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Customers urge Starbucks to change marketing policy

For a one-day promotion celebrating its 50th anniversary, Starbucks Korea serves beverages in reusable cups at a coffee shop in Seoul on Sept. 28. YonhapBy Kim Jae-heunLocal customers are urging Starbucks Korea to restrict one person from purchasing more than one drink during special merchandise giveaways. Celebrating its 50th anniversary on Sept. 28, Starbucks Korea held a “Reusable Cup Day” to give out drinks in a “grande” size cup featuring a special design.The event was originally intended to deliver Starbucks' eco-friendly message on sustainability and get more people to drink coffee in reusable cups. Starbucks Korea limited drinks to 20 per person this time, thinking that not many people would actually purchase the maximum number of beverages. However, resellers, who offer limited-edition Starbucks goods online for a higher price, showed up in a number of coffee shops in Seoul and ordered as many as they could to collect the reusable cups. This led other customers to wait for more than one hour to get their caffeinated beverages. “This is ridiculou

Oct 1, 2021By Kim Jae-heun
Customers urge Starbucks to change marketing policy
Companies

CJ Group heir on track for managerial succession

President of the Los Angeles Lakers Jeanie Buss, second from left, poses with Lee Sun-ho, head of the global business team at CJ CheilJedang, during a signing ceremony for a global marketing partnership at the Staples Center in Los Angeles, Sept. 20. Courtesy of CJ CheilJedang By Kim Jae-heun CJ Group heir Lee Sun-ho, the eldest son of Chairman Lee Jae-hyun, is on track to succeed his father as head of the local conglomerate. The younger Lee, head of the global business team at CJ CheilJedang, flew to the United States to sign a global marketing partnership deal with the Los Angeles Lakers as a sponsor, Sept. 20This is his first public appearance in nine months since he was reinstated to his position in January, after being dismissed last September when he received a suspended jail sentence for drug smuggling. Lee's visit comes after CJ Group struck a substantial sports marketing agreement. The local food giant did not reveal the exact amount of its sponsorship of t

Sep 24, 2021By Kim Jae-heun
CJ Group heir on track for managerial succession
Companies

E-mart to close down off-site specialty stores

A dog poses with an outfit for sale at Molly's Pet Shop at an E-mart in Seongsu-dong, eastern Seoul, in this 2019 file photo. YonhapBy Kim Jae-heunE-mart, the country's top retailer, has decided to close down all of its specialty brand stores that are operated independently from its large discount stores.The retail giant's specialty stores include home appliances outlet Electro Mart, Molly's Pet Shop, Toy Kingdom and premium grocery store PK Market. Some are found at the locations of E-mart and Traders, E-mart's warehouse discount chain. But the specialty stores located off-site from these large commercial spaces must pay extra rental costs. “We will not open any more specialty stores outside of E-mart or Traders,” an E-mart official said, Thursday. “With the acquisition of eBay Korea, we felt we need to focus on sharpening E-mart's core strengths by closing down specialty stores located outside of our retail properties.”E-mart already closed down its unprofitable health and beauty store Boots, and discount chain store Pierrot Shopping.The closure of its off-s

Sep 23, 2021By Kim Jae-heun
E-mart to close down off-site specialty stores
Companies

'Mergepoint' victims file legal suits against TMON, WMP

Victims of Mergepoint's Ponzi scheme wait in front of the pre-paid service's headquarters in Yeongdeungpo-gu, western Seoul, on Aug. 13. Korea Time fileBy Kim Jae-heunVictims of the 'Mergepoint' incident have filed a lawsuit against e-commerce firms like TMON, WeMakePrice, eBay Korea and Lotte Shopping for neglecting to verify the credibility of its business partner and making profits while customers became victims of the Ponzi scheme.Mergepoint is a firm that sold e-coupons giving a 20 percent discount on the price of particular items. People could use the coupons to shop online and buy coffee and food at some 60,000 stores across the country. However, issues surfaced in early August when the Financial Supervisory Service said Mergepoint needs to register its electronic finance business under relevant financial laws. Mergepoint had to halt its business temporarily and customers were restricted to using Mergepoint e-coupons at restaurants only. This led them to ask for refunds on e-coupons they had purchased, while Mergepoint failed to comply.According to Kang & Partners, the vic

Sep 22, 2021By Kim Jae-heun
'Mergepoint' victims file legal suits against TMON, WMP
Tech & Science

Conglomerates suspending regular recruitment system

Jobseekers for Samsung affiliates take an online entrance exam at Samsung Electronics' business complex in Hwaseong, Gyeonggi Province, May 31, 2020. Courtesy of Samsung ElectronicsBy Kim Jae-heunMost major conglomerates will no longer hold large recruitment drives to hire large numbers of new employees all at once, instead switching to a system where they hire new workers at less regular intervals based on fluctuating needs.Samsung is the last one still saying its affiliates will continue to hold mass recruitment drives regularly, now that SK Group revealed its plan to change its hiring system next year.This irregular recruitment has been used by Hyundai Heavy Industries since 2016 and Hanwha Group since 2018. Hyundai Motor ended its regular mass recruitment drives in February 2019 and LG Group followed suit last year. Lotte Group also converted to an on-demand recruitment policy in the first half of this year. These changes are likely to make the job search competition fiercer in the second half of this year ― especially for Samsung and SK, the two companies still offering mass hir

Sep 16, 2021By Kim Jae-heun
Conglomerates suspending regular recruitment system
Tech & Science

