The Korea Times

'AMG Seoul offers customized experience of high-performance cars'

AMG Brand Manager at AMG Seoul Lee Ji-hun pose in the Mercedes-Benz's special dealership store in Gangnam, Wednesday. Courtesy of Mercedes-Benz KoreaBy Kim Jae-heunAMG Seoul is the world's sixth AMG Brand Center, having opened here four months ago. The center sells only Mercedes-Benz's high-performance cars, but it has become a must-visit place for car lovers. The high-performance subsidiary of Mercedes-Benz hires its own engineers to customize the German carmaker's vehicles.“Since the opening of AMG Seoul, there have been many visitors here including students, YouTuers and reporters. The number skyrocketed between August and September. Starting in October, we have been receiving customers mainly,” Lee Ji-hun, a brand manager at the showroom, said during an interview with The Korea Times, Wednesday. The AMG showroom offers many exclusive services for customers.“First of all, our customers don't have to wait. They can make reservations in advance and we have eight AMG experts here to provide consultations. We also have Seoul Edition cars customized for local customer

Nov 11, 2021By Kim Jae-heun

'AMG Seoul offers customized experience of high-performance cars'

Companies

Lotte's earnings continue to falter despite reviving economy

Lotte Department Store in Dongtan, Gyeonggi Province / Courtesy of Lotte ShoppingBy Kim Jae-heunLotte Group's retail unit ― Lotte Shopping ― continues to face an uphill battle to improve profits despite signs of a gradual economic recovery.During the third quarter, Lotte Shopping reported an operating profit of 28.9 billion, down 74 percent year-on-year, according to a filing with the Korea Exchange (KRX), the country's bourse operator. The supermarket chain saw revenue decline 2.4 percent year-on-year to 4 trillion won. Lotte Shopping resorted to restructuring measures to lower fixed costs amid the protracted COVID-19 pandemic and a rapid resurgence of Delta variant, initiating a large-scale voluntary retirement program. However, such efforts failed to have a meaningful effect on third quarter earnings, analysts said Friday.“Every key economic index showed improvements. The spread of the COVID-19 and a surge in Delta variant infections cannot be considered as major factors in terms of understanding Lotte Shopping's current situation,” an industry official said. So far, L

Nov 5, 2021By Kim Jae-heun

Lotte's earnings continue to falter despite reviving economy

Companies

CJ Onstyle to close all overseas outlets

A show host explores CJ Onstyle's shopping platform on his mobile phone in this YouTube video released by CJ ENM, April 29. Korea times fileBy Kim Jae-heun CJ Group's home shopping unit CJ Onstyle plans to close all its overseas outlets to save costs amid its shift towards digitization.In 2020, CJ Onstyle started by closing its physical sites in the Philippines, Mexico and Malaysia; while this year it decided to stop operating Dongbang CJ, a joint venture established in Shanghai with a local firm there in 2004. CJ is preparing to sell off its shares in Donbang CJ. “Our overseas home shopping business has shown tepid growth, and we face a lot of difficulties in maintaining such an unprofitable business. So we decided it would be better to reorganize our corporate structure to seek better profitability,” a CJ Onstyle official said. Another factor behind its departure from overseas markets is that the continued COVID-19 pandemic has changed consumer purchasing patterns with many having no option but to rely on online mobile platforms when shopping.Its plan also came a few da

Nov 5, 2021By Kim Jae-heun

CJ Onstyle to close all overseas outlets

Companies

Shinsegae to transform Jeju Island into luxury shopping designation

Aerial view of Jeju Shinhwa World on Jeju Island / Korea times fileBy Kim Jae-heunShinsegae, operator of the country's largest retailer E-mart, has big ambitions to transform Jeju Island into a luxury shopping destination. Jeju Island has become the most popular domestic tourist destination during the COVID-19 pandemic. In 2019, 15 million people visited. However, there is no single luxury boutique on the island, other than those at duty free stores in Jeju International Airport. But these are only open to international travelers. In March, Shinsegae launched a pop-up store for French luxury brand Chanel at its The Shilla Jeju hotel, to test the market potential for luxury goods. The result was successful and local retailers were surprised to find out that many of the items there were sold out through pre-booking. It was Chanel's very first pop-up store outside of Seoul, and Shinsegae did not promote the event considering the COVID-19 situation here was still serious. However, the mere name of the French brand was enough to attract quite a number of local shoppers before the opening.

