The Korea Times

Naver, SoftBank to launch A Holdings in Japan next month

Naver founder Lee Hae-jin speaking about his plan to enter American or European markets in the near future at the Naver Data Center “Gak” in Chuncheon, Gangwon Province, in July, 2020. Courtesy of NaverBy Kim Jae-heunLocal Internet giant Naver is accelerating its advancement in the global platform business in a partnership with SoftBank Group, the Japanese multinational conglomerate holding company, led by Masayoshi Son. SoftBank, the largest shareholder of Yahoo Japan, said Wednesday during an extraordinary general meeting, that Line, a Japanese subsidiary of Naver, and itself will invest 50 percent each in shares to establish a joint venture named A Holdings. The venture will create a subsidiary, Z Holdings, under it to operate Line and Yahoo Japan starting from next month. “The two companies will support the growth of Z Holdings' business though A Holdings. We will utilize our strength in each field to maximize the synergy we can create. SoftBank and Naver will strive to make a successful global company,” SoftBank said. When the two Internet companies combi

Feb 26, 2021By Kim Jae-heun

Naver, SoftBank to launch A Holdings in Japan next month

Tech & Science

Samsung to expand sustainable development project with UN

Additional young leaders join Generation17, Samsung Electronics' joint initiative with the United Nations Development Programme, Thursday. Courtesy of Samsung ElectronicsBy Kim Jae-heunSamsung Electronics' logoSamsung Electronics announced Thursday that four additional young leaders will join Generation17, its joint initiative with the United Nations Development Programme (UNDP) to accelerate progress towards achieving the latter's 17 Sustainable Development Goals (SDGs).Together, the SDGs are an urgent call for action around the world to build peace and prosperity for people and the planet by 2030.“We are proud to expand our mission and use our global reach and purposeful innovations to support a new group of inspirational young activists, who once again share Samsung's commitment to deliver meaningful solutions that bring communities together,” said Stephanie Choi, senior vice president and head of marketing at Samsung Electronics' Mobile Communications Business. “These four leaders are integral members of the Galaxy community, and they have our full support and e

Feb 25, 2021By Kim Jae-heun

Samsung to expand sustainable development project with UN

Companies

Eggslut's second restaurant in Seoul

U.S. fast food chain Eggslut's restaurant on the basement floor of Hyundai Department Store's newly opened branch on Yeouido is seen in this picture. This restaurant features an open kitchen design with a signature neon sign of its brand name. SPC Samlip, operator of Eggslut in Korea, said the fast food chain will introduce its new Lobster Avocado Burger for a limited time at this restaurant in celebration of the restaurant's opening on Friday. Courtesy of SPC Group

Feb 25, 2021By Kim Jae-heun

Companies

Can Chung's personal social media marketing succeed?

Vice Chairman of Shinsegae Group Chung Yong-jin prepares food in the video posted on E-Mart's official YouTube channel on Dec. 23, 2020. Screen captured from E-Mart's YouTube channelBy Kim Jae-heunVice Chairman of Shinsegae Group Chung Yong-jin has recently been enjoying popularity on Instagram where he shares posts on his personal life and company products. Chung recently uploaded a video hinting at his debut as a YouTuber. The caption below read “YJ Log (Yong Jin's vlog) will be revealed this week.”In the preview video, Chung is wearing an apron and cooking in the kitchen with assistants. There is also a front view of an E-Mart building in Seongsu, eastern Seoul, in the scene, which suggests that this is not just him going about his hobby but rather a collaboration with E-Mart to introduce his company's products.E-mart, which is a subsidiary of Shinsegae Group, currently operates the private label “Peacock” that makes home meal replacements.Chung's influence on social media has already been high since he appeared on Starbucks Korea's YouTube channel.After re

Feb 25, 2021By Kim Jae-heun

Can Chung's personal social media marketing succeed?

Banking & Finance

MBK Partners, Kakao eyeing controlling stake in eBay Korea

EBay headquarters in San Jose, California / EPA-YonhapBy Kim Jae-heunPrivate equity fund (PEF) MBK Partners and local internet firm Kakao Corp. are tapped as two of the most viable candidates to possibly acquire eBay Korea, the country's No.2 e-commerce company that went up for sale last month. According to a source from the investment banking industry, eBay Korea's financial advisers ― Morgan Stanley and Goldman Sachs ― have been distributing teaser letters to potential buyers. Soon, they will meet with shortlisted candidates to sign non-disclosure agreements and share details about the company. It has not been revealed how much eBay Korea's corporate value stands at currently, but it is estimated at around 5 trillion won ($4.5 billion). Kakao could have its e-commerce subsidiary Kakao Commerce acquire a controlling stake in eBay Korea. Kakao Commerce's main business is e-coupons used through the instant message application Kakao Talk. Last year, Kakao Commerce's gross merchandise value (GMV) stood at 3 trillion won and annual sales reached 300 billion won. The items traded on the K

Feb 24, 2021By Kim Jae-heun

MBK Partners, Kakao eyeing controlling stake in eBay Korea

Companies

AmorePacific to reduce plastic containers for cosmetic products

AmorePacific's refill station opened in Pangyo in Seongnam, Gyeonggi Province / Courtesy of AmorePacificBy Kim Jae-heunThe country's cosmetics giant AmorePacific said it will participate in the global environmental movement to reduce plastics used for its containers and choose recyclable materials instead. It will also encourage customers to bring their containers to get refills instead of buying new products.The cosmetics firm has decided to join the Korea Cosmetic Association's initiative last month to recycle and reuse plastic materials in order to reduce waste.To easily recycle plastic containers, AmorePacific took out the metal spring in the pumps of its packaging. Its Happy Bath Grapefruit Essence Body Wash is one such product. It is also expanding its use of materials. AmorePacific is actively using containers made from plant-derived raw materials such as corn, sugarcane and waste plastic. Its sub-label brand Innisfree has released a Paper Bottle Green Tea Seed Serum using containers made of paper, not plastic.AmorePacific is the first company to operate a “Refill Statio

