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Food firms on alert over Indonesia's palm oil export ban

Nongshim's shrimp snacks are displayed on the shelf at a supermarket in Seoul in May, 2020. YonhapBy Kim Jae-heunLocal food companies are paying close attention to a move by Indonesia to stop exports of its palm oil as this could further raise prices of instant noodles, snacks and other processed food products here, according to company officials Monday. The companies have already increased prices in recent months, reflecting soaring raw materials costs as a result of global supply chain problems and Russia's invasion of Ukraine, putting a heavier financial burden on households.“The Indonesian government has not yet revealed its specific plan on the ban of palm oil exports, so the Korean food industry is closely watching the issue. However, if the price of cooking oil increases, local companies will face higher costs in manufacturing their products,” a food firm official said. Indonesian President Joko Widodo has banned the export of cooking oil and its source materials from April 28 until further notice.In Korea, palm oil is not used to cook food at home. However, it is

Apr 25, 2022By Kim Jae-heun
Food firms on alert over Indonesia's palm oil export ban
Companies

Restaurant owners frustrated over Coupang Eats' server malfunction

A Coupang Eats' delivery worker delivers food on his bicycle in Seoul on Jan. 29, 2021. Courtesy of Coupang EatsBy Kim Jae-heunRestaurant owners expressed their frustration, Sunday, toward Coupang Eats as the online food delivery platform suffered nearly three hours of server malfunction during the busy lunch period. The malfunction was first reported around noon and lasted until 3 p.m., making it impossible for restaurants to receive online orders through one of Korea's largest food delivery sites.Customers kept placing orders, but they did not connect to the restaurant owners, they said. Many even waited an hour until they realized that the mobile application server went down and cancelled their purchases. Coupang Eats' platform showed a message that said “the page couldn't be found due to an unknown error.” The food delivery firm made an apology later, saying its mobile application malfunctioned.“We apologize for causing inconvenience to our customers. We will contact every individual to notify our online system error,” a Coupang Eats official said. In resp

Apr 25, 2022By Kim Jae-heun
Restaurant owners frustrated over Coupang Eats' server malfunction
Companies

BBQ decides to raise fried chicken prices, reneging on promise

Genesis BBQ Chairman Yoon Hong-geun / Korea Times photo by Shim Hyun-chulBy Kim Jae-heunGenesis BBQ (BBQ) has come under criticism for raising the prices of its fried chicken menu items starting on May 2, breaking a promise it made last December that there will be no price hikes despite surging raw material costs, according to industry officials and consumers Sunday. “Due to commission fees for food delivery platforms and labor cost increases, our franchisees have been constantly asking the headquarters to raise the prices of our fried chicken. Increased price hikes of food and raw materials around the world have made it unavoidable for us to increase prices,” a BBQ official said.In December, BBQ's rivals Kyochon F&B and BHC raised the prices of their fried chicken by up to 2,000 won ($1.61). At that time, many expected that BBQ would follow suit. But it decided to freeze the prices of its menu items.“There are many reason for the company to increase product prices, but we will not do so, because BBQ does not want to pass on the price burden to its customers dur

Apr 24, 2022By Kim Jae-heun
BBQ decides to raise fried chicken prices, reneging on promise
Companies

CJ CheilJedang to expand business in America with instant rice 'hetbahn'

CJ CheilJedang's Hetbahn products / Courtesy of CJ CheilJedangBy Kim Jae-heunCJ CheilJedang is seeking to continue its success story in the United States, after the successful launch of its dumpling, by introducing ready-to-eat rice “hetbahn” to American consumers in August, company officials said Thursday.Hetbahn, developed by CJ CheilJedang, is the best-selling pre-cooked rice product in the Korean market now in its 27th year. The company has been working on introducing a range of flavors that suit the American consumer palate for the last five years. “We first introduced Hetbahn in Korea when nobody thought they would purchase pre-cooked rice at a supermarket. We saw the potential with the pre-cooked rice market over 20 years ago and invested in the future food. Our Hetbahn product will become a global K-food product that will be enjoyed by people around the world under the new name of 'multigrain,' a CJ CheilJedang official said. The pre-cooked rice market in North America has been growing annually by an average of 14 percent in recent years to now reach a 640 b

Apr 22, 2022By Kim Jae-heun
CJ CheilJedang to expand business in America with instant rice 'hetbahn'
Companies

LG H&H pivots to N. America to offset falling China sales

LG H&H CEO Cha Suk-yong / Courtesy of LG H&HBy Kim Jae-heunLG Household & Health Care (LG H&H) is shifting its focus to the North American cosmetics market to diversify its business portfolio, while cutting its heavy reliance on the Chinese market, with which it grew explosively until last year, according to company officials, Thursday. The company said it acquired the U.S cosmetics brand The Creme Shop to target customers in their teens and 20s in the United States. The Creme Shop has averaged 30 percent growth with its cosmetics business in the last three years, riding on the popularity of K-beauty. The Creme Shop, a mid-priced cosmetics brand founded by a Korean American, gained popularity through its collaborative products with BTS, Hello Kitty and Disney characters. In May 2020, LG H&H also acquired a business license to sell Physiogel in North America and Asia. “LG H&H CEO Cha Suk-yong said in his New Year address this year that the company aims to become a global cosmetics firm by expanding its business in North America, the largest market where t

Apr 21, 2022By Kim Jae-heun
LG H&H pivots to N. America to offset falling China sales
Companies

Will AmorePacific, LG H&H see sales rebound in 2nd quarter?

