The Korea Times

FILA reinvents its own game

Competitors play tennis at a makeshift court set up at Gwanghwamun Square in downturn Seoul, April 7, during FILA's 2023 WHITE OPEN SEOUL event. Courtesy of FILA HoldingsBy Lee Hyo-sikAmid the high-rises and historic palaces surrounding Seoul's Gwanghwamun Square, the old and new met earlier this month in an unconventional way. For the first time ever, Gwanghwamun Square hosted a full-size pop-up tennis court for FILA's 2023 WHITE OPEN SEOUL on April 7-8, an event designed to allow the public to experience the brand's own tennis heritage, according to company officials.Thousands of passers-by were clearly struck by the dazzling white court and drawn to the spectacle of live tennis, including lessons by Lee Hyung-taik, a renowned coach who was the first Korean player to win an ATP Tour event. There were plenty of other attractions there to feed the curiosity of onlookers ― supporting FILA's aim of expanding contact points with customers laid out in its five-year global strategy, Winning Together.When FILA Holdings announced the global strategy last year, it was clear that tennis would

Apr 25, 2023By Lee Hyo-sik

Opinion

Can Korea end its love affair with Louis Vuitton, Chanel, Hermes?

By Lee Hyo-sikLouis Vuitton, Chanel and Hermes, three of the most popular foreign luxury goods brands here, made headlines last week when they were found to have earned hundreds of millions of dollars in profit in Korea last year only to send most of it to their headquarters abroad. According to their audit reports compiled and released by the Financial Supervisory Service, however, the three made no or little social contributions in Korea.The stories have remained pretty much the same for quite some time as Koreans' love affair with pricy goods made by French companies has been steadily growing. In particular, during the COVID-19 lockdown from 2020 to 2022, sales jumped at an explosive rate as people had nowhere else to spend their money.Louis Vuitton Korea saw sales increase by 15 percent to 1.69 trillion won ($1.3 billion) in 2022 from the previous year, while net profit jumped 69 percent to 338 billion won. Chanel Korea's sales also rose 30 percent to 1.59 trillion won and net profit rose 74 percent to 311.5 billion won. Hermes Korea recorded 650.1 billion won in sales last year,

Apr 19, 2023By Lee Hyo-sik

Companies

Dongsuh Foods chairman honored for contribution to local food industry

Dongsuh Foods Chairman Kim Suk-soo, right, poses with Lee Chang-yang, minister of trade, industry and energy, after receiving the Gold Tower Order of Industrial Service Merit during the 50th Commerce and Industry Day ceremony at the Korea Chamber of Commerce and Industry's building in Seoul, Wednesday. Courtesy of Dongsuh FoodsBy Lee Hyo-sikDongsuh Foods Chairman Kim Suk-soo won the Gold Tower Order of Industrial Service Merit, which is awarded by the government to people who have made notable contributions to the development of the nation's economy, according to Korea's largest instant coffee mix maker, Thursday.The award is the highest among the five orders and is given to leaders of companies that have shown outstanding achievements in increasing exports, localizing materials, parts and equipment and establishing a win-win growth ecosystem with small companies. Kim received the order during a ceremony for Commerce & Industry Day, Wednesday, as he was recognized for his continuous efforts to foster the country's food industry and increase social contributions.Dongsuh developed

Mar 16, 2023By Lee Hyo-sik

Dongsuh Foods chairman honored for contribution to local food industry

Companies

Musinsa joins list of world's most innovative companies for 2023

Screenshots from Musinsa Store's mobile app / Courtesy of Musinsa By Lee Hyo-sikMusinsa has been named as one of the world's most innovative companies for 2023 by Fast Company ― the world's leading business media brand based in New York ― Korea's largest online fashion platform said Friday.The world's most innovative companies list is Fast Company's signature franchise and one of its most highly anticipated editorial efforts of the year. It provides a firsthand look at the inspiring and innovative efforts of companies across all sectors of the economy. This year's list highlights the businesses at the forefront of their respective industries, paving the way for the innovations of tomorrow.“We are honored to be named in Fast Company's list of the most innovative companies in Asia Pacific,” said a representative from Musinsa. “Being selected as the first innovative company among fashion-focused vertical platforms in Korea is a virtuous circle that Musinsa has created

Mar 4, 2023By Lee Hyo-sik

Musinsa joins list of world's most innovative companies for 2023

Opinion

Korea's plunging birthrate hits home

By Lee Hyo-sikIt's no longer surprising to hear that Korea's birthrate has plunged to the world's lowest and continues falling as more and more young people choose not to have babies. Over the past two decades or so, the government has spent nearly 400 trillion won ($308 billion) to encourage Koreans to get married and have children, but to no avail.According to Statistics Korea, the country's birthrate was 0.78 in 2022, down sharply from 1.17 in 2016. The figure, meaning that far less than one baby is born on average per woman, was the lowest since 1970 when the agency began collecting the data. It is said that the birthrate should be at least 2.1 to maintain the current population.This bleak demographic reality hit home when I heard about what will happen at the daycare center that my daughter attends. Due to a sharp drop in enrollment of children aged 1 to 4, three out of six teachers will be let go on March 2, including the one who has been caring for my daughter for the past six months. It is heartbreaking to see her go since she has been such a wonderful teacher. Given the seri