Nov 5, 2021By Kim Jae-heun

Shinsegae to transform Jeju Island into luxury shopping designation

Companies

Strategy behind Harim, Paldo's business diversification

Harim's new facility in Iksan, North Jeolla Province / Korea Times fileBy Kim Jae-heunBig food companies like Harim, Paldo and Dongwon are striving to expand their product portfolios to balance out risks as competition intensifies.Harim, the country's top poultry firm, has diversified its business portfolio and grown into a general food company. It has built three factories in Iksan, North Jeolla Province, to manufacture instant noodles and home meal replacement (HMR) kits. The factories opened in January and started producing new items such as ready-made soup and stews as well as precooked rice. Last month, the poultry firm introduced its first-ever premium instant noodle, “The Misik,” which means delicacy, challenging top noodle makers such as Nongshim and Ottogi.The main reason why Harim entered such a competitive market was increasing demand. Consumers will keep purchasing food regardless of economic trends. The stable market attracts small and medium-sized companies and the steady demand minimizes risks. “Population growth has stagnated here due to a decreasing

Nov 4, 2021By Kim Jae-heun

Strategy behind Harim, Paldo's business diversification

Companies

INTERVIEW OB to offer special experience with 'Hanmac'

Oriental Brewery Marketing Vice President Alexander Lambrecht talks during an interview with The Korea Times at Belgian restaurant Frites Artois in Hannam, Seoul, on Nov. 1. Courtesy of OBBy Kim Jae-heunCOVID-19 has impacted various economic sectors, and the beer market is definitely one that has been affected severely, as restaurants, bars and nightclubs were all forced to close down at night for almost the last two years. The country's largest beer-maker, Oriental Brewery (OB), came up with a number of countermeasures to cope with the pandemic. It expanded domestic market sales targeting consumers who enjoy a drink alone at home, while diversifying the variety of alcoholic beverages to satisfy different preferences. At the forefront of this scheme, OB Marketing Vice President Alexander Lambrecht said no major changes in marketing are scheduled for the near future and his company will continue doing what it is doing now. “The marketing process is always the same. It is only the solution that is different. AB InBev (parent company of OB) has been moving towards carrying out exp

Nov 3, 2021By Kim Jae-heun

[INTERVIEW] OB to offer special experience with 'Hanmac'

Companies

Coupang hit for selling expired cooking oil

One of two bottles of cooking oil purchased at Coupang shows it expired on June 9, 2005. Screen-captured from online community websiteCoupang accused of lax inspection of returned productsBy Kim Jae-heunKorea's largest online retailer has come under fire for allegedly selling a bottle of cooking oil that expired more than 16 years ago. Coupang said it has launched an internal investigation into the allegation.A customer photographed the label on the bottle showing the expiry date and posted it on an internet community website, recently. The label shows that the product expired as of June 9, 2005. The customer claimed that Coupang placed a notice on the item saying that only the container box was damaged, while the cooking oil was suitable for use. “I ordered two bottles of cooking oil on Coupang and one of them had expired in 2005. If I had not checked and used it to cook my meal, something horrible could have happened,” the customer wrote online. “The controversial cooking oil had been sent off from our warehouse that opened in 2018. There is no chance that an item

