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Baedal Minjok, Yogiyo, Coupang Eats face gov't scrutiny over soaring delivery fees

From left, Woowa Brothers CEO Kim Beom-jun, CDPI CEO Kang Shin-bong and Coupang Eats Service CEO Kim Myung-gyu / Korea Times fileBy Kim Jae-heunBaedal Minjok, Combined Delivery Platform Investment, formerly known as Yogiyo, and Coupang Eats will face regulatory scrutiny next month over their food delivery fees as the government tries to rein in soaring consumer prices, according to government officials Sunday. Consumer prices have been soaring in recent months due to a global supply chain bottleneck, rising wages and other costs. And the government wants to keep a lid on food delivery costs to lessen the burden on people's living costs.The prolonged COVID-19 pandemic has increased demand for food delivery, which prompted service providers to hike delivery costs. Consumers have been complaining about surging delivery costs in recent months, with having meals delivered home costing more than the meal itself in some cases. The Ministry of Economy and Finance said it will examine and make public each companies' delivery fees and their differences in February, in cooperation with the Kore

Jan 26, 2022By Kim Jae-heun
Baedal Minjok, Yogiyo, Coupang Eats face gov't scrutiny over soaring delivery fees
Companies

IHQ, ASTORY, Studio Dragon concerned about struggling Netflix

By Kim Jae-heunIHQ, ASTORY, Studio Dragon and other media production firms here are increasingly worried about the sudden plunge of Netflix's stock price last Friday which fell by 21.79 percent to finish at $397.5 from Thursday due to disappointing earnings, according to industry analysts Monday. Its operating income fell 34 percent in the fourth quarter from a year earlier.Analysts said the unsatisfying number of newly registered Netflix subscribers in the fourth quarter is said to have attributed to the unfavorable share price decline. The market expected about 8.4 million people to sign up for the paid-membership service, but only 8.28 million did. Netflix's deteriorating profits are feared to scale down investments in media production companies here, which will adversely affect their bottom lines.Following the huge drop in Netflix's stock price, IHQ, ASTORY and Studio Dragon also saw their stock values decline on Monday by 4.82 percent, 5.71 percent and 5.07 percent, respectively.“Media stocks reflect future values. Both American and Korean stock markets are currently exper

Jan 25, 2022By Kim Jae-heun
IHQ, ASTORY, Studio Dragon concerned about struggling Netflix
Companies

BBQ's ESG issues feared to hamper overseas expansion

Genesis BBQ Chairman Yoon Hong-geun gives a speech during the company's 25th anniversary, at one of his company buildings in Seoul, on Sept. 1, 2020. Courtesy of Genesis BBQBy Kim Jae-heunGenesis BBQ (BBQ), the country's third largest fried chicken restaurant franchise, aims to expand its business overseas this year, particularly in the United States. But the company has shown a disappointing performance in environmental, social and governance (ESG) management, hurting its brand image among socially-conscious consumers and driving away some potential business partners.On Jan. 13, the Fair Trade Commission (FTC) released a list of “100 Good Franchises,” which does not include BBQ, headed by Chairman Yoon Hong-geun. To be eligible for the designation, a franchise operator should have offered their franchisees a discount of more than 50 percent in royalty fees for at least two months during the pandemic or exempt the franchisees from paying all royalties for one month, in 2021. Or, they must have reduced the prices of essential supply items to franchisees by 30 percent for a

Jan 22, 2022By Kim Jae-heun
BBQ's ESG issues feared to hamper overseas expansion
Companies

Storytelling baristas appointed as Starbucks ambassadors

2022 Starbucks Korea ambassadors Yang Jung-eun, left, and Seo U-ram hold cups of coffee at a Starbucks coffee shop in Seoul, on Tuesday. Courtesy of Starbucks KoreaBy Kim Jae-heunStarbucks Coffee Korea selected Seo U-ram and Yang Jung-eun as their new company ambassadors for this year, representing some 19,000 baristas working for the coffeehouse chain in the country, the company said Thursday. This year, 240 Starbucks employees made it through the preliminary round to receive recognition as coffee masters. Among them, Seo and Yang won the final round to be appointed as ambassadors, based on their distinguished storytelling skills and lectures based on their coffee knowledge demonstrated during the contest. Seo is currently working as the deputy manager of a Starbucks Reserve store on Yeouido in Seoul. He won the preliminary round of the 2019 Starbucks Barista Championship in the Asia-Pacific region with his skills for extracting espresso. In the meantime, he has been preparing for the final round of the barista championship, which had been postponed for two years due to the COVID-19

Jan 20, 2022By Kim Jae-heun
Storytelling baristas appointed as Starbucks ambassadors
Companies

Kyochon F&B hit for frequent discounts after price hikes

Kyochon F&B CEO and Chairman So Jin-se speaks during an online press conference held on Oct. 22, 2020. Courtesy of Kyochon F&BBy Kim Jae-heunKyochon F&B, Korea's largest fried chicken franchise, has come under fire for its controversial sales policy after raising menu prices by 8.1 percent last November. Consumer advocates are complaining that the company has since been offering discounts frequently in a bid to appease consumers who are unhappy about the price hikes and making them accept that it is now more expensive to eat fried chicken.Kyochon sold e-coupons on Kakao's live-commerce platform recently, offering a 4,000 won discount for four types of combination set menu items that come with fried chicken and cheeseballs. The company ran the same promotion with Baedal Minjok (Baemin) last month, but with 1,000 won cheaper e-coupons. Baemin is the country's leading food delivery service.Kyochon has also been giving 2,000 won discounts for four of its fried chicken menu items to those adding Kyochon to their friends list on Kakao Talk, the most widely used messaging applic