Feb 23, 2021By Kim Jae-heun

AmorePacific to reduce plastic containers for cosmetic products

Companies

Lamy Cosmetics offers new line of skincare for face mask wearers

Lamy Cosmetics' skincare products and face mask / Courtesy of Lamy CosmeticsBy Kim Jae-heunLamy Cosmetics has introduced a new line of skincare products called, “Doctor 3,” for people suffering from dermatological problems after wearing face masks for extended periods of time during the COVID-19 pandemic. Face masks have become mandatory in public to prevent the spread of the coronavirus. But this measure has also led to an increase in skin problems like rashes and pimples.Doctor 3 products were developed based on input from doctors, pharmacists and skincare specialists, as well as following clinical tests focused on easing skin problems. The “GOOD BYE-trouble” makeup products, which are part of the Doctor 3 label, help soothe hypoallergenic skin and acne, according to Lamy Cosmetics. No chemical ingredients, animal-derived raw materials or artificial dyes were used. Also, no animal testing was done during the development of the products.All Doctor 3 cosmetics include tea tree extract, which helps keep skin smooth, and pennywort extract, which restores dermato

Feb 23, 2021By Kim Jae-heun

Lamy Cosmetics offers new line of skincare for face mask wearers

Companies

Kyochon F&B achieves record sales

Kyochon F&B's menu is seen on the screen of a mobile phone in this 2019 file photo. / Korea times fileChicken restaurant franchise plans to expand overseas By Kim Jae-heunKyochon F&B, the country's largest fried chicken restaurant chain, has achieved all-time-high sales surpassing 1 trillion won thanks to the COVID-19 pandemic, which has forced people to stay home and order food online. The chicken chain also built additional distribution centers in accordance with the increasing demand for chicken orders across the country. Kyochon F&B announced that its annual sales, combining those of all its franchises, came to about 1.3 trillion won. If only counting the revenue created by restaurants directly managed from the headquarters, it hit 447.6 billion won, which is also an all-time high in the company's history. The fried chicken chain's operating profit increased by 4 percent rising to 41 billion won. Its profit in the second half of last year, in particular, skyrocketed by 68 percent to record 25.7 billion won, compared to 15.3 billion won, which it made in the first half

Feb 22, 2021By Kim Jae-heun

Companies

Daesang aims to join top 10 food firms in Indonesia

Daesang Corporation CEO Lim Jung-bae speaks during a charity event held in central Seoul in this 2019 file photo. Korea times fileBy Kim Jae-heunLocal food giant Daesang Corporation revealed its aim of making it onto the list of top 10 food firms in Indonesia over the next nine years by achieving annual sales of 1.4 trillion won ($1.26 billion) there.“We will continue to invest in Indonesia and strengthen our competitiveness globally. We will lead the food materials market in Southeast Asia by exporting products manufactured in Indonesia,” Daesang Corporation CEO Lim Jung-bae said. In 2020, the food firm raked in 369.7 billion won in sales in Indonesia, up 7 percent from the previous year, for an operating profit of 174.9 billion won. Sales in Indonesia account for about 12 percent of the company's overall total. Daesang first entered Indonesia in 1973 by establishing a foreign branch; and later became the first Korean firm to set up production facilities there. It entered the bio business in Indonesia, eventually expanding to sell food and starch sugars as well. Its reve

Feb 22, 2021By Kim Jae-heun

Daesang aims to join top 10 food firms in Indonesia

Companies

TMON's IPO plan looks unfavorable this year

TMON CEO Lee Jin-won poses in his office in Seoul in this 2020 file photo. Korea time fileBy Kim Jae-heunE-commerce firm TMON has successfully attracted 305 billion won in investments, allowing it to get back on track for an initial public offering (IPO) on the local stock exchange in the second half of the year.However, after falling behind competing players such as Coupang and Naver, the company faces a hard task to persuade investors of its future sales growth and profitability.“Given TMON's worsening financial soundness, it won't be easy for TMON to seek an IPO this year,” an industry source said. TMON is aiming to get listed within the year, however, it's been suffering heavy losses with total liabilities of 658.1 billion won as of 2019. The local stock exchange has advised the e-commerce firm to improve its financial status first and luckily it secured 255 billion won from a consortium led by PSA Alliance, a domestic private equity fund. If it is listed on the Kosdaq, TMON will utilize money raised from the IPO to invest in marketing and logistics. TMON thinks it ha

Feb 22, 2021By Kim Jae-heun

Kim Jae-heun

Read more

Naver, SoftBank to launch A Holdings in Japan next month

Samsung to expand sustainable development project with UN

Eggslut's second restaurant in Seoul

Can Chung's personal social media marketing succeed?

MBK Partners, Kakao eyeing controlling stake in eBay Korea

AmorePacific to reduce plastic containers for cosmetic products

Lamy Cosmetics offers new line of skincare for face mask wearers

Kyochon F&B achieves record sales

Daesang aims to join top 10 food firms in Indonesia

TMON's IPO plan looks unfavorable this year

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