People stroll along Deoksugung Stonewall Walkway in Seoul during lunch time on April 18. Korea Times photo by Bae Woo-hanBy Kim Jae-heunExpectations are growing for AmorePacific and LG Household & Health Care (LG H&H) to achieve higher sales in the second quarter as Korea's two largest cosmetics makers benefit from the easing of COVID-19 restrictions after two years, according to industry analysts Wednesday.“As the government eases social distancing rules gradually, the country's cosmetics consumption will show improvement. It is true that the market contracted during the last two years due to the pandemic. However, as the government decided to implement a 'living with COVID-19' policy and as more pharmaceutical companies prepare to launch treatments for the virus, I expect the domestic cosmetics market will normalize in the second half of this year,” Yuanta Securities analyst Park Eun-jung said. The government on Monday allowed restaurants and bars to stay open 24 hours a day. It is also considering lifting the mandate on wearing masks outside in two weeks. Still

Apr 20, 2022By Kim Jae-heun
Will AmorePacific, LG H&H see sales rebound in 2nd quarter?
Companies

Delivery workers worry about losing their jobs

A food delivery worker rides a scooter to deliver orders in Seoul, Jan. 24. YonhapBy Kim Jae-heunA 32-year-old delivery worker surnamed Lee said that working as a delivery driver has been a source of income for people like him who do not have permanent jobs. “But after the government decided to lift most of the quarantine measures in the country, we became worried that we might lost our jobs due to fewer people ordering food online.”During the last two years of the pandemic, demand for food delivery skyrocketed as people were restricted from dining in restaurants or drinking at bars after a certain hour. Food delivery firms have hired a significant number of part-time delivery workers.Now that restaurants and bars are allowed to stay open 24 hours a day, many delivery drivers think that the demand for online orders will decrease drastically.“I already saw news that people are coming back to eat out and drink until late. The weather is getting nicer, so people will no longer stay home and order delivery food to eat at home,” another food delivery worker surname

Apr 20, 2022By Kim Jae-heun
Delivery workers worry about losing their jobs
Companies

Retailers beef up marketing after lifting of COVID-19 measures

Customers shop for summer clothes at a department store in Seoul on Tuesday, a day after the government decided to drop most COVID-19 restrictions in the country. YonhapBy Kim Jae-heunSupermarkets, department stores and other retailers are bracing for the post-pandemic era as the government lifts most social distancing measures, according to company officials, Tuesday. Additionally, they are hiring more workers and boosting marketing activities as more people return to the stores.“The Korea Chainstores Association is currently in talks with the Ministry of Trade, Industry and Energy about when and how they will ease COVID-19 measures at supermarkets. Once the details come out on the solution, our customers will be able to try free samples for new food items at E-mart,” E-mart senior manager Lee Sang-min said. E-mart, Lotte Mart and Homeplus are planning to bring back free-sample booths to their outlets on April 25. The government has been restricting the promotional events at supermarkets since last July to curb the spread of COVID-19 in the country. Food accounts for mor

Apr 19, 2022By Kim Jae-heun
Retailers beef up marketing after lifting of COVID-19 measures
Companies

Kering chairman praises Lotte Department Store's corporate culture

Kering Chairman Francois Henry Pinault / YonhapBy Kim Jae-heunKering Chairman Francois Henry Pinault spoke highly of Lotte Department Store by saying he “has never seen any other global retailer with such experience (in the luxury business)” during his visit to Seoul last week, according to Lotte officials, Monday.Kering is a French-based multinational corporation specializing in luxury goods. The company owns well-known designer brands such as Gucci, Balenciaga, Bottega Veneta and Yves Saint Laurent. Pinault met with Lotte Department Store CEO Jung Joon-ho and shared his opinions on the local retailer's luxury business team. Pinault is said to have been amazed by the luxury team's expertise in the field during the meeting.“I have faith in the company's drive for change (in business) led by brand experts from the chief executive officer to branch managers. I want to form a good, long-term partnership with the new Lotte Department Store and cooperate with it,” Pinault said. After CEO Jung joined Lotte Department Store on Dec. 1, 2021, he scouted former Chanel K

Apr 18, 2022By Kim Jae-heun
Kering chairman praises Lotte Department Store's corporate culture
Companies

Retailers stop overnight delivery as Korea moves toward endemic stage

Hello Nature's delivery vehicles are parked outside the logistics center in Bucheon, Gyeonggi Province. Courtesy of BGF RetailBy Kim Jae-heunA growing number of e-commerce companies are ending their costly overnight delivery services as the nation recovers from the COVID-19 pandemic, according to company officials, Monday.Over the past two years, Coupang, Market Kurly, SSG.com and others expanded their quick delivery services, bringing online purchases to consumers early in the morning. Many customers have been using the service as they deliberately stayed home most of the time so as to reduce the chances of contracting the highly contagious virus.However, overnight delivery requires huge investments in logistics centers and labor expenses. Companies have to pay night-shift workers double the salary of daytime employees. In Korea, with more e-commerce firms launching the same overnight delivery services, the market competition keeps intensifying ― making it harder for online grocery services to make a profit.Lotte ON, the second mover in the online business, decided to wash its hands

Apr 18, 2022By Kim Jae-heun
Retailers stop overnight delivery as Korea moves toward endemic stage
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