The Korea Times

Korea Exchange seeks pre-IPO steps to protect Kurly from takeover

Market Kurly CEO Sophie Kim / Courtesy of Market KurlyBy Kim Jae-heunThe Korea Exchange (KRX), the country's top bourse operator, has decided to request Market Kurly's major shareholders to exercise joint ownership of the company's shares while limiting them from selling stocks following the online grocery service's initial public offering (IPO). The KRX wants to make it clear that the online retailer's initial public offering (IPO) here is possible as long as Kurly's CEO can maintain management control.Market Kurly CEO Kim Seul-ah, or Sophie Kim, only holds 7 percent of the company's shares and the bourse operator isn't ruling out the possibility that foreigner shareholders who have invested in Kurly with the hope of its successful IPO may sell off their holdings right after the listing. Local and overseas private equity funds (PEFs) are even said to be bracing for the possibility of a “hostile takeover” of Market Kurly.“If the company's management continues to falter and thus, becomes unstable, investors could suffer financial and monetary damage when it gets list

Jul 25, 2021By Kim Jae-heun

Korea Exchange seeks pre-IPO steps to protect Kurly from takeover

Companies

Ediya's summer beverages grow popular

Local coffee house chain Ediya's summer-season beverages are gaining popularity with the unit sales volume of two of its ice flake desserts surpassing 350,000 in June alone, the company said, Sunday. Ediya introduced five seasonal beverages and ice flake desserts in May. Courtesy of Ediya

Jul 25, 2021By Kim Jae-heun

Companies

Spread of Delta variant may boost Kurly's IPO

Market Kurly CEO Kim Seul-ah, left, poses with CJ Logistics CEO Kang Sin-ho after signing an MOU to cooperate on delivery service, at CJ Logistics headquarters in Seoul, April 27. Courtesy of CJ LogisticsBy Kim Jae-heunThe all-time-high numbers of daily new COVID-19 cases here are helping Market Kurly with its initial public offering (IPO) plan, while some are worried about the retailer's business continuity due to its growing losses.Market Kurly changed its IPO plan earlier this month, aiming to go public in Korea rather than the United States after receiving series F investment worth 225.4 billion won ($196 million). The Korea Exchange's recent softening of listing regulations for the KOSPI to attract local unicorn companies also influenced Market Kurly to opt for the domestic stock market, although the retailer has to show it will swing into the black in the near future. Market Kurly says it is a matter of time before it achieves a turnaround. “Our sales growth has more than doubled every year and the ratio of operating loss to revenue has been decreasing gradually from 23 p

Jul 22, 2021By Kim Jae-heun

Spread of Delta variant may boost Kurly's IPO

Companies

Managing director's finesse boosts McDonald's image in Korea

South Jeolla Governor Kim Yung-rok, center, and McDonald's Korea Managing Director Antoni Martinez, second from right, pose for a picture after signing an MOU to expand the use of domestic agricultural products at McDonald's restaurants in Mokpo, South Jeolla Province, Tuesday. Courtesy of McDonald's Korea Managing director emphasizes mutual growth with local regionsBy Kim Jae-heunAntoni Martinez's management finesse has been bolstering McDonald's image in Korea, ever since he took over as managing director of the global fast-food franchise's Korea unit in February last year. The managing director's biggest strength is his ability to communicate with customers and employees, and that talent has swayed public sentiment in favor of the company. “Martinez always wants to know what customers want from McDonald's and tries to reflect it. Bringing back Filet-O-Fish is one example, which was erased from our menu in 2009. Martinez also re-introduced the McLunch platform in

Jul 22, 2021By Kim Jae-heun

Managing director's finesse boosts McDonald's image in Korea

Companies

LG H&H suspends youngest executive for bullying

LG Household & Health Care's corporate image / Courtesy of LG Household & Health Care By Kim Jae-heunLG Household & Health Care (LG H&H) suspended its youngest executive, surnamed Shim, Monday after she was accused of bullying junior staff members on her team.“The company's internal investigation is ongoing … the company decided she cannot work effectively under these circumstances,” an LG H&H official said.Shim, 36, who became the youngest managing director of the Personal Care Business Team in 2019, has allegedly harassed her coworkers frequently over the past two years. The accusation was made anonymously last month on Blind, an employees' community application, and alleged that Shim often insulted her subordinates and cursed at them. “She often made a fool of junior staff members in front of the team using words like 'idiot,' 'stupid' and 'moron.' Shim also scolded a worker once for visiting a health care center to get a COVID-19 test during office hours,” a whi

Jul 20, 2021By Kim Jae-heun

Tech & Science

Virtual characters emerge as new trend in digital marketing

SM Entertainment's girl band aespa, and their virtual avatars / Courtesy of SM EntertainmentBy Kim Jae-heunVirtual characters are emerging as a trend in the digital advertising market as, unlike human commercial models, they have hardly any risk of getting dragged down in scandals, crimes and other negative social situations that can affect their images.The biggest advantage of hiring a virtual character is that there is no time or space restriction on their activities. Companies can also optimize a digital model's image to suit their promotional needs. In other words, artificial characters can be made into any type of entertainer ― be it an actor, fashion model or singer ― and their talents can be customized according to a brand's wishes.Unlike humans, virtual characters are a better choice in terms of cost and risk management. They can work all day throughout the year and there is very low chance of scandal. Due to these advantages, digital humans are emerging as an enticing business model for both growth and profitability in the entertainment industry. Business insiders claim that

