The Korea Times

Naver, Shinsegae to open online luxury goods store

French fashion brand Louis Vuitton's pop-up store at Shinsegae Department Store in Gangnam, Seoul, last Aug. 3. Courtesy of Shinsegae Department StoreBy Kim Jae-heunNaver and Shinsegae International plan to launch an online luxury boutique in June or July this year, seeking to gain an edge in the highly competitive e-commerce sector.Naver told local analysts recently that it aims to open 1 million shops on its Smart Store shopping platform and account for up to a 30 percent share of the local e-commerce market over the next four years. Naver Shopping's share of the local e-commerce sector stood at 17.4 percent last year.Naver said it anticipates demand for luxury goods to continue rising in Korea. The luxury goods sector was the least affected by the COVID-19 pandemic in Korea, with the country's top retailers ― Shinsegae, Lotte and Hyundai department stores ― reporting better-than-expected revenue results.Shinsegae, which owns Korea's largest importer of luxury goods ― Shinsegae International ― is teaming up with Naver to sell more luxury goods through the country's dominant web por

Mar 22, 2021By Kim Jae-heun

Naver, Shinsegae to open online luxury goods store

Companies

Is Lotte Group considering eBay Korea acquisition?

Lotte Group Chairman Shin Dong-bin speaks during the meeting of company presidents at the headquarters in Seoul on Jan. 13. Courtesy of Lotte GroupBy Kim Jae-heun Lotte Shopping has recently turned over the management rights of Lotte ON, a combined online shopping platform for Lotte Shopping's eight retail affiliates, to Lotte Holdings.The decision came after the retailing firm failed to attract customers or meet performance expectations. Despite the sharp increase in demand for contactless consumption due to the COVID-19 pandemic, Lotte ON saw only a 500 billion won increase in sales since its launch last April. Lotte Group has de facto removed the head of the e-commerce business unit at Lotte Shopping Cho Young-je and may take over eBay Korea.The group had reviewed acquiring eBay Korea several years ago but it decided not to. However, as Lotte ON is struggling to find its position in the fiercely competitive local e-commerce market, Lotte Group appears to be reversing that decision. It joined the preliminary bid at the last minute to take over eBay Korea but did so independently wi

Mar 19, 2021By Kim Jae-heun

Is Lotte Group considering eBay Korea acquisition?

Companies

Oriental Brewery to consolidate leading position in alcohol beverage market

From left, New Cass beer and Hanmac beer produced by OB / Courtesy of OBBy Kim Jae-heunOriental Brewery (OB) has recently been introducing innovative products in line with consumer trends to cope with a stagnating liquor industry affected by the COVID-19 pandemic. OB, along with its innovation team at the Icheon factory in Gyeonggi Province, studies consumer trends in the rapidly changing alcoholic beverage market and spearheads product research and development by introducing new products.The team offered input that led OB to make changes to major components in the production of its best-selling Cass beer, while launching a new beer brand called Hanmac that was developed by reflecting customer feedback.OB decided to use a transparent glass bottle for Cass to offer a cleaner design and let customers see the alcoholic beverage inside. The bottle's shape has also been altered in hopes of giving off a more sophisticated image. The brewer did not change the recipe for Cass beer, but upgraded the brewing technology by maturing the beer at a low temperature of 0 degrees Celsius for 72 hours

Mar 18, 2021By Kim Jae-heun

Oriental Brewery to consolidate leading position in alcohol beverage market

Companies

POSCO E&C to start pre-sales of 'The Sharp' brand apartment in Geoje

An aerial view of The Sharp Geoje Dclive apartment built by Posco E&C in Geoje, South Gyeongsang Province / Courtesy of Posco E&CBy Kim Jae-heunPOSCO Engineering & Construction (POSCO E&C) will start pre-sales of its The Sharp apartment brand in Geoje, South Gyeongsang Province, this month.The Sharp Geoje Dclive is located at 765, Sangdong-dong, Geoje, and there are 13 buildings standing 25 stories high, containing 1,288 apartments. The apartments come in three sizes; 74, 84 and 98 square meters, and will be open for occupancy from October 2023.Dclive is the name of many apartment types under the brand The Sharp, and took its name from the motto “Different Class We Live In.” POSCO E&C said Dclive will be the first premium type of apartment in Geoje, distinguishing itself from other residential complexes in the town.The apartment complex's roadways are underground for the safety of pedestrians.Many leisure facilities are situated nearby including an indoor golf range, fitness club, rooms for Pilates and a sauna. There is also a library, computer cafe an