Nov 1, 2021By Kim Jae-heun

Coupang hit for selling expired cooking oil

Companies

Gmarket to target global consumers with 'Mega G' festival

Official poster of Gmarket's Mega G sale festival / Courtesy of eBay KoreaBy Kim Jae-heunThe local e-commerce platform Gmarket, operated by eBay Korea, will host “Mega G,” its biggest sales event of the year, from Nov. 1 to 12, as part of its self-titled “Big Smile Day.”Gmarket provides English- and Chinese-language services on its Global Shop platform, where international shoppers can search for cosmetics, foods, clothing and K-pop-related goods discounted at up to 70 percent. The e-commerce platform also gives out free e-coupons, which customers can use to add more discounts to the final price. Gmarket will offer beauty products and grocery items on the first day in collaboration with Lotte Confectionery, Sulwhasoo, Clio, Caraz, Cherryville and Vaseline. Some of the exclusive promotions for Mega G will include Sulwhasoo holding raffle events and Clio giving out free photo cards of K-pop girl group aespa. Lotte Confectionery will introduce a limited edition of its Pepero snacks, with only 3,000 packs available. People can get a maximum 30 percent discount if

Nov 1, 2021By Kim Jae-heun

Gmarket to target global consumers with 'Mega G' festival

Economy

Fighting climate change is key factor in global investment principles

McKinsey & Company Korea Senior Partner Richard Lee, left, moderates a panel discussion during the 2021 Korea Times Global ESG Forum held in the KCCI building in Seoul, Friday. Second from left are BlackRock Korea Country Head Choi Man-yeon, Swiss Re Korea Branch Head Jonas von Oldenskiold and National Pension Service Global Responsible Investment & Governance Division Head Yi Dong-sub. BNP Paribas Asset Management Global Client Group Head Steven Billiet's face is seen on the screen as he joined the event online. Korea Times photo by Shim Hyun-chulBy Kim Jae-heunGlobal investors with expertise in environmental, social and corporate governance (ESG) principles proposed their investment principles for the post-COVID-19 era, as the role of ESG has greatly expanded as a key facilitator to promote sustainable growth. They further gave advice on how to better cope with ESG-led changes and what changes companies should pursue for each principle of ESG.Moderated by McKinsey & Company Korea Senior Partner Richard Lee, the four representatives from the National Pension Service (NPS

Oct 29, 2021By Kim Jae-heun

Fighting climate change is key factor in global investment principles

Korea Times forum proposes global investors' ESG principles

K-pop

BTS member accused of breaching advertising law

Jungkook poses in this selfie wearing a sweatshirt made by his elder brother Jeong Jung-hyeon. The picture was posted on Twitter on Sept. 10. Screencaptured from the BTS Twitter accountBy Kim Jae-heunK-pop star Jungkook of BTS is embroiled in a controversy over his possible violation of the labeling and advertising act. However, the Fair Trade Commission (FTC) said there is no concrete grounds to prove that the singer had intention to breach the law and it will not conduct an investigation.Jungkook tweeted a photo recently of himself in a car wearing a purple sweatshirt, which turned out to be from the fashion label Graffitionmind, owned by his elder brother, Jeon Jung-hyun. Jungkook also appeared in an internet broadcast wearing the sweatshirt.According to the local labeling and advertising act, celebrities have to state clearly in a social media post if they are promoting a certain item or brand intentionally. One of the citizens here accused Jungkook in a civil complaint filed with the FTC through e-people, an online portal site operated by the Anti-Corruption & Civil Rights C

Oct 28, 2021By Kim Jae-heun

Kim Jae-heun

Read more

'AMG Seoul offers customized experience of high-performance cars'

Lotte's earnings continue to falter despite reviving economy

CJ Onstyle to close all overseas outlets

Shinsegae to transform Jeju Island into luxury shopping designation

Strategy behind Harim, Paldo's business diversification

INTERVIEW OB to offer special experience with 'Hanmac'

Coupang hit for selling expired cooking oil

Gmarket to target global consumers with 'Mega G' festival

Fighting climate change is key factor in global investment principles

BTS member accused of breaching advertising law

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