registered for it,” a CJ Olive Young official said. “They can come and looked around every booth installed in the venue and participate in the promotional events, through which they can receive free cosmetics gifts as well.” People wait in line at the 2022 Olive Young Awards & Festa at Dongdaemun Design Plaza in Seoul, Dec. 14. Courtesy of CJ Olive YoungThe event brings a total of 97 cosmetics companies to the venue to meet customers and promote their products. About 50 percent of them are relatively new brands that have entered Olive You

Dec 14, 2022By Kim Jae-heun
CJ hosts 2022 Olive Young Awards & Festa
Companies

Luxury goods sales fall as consumers pinched by rising expenses

A show host sells luxury scarves on Tren:be's live YouTube channel on Sept. 22. Korea Times fileBy Kim Jae-heunA 32-year-old office worker surnamed Kim recently deleted all of the online luxury shopping mall apps on her mobile phone. She decided to cut her spending on luxury items and does not even want to be tempted by surfing the internet.“The prices of milk, coffee, gasoline and delivery services have increased and they are necessary expenditures. To save money, the first expense I had to cut was shopping for clothes,” Kim said. A 41-year-old house wife surnamed Lee also stopped purchasing luxury goods from the second half of this year. Rising interest rates have nearly doubled the money she has to pay to finance her mortgage loan.“I used to pay 500,000 won ($383.8) in interest for the loan every month, but after the rate jumped to the 6 percent range last summer, I have to pay about 1 million won now. There is no way I can spend money buying expensive handbags or accessories,” Lee said. With soaring interest rates and the Korean won's weakness against the

Dec 14, 2022By Kim Jae-heun
Luxury goods sales fall as consumers pinched by rising expenses
Companies

LG CNS launches blockchain-based mobile ID service

LG CNS's mobile ID service “DDIDID” / Courtesy of LG CNSBy Kim Jae-heunLG CNS, a local digital transformation (DX) company, officially launched its DDIDID mobile ID service that applies blockchain technology and started providing it to its employees, the company said Tuesday. DDIDID can replace many of the functions of existing plastic ID cards that are used to pay for beverages at a coffee shop and to enter the company's cafeteria. Soon, the company will add extra functions for boarding commuter buses, issuing various certificates and signing electronic contracts with the mobile ID. The mobile ID has adopted blockchain-based digital distributed identity verification (DID) technology so that individual employees' personal information can be dispersed and managed on their own mobile devices. Employees who use DDIDID will own their identification information directly on their smartphones. When they use a service that requires identity verification, the mobile ID will only provide essential information. For example, when an employee wants to enter the company cafeteria, only

Dec 13, 2022By Kim Jae-heun
LG CNS launches blockchain-based mobile ID service
Companies

AmorePacific Group, AmorePacific appoint new CEOs

AmorePacific CEO Kim Seung-hwan, left, and AmorePacific Group CEO Lee Sang-mok / Courtesy of AmorePacific GroupBy Kim Jae-heunAmorePacific Group has appointed the new CEOs of its holding company and flagship affiliate, the company said, Monday. The current CEO of AmorePacific Group, Kim Seung-hwan, will head the group's cosmetics company, AmorePacific, and oversee all of its projects. In addition, AmorePacific Executive Vice President Lee Sang-mok will take over Kim's previous position as AmorePacific Group CEO and handle the company's overall strategy and business management. An Se-hong, who has served as CEO of the flagship cosmetics firm for the last five years, will become a management advisor after his retirement. Kim, who joined AmorePacific Group in 2006, has been in charge of strategic planning and personnel affairs. He also led the company's overseas business expansion and organizational innovation. After being appointed as the CEO of the holdings company in 2021, Kim made efforts to improve the management constitution in difficult situations internally and externally, layin

Dec 12, 2022By Kim Jae-heun
AmorePacific Group, AmorePacific appoint new CEOs
Companies

KIDP hosts Design Demo Day to support social enterprise

Executive Managing Director of KIDP Yoo Kwan-hyung, center, pose with officials from social enterprise during a Social Design Demo Day event held at On Dream Society in Seoul, on Dec. 7. Courtesy of KIDPBy Kim Jae-heunThe Ministry of Trade, Industry and Energy (MOTIE) and the Korea Institute of Design Promotion (KIDP) held an event called Social Design Demo Day at Myeong-dong Community House and On Dream Society last Wednesday to share the business results of the Social Enterprise Design Assistance Program and attract funding for social enterprises.Social enterprises are companies and other entities that seek to balance activities that provide financial benefits with social goals. They have been promoting Social Enterprise Design Assistance Program since 2019 to support designers, offer design consulting, and aid the development of business models targeting social enterprises. MOTIE and KIDP also help attract investments, start crowdfunding and hold exhibitions. A total of 186 social enterprises have benefited from the government agencies' support, including 52 companies that were se

Dec 12, 2022By Kim Jae-heun
KIDP hosts Design Demo Day to support social enterprise
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