Mar 17, 2021By Kim Jae-heun

Companies

McDonald's Korea to seek socially responsible value, sustainable growth

McDonald's Korea Managing Director Antoni Martinez speaks about the company's 2021 plan during a virtual video conference at his office in Seoul, Tuesday. / Courtesy of McDonald's KoreaBy Kim Jae-heunMcDonald's Korea's Managing Director Antoni Martinez announced the company's 2021 plans via its “Our New Way” virtual video conference Tuesday. Martinez also detailed last year's key business results and the restaurant chain's plans to engage in social responsibility activities as well as building sustainable growth.Martinez said that sales for McDonald's and its franchises in Korea reached 980 billion won for 2020, up 7 percent from the previous year despite challenges brought on by the COVID-19 pandemic. Revenue for McDonald's Korea, excluding franchises, grew 9.1 percent year-on-year to 790 billion won.The “Best Burger” initiative, introduced at the end of March last year, led to notable results. Upgrading the taste of burgers by improving the overall burger-building process led to a 28 percent year-on-year jump in monthly sales. From April to December, McDonal

Mar 16, 2021By Kim Jae-heun

McDonald's Korea to seek socially responsible value, sustainable growth

Companies

Ottogi hit for scandals, including selling Chinese seaweed marked as Korean

Ottogi Founder Ham Young-joon / Korea times fileBy Kim Jae-heunLocal food maker Ottogi has earned both the adoration and respect of younger Korean customers for keeping the prices of its products low and also for its ethical corporate standards. But the company now finds itself embroiled in a series of scandals, including allegations of tax evasion and deteriorating food quality.For the last 10 years, Ottogi has sold dried seaweed products marked as being 100 percent Korean in origin. But it is now alleged that the contents were mixed with ingredients from China. The Korea Coast Guard (KCG) charged Ottogi's subcontractor in Yeosu, South Jeolla Province, of seven illegal acts, including smuggling seaweed and wrongfully marking the origin of its products. The Coast Guard believes the firm sent Korean seaweed to be sold in mainland China, while replacing the volume sold there with Chinese seaweed that was brought back to Korea.The KCG reportedly discovered that Ottogi's subcontractor purchased about 3,000 tons of Chinese seaweed, valued at an estimated 5 billion won. The Coast Guard wil

Mar 15, 2021By Kim Jae-heun

Ottogi hit for scandals, including selling Chinese seaweed marked as Korean

Companies

HiteJinro seeks new growth engine in smart farming

Firmmit's smart farming facility in Yeoncheon, Gyeonggi Province / Courtesy of HiteJinroBy Kim Jae-heunHiteJinro is entering the smart farming business in an effort to find a new growth engine for the company, due to its main business reaching the limits of growth. The country's top beer and soju maker revealed Thursday that it had signed a contract to invest in Firmmit, a local startup company that develops and sells smart farming systems. “The smart farm industry is growing rapidly, and we have decided to invest in Firmmit because we appreciate its technology, growth potential and expertise in the agricultural sector,” a HiteJinro official said. Firmmit provides total solutions for smart farming, from selecting crops, designing the facilities for growing them, to delivering the final products to buyers. It confirmed recently that it is exporting strawberry farming technology in container boxes to Southeast Asia. Firmmit aims to operate in 15 countries and open 30 branches around the world by 2025.“In this turbulent market environment, we will continue to look for