Jan 19, 2022By Kim Jae-heun
Kyochon F&B hit for frequent discounts after price hikes
Companies

Consumers refrain from ordering delivery on soaring fees

A driver delivers food on his scooter in Seoul in this 2020 file photo. YonhapBy Kim Jae-heunMore and more consumers are visiting restaurants to pick up their online-ordered food due to soaring delivery fees. The country's No. 2 food delivery platform Yogiyo said on Monday the number of people making pickup and takeout orders has skyrocketed by nearly 100 times year-on-year for the period of Jan. 1 to 11. “We did promote a discount event for takeout services also, but such a high rise in the delivery fee has contributed mainly to the increasing number of customers visiting restaurants,” a Yogiyo official said. The No. 1 player Baedal Minjok (Baemin) also saw takeaway orders soar last year, from 3.5 percent in January to 12.6 percent in October.A shortage of food ingredients has contributed to increased prices on local online platforms, but the soaring labor costs for delivery drivers have played the biggest role.Most local agencies have raised delivery fees by 500 won to 1,000 won more as of this month. In the capital area, the average figure has jumped by 5,000 won to 6,

Jan 17, 2022By Kim Jae-heun
Consumers refrain from ordering delivery on soaring fees
Companies

Christian Dior slammed for 'unfair' sales policy

By Kim Jae-heun LVMH Korea President Cho Hyun-ouk An increasing number of consumers are criticizing French fashion brand Christian Dior over a controversial sales policy. The company has informed customers that they must now pay more for items they had already ordered but have yet to receive, following the brand's recent price increases, Tuesday.Shoppers who are waiting to receive their pre-ordered merchandise have been directed to cancel their previous payments and reorder at the newly increased prices.Dior is one of the luxury fashion brands owned by LVMH along with Louis Vuitton, Fendi, Celine and Givenchy.Customers say that they were not told of the price hikes or anything about the refund policy before they made their purchases. But Dior said it is merely following the headquarters' decision and customers have to either pay more or cancel their orders. “I really don't like the way Dior is treating its Korean customers. I don't understand why I have to pay more af

Jan 17, 2022By Kim Jae-heun
Christian Dior slammed for 'unfair' sales policy
Companies

Lotte Homeshopping to open metaverse platform next year

A pilot version of Lotte Homeshopping's metaverse service shows camping items on sale prior to its launch next year. Courtesy of Lotte HomeshoppingBy Kim Jae-heunOne of the country's top home-shopping firms, Lotte Homeshopping, is preparing to introduce its own metaverse platform in 2023, for selling real products utilizing non-fungible token (NFT) and running live-commerce services. “As metaverse and NFTs have emerged as new business growth engines for companies around the world, we have concluded a business agreement with local firms with the best professional technologies and research skills in the sector,” a Lotte Homeshopping official said.The home-shopping company signed a business partnership with 13 information and communication technology (ICT) firms on Wednesday. They included experts in the artificial intelligence, virtual reality (VR), extended reality (XR), blockchain, NFTs, content and cloud computing sectors. The contract paper was issued with NFT, given the symbolism of its metaverse service. Lotte will further establish a consultative body with the 13 fir

Jan 14, 2022By Kim Jae-heun
Lotte Homeshopping to open metaverse platform next year
Companies

Louis Vuitton starts withdrawal from Korean duty free market

Louis Vuitton's duty free shop at Incheon International Airport / Courtesy of Louis Vuitton Korea By Kim Jae-heunFrench luxury goods company Louis Vuitton has started pulling out its business from Korea's duty free sector by putting a halt to its operation of a boutique on Jeju Island as of Jan. 1. “Our Louis Vuitton store on the island is currently out of service due to the effects of COVID-19. However, the specific date of its permanent shutdown has not been fixed yet,” a Lotte Duty Free Shop official said. The Moodie Davitt Report, a British publisher specializing on duty free and travel retail, reported last June that “Louis Vuitton will progressively withdraw from much of its downtown duty free business ― including its long-standing and expensive Korean presence.” The French firm currently operates four boutiques in Seoul, two on Jeju Island and one in Busan. “Starting with its store on Jeju Island, Louis Vuitton plans to pull out all of its businesses in the l

Jan 14, 2022By Kim Jae-heun
Louis Vuitton starts withdrawal from Korean duty free market
Companies

Cho Hyun-min promoted to president of Hanjin

Cho Hyun-min / Courtesy of Hanjin Group By Kim Jae-heunCho Hyun-min, the youngest daughter of the late Hanjin Group Chairman Cho Yang-ho, has been appointed as the new president of Hanjin Group's transportation unit. She becomes the second female president at Hanjin Group after her sister Cho Hyun-ah, who previously led KAL Hotel Network as the chief.It has only been a year since she was promoted to vice president of the company in Dec. 2020, overseeing the general strategies of marketing and future growth. Hanjin Group said that Cho has contributed much to discovering future growth engines and establishing the foundation for the company's sustainable growth. The heiress has adopted new trends, such as the Internet of Things and artificial intelligence, to her company's logistics business while introducing the concept of “Logitainment” into the local industry for the first time. Logitainment combines entertainment and cultural aspects with logistics services for peo

Jan 13, 2022By Kim Jae-heun
Cho Hyun-min promoted to president of Hanjin
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