Jul 19, 2021By Kim Jae-heun

Virtual characters emerge as new trend in digital marketing

Companies

BMW, KITA join hands to nurture prospective startups

Korea International Trade Association (KITA) Senior Executive Managing Director Shin Seung-kwan delivers a congratulatory speech during the signing of a memorandum of understanding to nurture startups at KITA's headquarters in southern Seoul, Friday. Courtesy of KITABy Kim Jae-heunBMW Group Korea has signed a memorandum of understanding with the Korea International Trade Association (KITA), the Center for Creative Economy and Innovation (CCEI) in Gyeonggi Province and FuturePlay, to discover promising startups here and promote the “BMW Testbed Project” together.The four parties will utilize BMW's “Startup Garage” program to discover and foster new startups, provide them with opportunities for technology verification by CCEI and help them to advance in overseas markets. FuturePlay will give consultations about the startups' business value. BMW will be receiving applications to participate in this project until August and those who are selected will go through the technology verification process from September to November. The German automaker will announce five

Jul 17, 2021By Kim Jae-heun

BMW, KITA join hands to nurture prospective startups

Companies

Competition intensifies to secure more food delivery workers

A Baedal Minjok delivery worker rides a scooter to deliver food in Seoul on Jan. 3. Korea Times fileBy Kim Jae-heunFood delivery services are competing to secure more delivery drivers, as increasing numbers of food orders are taking place online, following the imposition of the toughest social distancing rules, Level 4, by the government, in response to the fourth wave of the COVID-19 pandemic.Baedal Minjok (Baemin), Coupang Eats Food and other delivery platform players are currently offering various benefits and promotions.Baemin decided to hold a prize lottery for delivery people every week starting July 5. The prizes range from a camping car to a gold bar, hotel vouchers and gift cards. Coupang Eats has been paying incentives of up to 60,000 won ($52) per day. For delivery workers who invite people they know to sign up as new delivery workers, both the inviter and newly-recruited worker will be given a 10,000 won incentive. As the fourth wave of COVID-19 is underway in Korea, raising the average number of new daily cases into the 1,300 range this week, the demand for online food o

Jul 16, 2021By Kim Jae-heun

Competition intensifies to secure more food delivery workers

Companies

Gov't, major firms to use EVs only by 2030

Hyundai Motor's electric vehicle is charging at Mirae Asset Center One building in Seoul, July 5. Courtesy of Hyundai MotorBy Kim Jae-heunThe government and major companies are switching to electric vehicles (EVs), in accordance with management based on environmental, social and corporate governance (ESG) principles.Samsung Electronics said it will replace more than 2,800 combustion-engine cars that are used for business purposes with EVs by 2030. The company expects this will bring the same effects as planting about 780,000 trees that can reduce 6,200 tons of carbon dioxide annually.Hyundai Motor is contributing by selling 51,085 eco-friendly cars in the first half of this year. The figure increased by 35.5 percent from the 37,697 it sold in the same period of last year. Specifically, Korea's top carmaker sold 30,986 hybrid cars, 15,683 EVs and 4,416 hydrogen-powered electric cars. In the case of EVs, the sales volume skyrocketed by 88.3 percent compared to the 8,329 cars it sold in the first half of 2020. In the same period, Kia also sold 43,350 green cars: 34,487 hybrids and 8,863

Jul 15, 2021By Kim Jae-heun

Gov't, major firms to use EVs only by 2030

Companies

OB criticized for frequent changes in beer prices

OB CEO Ben Verhaert poses with the “All New Cass” during a press conference held at Sebitseom in Seoul, March 12. Courtesy of OBBy Kim Jae-heunThe country's largest beer-maker Oriental Brewery (OB) has come under criticism for raising and lowering factory prices of its beer products frequently over the past three years. Its price moves are in compliance with a commercial law revised in 2019 allowing brewers to freely set prices of their alcohol beverages.Under the revised law, OB sought to gain price competency over its biggest rival HiteJinro that has been expanding its market share rapidly with its flagship beer Terra, according to industry sources.But the repeated changes in its beer prices have caused confusion with wholesalers and retailers and made it harder for them to manage their stocks. They pointed out that this also caused problems for customers.OB argued it has adjusted the prices in line with the changing environment of the beer market. “Other companies are also adjusting their beer prices too, but it looks like we are doing it more often because we ha

Jul 14, 2021By Kim Jae-heun

Kim Jae-heun

Read more

Korea Exchange seeks pre-IPO steps to protect Kurly from takeover

Ediya's summer beverages grow popular

Spread of Delta variant may boost Kurly's IPO

Managing director's finesse boosts McDonald's image in Korea

LG H&H suspends youngest executive for bullying

Virtual characters emerge as new trend in digital marketing

BMW, KITA join hands to nurture prospective startups

Competition intensifies to secure more food delivery workers

Gov't, major firms to use EVs only by 2030

OB criticized for frequent changes in beer prices

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