Traditional small businesses still unsatisfied with Kakao

A screenshot from Kakao Mobility's website51% of survey respondents agree with gov't regulations of KakaoBy Kim Jae-heunKakao has decided to halt its aggressive business expansion and withdraw some of its controversial marketing plans, which were feared to affect traditional, independent mom-and-pop stores and local services, but the criticisms remain. According to local pollster Realmeter's survey, 51 percent of 500 respondents agreed with the government's new regulations for big tech firms Kakao and Naver. Only a little over 35 percent of respondents said that they see the new regulations to be excessive. IT giant Kakao fell out of public favor last month as its mobility business had introduced a “smart call” service intended to help customers hail a taxi faster if they pay more. Many people argued that implementing this service would end up making taxi drivers slow down their regular non-premium service for customers trying to hail taxis, leading to a de facto increase in fares. Still, many existing independent mom-and-pop retail stores and local transportation and del

Sep 15, 2021By Kim Jae-heun
Traditional small businesses still unsatisfied with Kakao
  • Naver, Kakao facing uncertainty amid forthcoming regulations
Tech & Science

Kakao to raise funds, convert K-Cube into social enterprise for mutual prosperity

Kakao Chairman Kim Beom-su / Courtesy of KakaoBy Kim Jae-heunKakao said Tuesday that it will raise 300 billion won in funds for traditional, offline, individual mom-and-pop stores and services as part of its effort to ease public backlash against its aggressive business expansion. To do so, the company's investment firm, K-Cube Holdings, will be repurposed as a social enterprise for training young people in IT fields and offering educational programs.“The recent criticism (that Kakao has received) represents a powerful wake-up call coming from society. It is time for Kakao and all of its affiliates to boldly abandon its old business growth strategy and make fundamental changes to fulfill its social responsibilities,” Kakao Chairman Kim Beom-su said. Kakao has come under criticism for “infringing on” the business areas of traditional, offline, mom-and-pop stores and local transportation and delivery services.Kim, the founder and chairperson of Kakao, also misreported his ownership of K-Cube Holdings, which turned out to be a de facto holding company of Kakao, a

Sep 14, 2021By Kim Jae-heun
Kakao to raise funds, convert K-Cube into social enterprise for mutual prosperity
Companies

Lotte Shopping losing digital experts at crucial time

Cho Young-je, former head of Lotte Shopping's e-commerce business unit, explains the newly launched Lotte ON service during a press conference held in Seoul on April 27, 2020. Courtesy of Lotte ShoppingBy Kim Jae-heunA growing number of IT experts at Lotte, who have been leading the group's retail unit, are leaving the company at a crucial time of business expansion.Hong Sang-woo, former chief director of data platform and customer data analytics at Lotte Shopping's e-commerce business, transferred recently to Samsung Group's marketing affiliate Cheil Worldwide.Kim Hye-young former director of artificial intelligence (AI) at Lotte Shopping, also left the retail firm and found a new position at Samsung SDS. Kim is an AI expert who was ranked by IBM among the world's top 40 female leaders in the field in 2019. She led projects transforming the shopping experience for Lotte's e-commerce customers.Kim Hyun-jin, former head of the platform center for Lotte ON, moved to food manufacturer CJ CheilJedang only a year after he came to Lotte Shopping.The three IT experts are said to have moved

Sep 14, 2021By Kim Jae-heun
Lotte Shopping losing digital experts at crucial time
Tech & Science

FTC to monitor and regulate Kakao, Naver

Fair Trade Commission Chairperson Cho Sung-wook speaks at a meeting of the State Affairs Committee at the National Assembly in Yeouido, on Aug. 30. Korea Times fileBy Kim Jae-heunThe country's top antitrust watchdog said that it will toughen rules on major technology companies after financial authorities decided recently to regulate the fintech businesses of platform operators.Once hailed as high-tech innovators, the founders of Kakao, Naver and other on-line companies have been increasingly viewed as money-hungry tycoons, as they have been gobbling up the market shares in an increasing range of industries, ranging from delivery to transportation, only to hike prices in those industries.Fair Trade Commission (FTC) Chairperson Cho Sung-wook expressed concern over the side effects caused by online platform operators that provide “all-in-one” services aimed at enhancing customer convenience. “IT firms have provided opportunities for individual businesses to access new markets online as well as have offered more options for consumers for the sake of convenience. At the

Sep 10, 2021By Kim Jae-heun
FTC to monitor and regulate Kakao, Naver
Companies

Lotte to acquire Hanssem with IMM PE

Lotte Group Chairman Shin Dong-bin participates in a Value Creation Meeting held at the company's headquarters in Seoul on Jan. 13. Courtesy of Lotte Group By Kim Jae-heunLotte Group's retail unit, Lotte Shopping, has been selected as a de-facto strategic investor to acquire Hanssem, the country's largest furniture company, along with local private equity fund (PEF) IMM PE. Lotte Shopping will also obtain the preemptive right to take over the furniture company when the PEF sells it. Lotte Shopping and IMM PE are said to have agreed to meet and sign a stock purchase agreement next week.“Our board of directors made a decision to invest 300 billion won in a private equity fund to be established by IMM PE to acquire Hanssem,” a Lotte Shopping official said. “In order for the investment to actually take place, IMM PE has to proceed with its plan first. If not, we will not transfer the money.”Investment banks here predict that IMM PE and Lotte Shopping will have to pay a

Sep 10, 2021By Kim Jae-heun
Lotte to acquire Hanssem with IMM PE
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