Feb 22, 2023By Lee Hyo-sik

Companies

Korean Air CEO wins ATW's excellence in leadership award

Walter Cho, chairman and CEO of Korean AirBy Lee Hyo-sikWalter Cho, chairman and CEO of Korean Air, has won the excellence in leadership award courtesy of Air Transport World (ATW), Korea's largest flagship carrier said Wednesday. Launched in 1974, the ATW awards are the most coveted honors that carriers and top executives can receive. This year's 49th award ceremony will be held in Istanbul, Turkey, on June 2.“Since taking the helm at Korean Air in 2019, Walter Cho has rapidly gained a worldwide reputation for his industry vision and dynamic management. His nimble and out-of-the-box thinking, particularly when it comes to partnerships with other carriers and its cargo business, has made the firm stronger than ever through the most difficult times of the pandemic,” ATW said in a statement. “As chair of the SkyTeam global alliance board and a member of the IATA board of governors, Cho has emerged as an excellent leader at Korean air and across the industry.”Cho's leadership and crisis management have been widely recognized over the course of the pandemic, as he

Feb 15, 2023By Lee Hyo-sik

Korean Air CEO wins ATW's excellence in leadership award

Companies

Novelis named 'supplier of the year' by Hyundai Motor Group

Novelis Korea's automotive aluminum sheet rolling facility in Ulsan / Courtesy of NovelisBy Lee Hyo-sikNovelis, the leading sustainable aluminum solutions provider and world leader in aluminum rolling and recycling, said Tuesday that it received the “2022 Supplier of the Year” award from Hyundai Motor Group at the automaker's annual partnership day held Feb. 3.Korea's largest automaker honored Novelis in the material supplier category based on the comprehensive evaluation of all of its aluminum and steel material suppliers in the areas of supply chain reliability, quality and technical support. Novelis is the first-ever aluminum sheet provider to win the title of supplier of the year from the carmaker.Novelis currently supplies automotive aluminum sheets produced at its rolling facility in Ulsan for inner and exterior applications for Hyundai Motor Group's Genesis brand, as well as its electric vehicle (EV) models. Novelis' high-strength, high-formability and lightweight aluminum solutions are applicable to various automotive parts such as hoods, doors and tailgates, full

Feb 7, 2023By Lee Hyo-sik

Novelis named 'supplier of the year' by Hyundai Motor Group

Companies

S-Oil's New Year trek

S-Oil CEO Hussain Al-Qahtani, wearing a yellow winter jacket in center, poses with company employees after going on a walk at Seoul Grand Park in Gwacheon, Gyeonggi Province, Friday. Courtesy of S-Oil

Jan 29, 2023By Lee Hyo-sik

Companies

Weber Shandwick names new head of Korea operations

By Lee Hyo-sikElizabeth BaeWeber Shandwick, a global PR agency headquartered in New York, said Tuesday that it promoted Elizabeth Bae to the position of managing director of its Korea operations. Bae will report to Tyler Kim, CEO of its Asia Pacific office, and will oversee the operational and growth strategy of the Korean business.After joining the company in October 2020 as an executive vice president, Bae soon took on the role of deputy managing director where she supported the firm's multi-market clients to achieve expansion and oversaw business operations. Prior to joining Weber Shandwick, Bae led BCW Korea's business operations.“Bae has been a key member of our Korean operations over the past three years and has an in-depth understanding of the overall business and operations in Seoul. I am honored to have been a part of her growth trajectory and look forward to working with her to take the Korean business into new dimensions of growth,” Kim said.

Jan 17, 2023By Lee Hyo-sik

Weber Shandwick names new head of Korea operations

Opinion

Let's make Samsung, SK invest more here

By Lee Hyo-sikIt is widely known that there are two things humans cannot avoid: death and taxes. Everybody dies at some point and people have to pay taxes when making money to live. Many often go to great extents to not pay any tax or to pay only the minimum. Tax significantly influences how we behave and the same goes for corporations.Companies want to build plants, hire workers and produce goods in a place where they pay less taxes. Given this simple fact, the National Assembly's recent passage of the drastically modified “K-Chips Act” was such a disappointment as it deals decisive blow to Korea's semiconductor industry when Samsung Electronics and SK hynix struggle to compete with TSMC, Intel and other foreign rivals on the global stage.Under the initiative of President Yoon Suk-yeol, the ruling People Power Party (PPP) launched a special committee to enhance the competitiveness of the domestic semiconductor industry. After a series of deliberations, the committee chaired by independent lawmaker Rep. Yang Hyang-ja finalized the act and submitted it to the Assembly for

Jan 4, 2023By Lee Hyo-sik

Lee Hyo-sik

Read more

FILA reinvents its own game

Can Korea end its love affair with Louis Vuitton, Chanel, Hermes?

Dongsuh Foods chairman honored for contribution to local food industry

Musinsa joins list of world's most innovative companies for 2023

Korea's plunging birthrate hits home

Korean Air CEO wins ATW's excellence in leadership award

Novelis named 'supplier of the year' by Hyundai Motor Group

S-Oil's New Year trek

Weber Shandwick names new head of Korea operations

Let's make Samsung, SK invest more here

Top 5 stories