Mar 12, 2021By Kim Jae-heun

HiteJinro seeks new growth engine in smart farming

Companies

Daesang eyes South Asian market expansion via Vietnam

Daesang's production facility in Hai Duong, Vietnam / Courtesy of DaesangBy Kim Jae-heunFood-manufacturing conglomerate Daesang is continuing to use Vietnam as its main base for expanding its presence in Southeast Asia, achieving all-time-high sales there last year. The company has been expanding its production facilities consistently in Vietnam, where sales have soared continually.Daesang's Vietnam unit achieved 152.8 billion won in sales in 2020, up 9 percent year-on-year, with growth from subsidiaries Miwon Vietnam and Duc Viet Food contributing heavily to the total. Miwon Vietnam saw a rise in sales of sauces, seaweed and tteokbokki or stir-friend rice cakes, while Duc Viet Food increased its frozen food lineup and diversified retail channels to discount stores, traditional markets and hotels. Daesang first entered the Vietnamese market in 1994 by establishing Miwon Vietnam. In the same year, it built a factory there to make the artificial flavor enhancer known as monosodium glutamate (MSG). Since then, the company has been building more factories countrywide to produce

Mar 12, 2021By Kim Jae-heun

Daesang eyes South Asian market expansion via Vietnam

Companies

Woowa Brothers founder to pay 100 bil. won incentives to employees

Woowa Brothers founder Kim Bong-jin, right, and his wife, Sul Bomi, pose in a picture taken in Seoul, on Feb. 18. Courtesy of Woowa BrothersBy Kim Jae-heunWoowa Brothers Founder Kim Bong-jin said Thursday he will sell some of his stakes in his sprawling food-delivery company to give 100 billion won ($88 million) in incentive payments in the form of stocks and cash to workers, including delivery drivers. “Our delivery drivers contributed a lot to turn our company into what it is today. I want to give them a personal gift for all of their efforts up until now prior to the company's advance into the Asian Market,” Kim said in a message to employees. The incentive will be offered to 1,700 workers hired by Woowa Brothers, Woowahan Youths and the company's overseas branches as of last month. Individual workers are expected to receive around 50 million won ($43,975) worth of stocks depending on their position. Woowahan Youth operates Baemin Riders, which manages delivery workers for food delivery service Baedal Minjok run by Woowa Brothers. Delivery workers who are not directly

Mar 11, 2021By Kim Jae-heun

Woowa Brothers founder to pay 100 bil. won incentives to employees

Companies

Musinsa accused of gender discrimination against customers

Musinsa CEO Cho Man-ho's apology posted on the company's Instagram account / Screen captured from InstagramBy Kim Jae-heunThe CEO of local shopping platform Musinsa issued an apology online Tuesday after his firm stirred up controversy for giving out e-coupons only to female customers. “We apologize sincerely for causing trouble by issuing e-coupons to particular customers. I am sure it must have disappointed those who have been loyal customers of Musinsa,” CEO Cho Man-ho wrote on the company's official Instagram account. “This is apparently our fault and we will improve our reward management system to give more benefits to our VIP customers.”Recently, a male customer found out that Musinsa was offering more discounts to female customers. Musinsa operates Wusinsa, a sister platform selling items mainly for women. The customer posted a comment calling for “equal shopping rights,” but his account was suspended for 60 days. The man then revealed himself as a diamond-level customer, the highest among members who are ranked in eight levels.“Althou

Mar 11, 2021By Kim Jae-heun

Kim Jae-heun

Read more

Naver, Shinsegae to open online luxury goods store

Is Lotte Group considering eBay Korea acquisition?

Oriental Brewery to consolidate leading position in alcohol beverage market

POSCO E&C to start pre-sales of 'The Sharp' brand apartment in Geoje

McDonald's Korea to seek socially responsible value, sustainable growth

Ottogi hit for scandals, including selling Chinese seaweed marked as Korean

HiteJinro seeks new growth engine in smart farming

Daesang eyes South Asian market expansion via Vietnam

Woowa Brothers founder to pay 100 bil. won incentives to employees

Musinsa accused of gender discrimination against customers

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