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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Jay-Z's investment fund, Hanwha Asset join hands for K-culture-focused PEF

Rapper Jay-Z's investment fund has joined hands with Korea's Hanwha Asset Management to raise a private equity fund (PEF) that invests in Korean entertainment, beauty and lifestyle, the Seoul-based investment firm said Tuesday. MarcyPen Capital Partners LLC, which is backed by the U.S. rapper, signed a memorandum of understanding with the Korean asset manager to launch the fund at a global finance event held in Abu Dhabi on Monday (local time), Hanwha said. The two companies are targeting to create a fund of around $500 million and support Korean companies in the culture and lifestyle sector to "scale up" globally, Hanwha added. Korean pop culture has exploded in popularity recently amid the rise of K-pop stars, such as BLACKPINK and BTS, as well as Korean content, like "Squid Game" and "KPop Demon Hunters." Food, cosmetics and fashion have become the country's major export products amid the Korean Wave, prompting global private equity funds to invest in such sectors. Hanwha Asset Management is part of Hanwha Group, which also owns South Korea's defense giant Hanwha Aerospace. The firm's

Dec 9, 2025By Yonhap
Jay-Z's investment fund, Hanwha Asset join hands for K-culture-focused PEF

Seongsu Station renamed Seongsu Musinsa Station

Seoul’s trendiest hotspot, Seongsu, has updated the name of its local subway station by adding “Musinsa” to promote the country’s popular fashion shopping platform. The company said Tuesday that starting Wednesday, the station will officially bear the name “Seongsu (Musinsa)” in both Korean and English. The station will also display the store locations for Musinsa on its station direction signs and notify passengers of the company’s presence as they approach the stop. In September, Muinsa submitted a bid in an auction held by Seoul Metro, the city’s subway operator, for paid co-naming rights for an initial three-year period, which can be extended for another three years after. The company won the auction for 330 million won ($224,000). Musinsa said its contribution to Seongsu’s local economy helped secure the naming rights. The company relocated its headquarters to Seongsu in Seongdong District from Gangnam District in 2022. The company has expanded rapidly since then, with its workforce surging from 500 to 1,800 employees and sales rising from 460 billion won in 2021 t

Dec 9, 2025By Ko Dong-hwan
Seongsu Station renamed Seongsu Musinsa Station

LX Hausys' surfacing products win US innovation awards

LX Hausys’ three surfacing products have won innovation awards presented by prestigious U.S. interior magazines, the company said Tuesday. LX Hausys’ two HIMACS solid surface products and one VIATERA quartz surface product were named winners of the 2025 Product Innovation Awards. The awards, presented by Architectural Products, i+s and BUILDINGS, recognize innovative products for commercial interiors and buildings. LX Hausys said the three products were recognized as solutions that enhance the aesthetic standards of kitchen and bathroom spaces while delivering practical performance. BUILDINGS magazine named HIMACS Calacatta Albero artificial marble as its pick for their awards. The tile is inspired by the golden yellow sand of Andalusia, reflecting its warm charm to create a natural aesthetic for bathroom vanities, walls and tub surrounds. Architectural Products selected HIMACS Calacatta Costa. The artificial marble captures the beauty of a seashore in its soft white base to make ideal kitchen backsplashes. VIATERA Taj Duna was selected by i+s. The quartz surface product was inspired

Dec 9, 2025By Nam Hyun-woo
LX Hausys' surfacing products win US innovation awards

Kia launches global promotional campaign for upcoming FIFA World Cup

Kia, Korea's second-largest carmaker, said Tuesday it has launched a global promotional campaign for the upcoming FIFA World Cup 2026. Under the theme of "Inspiration Connects Us All," the new campaign highlights the company's commitment to promoting unity not only between Kia and its customers, but among people around the world during the quadrennial global sporting event, according to Kia. One of the main events of the campaign is the Kia Official Match Ball Carrier (OMBC), in which 104 children aged between 10 and 14 from around the world are selected to deliver the official match ball to World Cup referees before each match. As part of the OMBC program, Kia unveiled three teaser videos featuring global ambassador Thierry Henry. Kia said 17 display themes featuring the FIFA World Cup 2026 will be offered in the run-up to the opening of the tournament, allowing Kia owners to experience the atmosphere of the football event while driving. Kia has been an official sponsor of FIFA, the global football governing body, since 2007. It will provide transportation, autonomous driving technologie

Dec 9, 2025By Yonhap
Kia launches global promotional campaign for upcoming FIFA World Cup

FTC launches probe into Coupang's complex account deletion process: sources

The Fair Trade Commission (FTC) has launched an investigation into allegations that e-commerce giant Coupang Inc. deliberately made its account withdrawal process complex, officials said Monday. The investigation aims to determine whether Coupang's account deletion procedures violate the Act on Consumer Protection in Electronic Commerce, according to the officials. The probe comes amid criticism that users seeking to delete their Coupang account must complete multiple steps, including entering their password twice, filling out a survey and going through other procedures. At the same time, the FTC has ordered Coupang to submit measures to simplify its account deletion procedures as a preemptive consumer protection measure, noting that the investigation could take months to conclude, the officials said. Additionally, the antitrust regulator is also looking into suspicions that Coupang's terms of service may violate related laws. The terms include a clause stating that the company shall not be liable for any damage caused by a third party's illegal access to or use of its servers. The FTC's s

Dec 8, 2025By Yonhap
FTC launches probe into Coupang's complex account deletion process: sources

Users of Coupang drop by over 1.8 million after data leak: data

Daily active users (DAUs) of e-commerce giant Coupang dropped significantly following its massive security breach, industry data showed Monday. Coupang's DAUs had stood at 16.17 million as of Friday, down more than 1.81 million from a record 17.98 million tallied four days ago, according to the data from IGAWorks, a market tracker. The number of daily users had risen for three consecutive days after Coupang announced on Nov. 29 that personal information of some 33.7 million customer accounts had been breached, before turning downward Tuesday. Industry insiders said the sharp decline may signal that customers are beginning to leave the platform. In contrast, Coupang's local competitors saw their user numbers rise following the massive data breach. DAUs of Gmarket increased by 250,416 the day after Coupang disclosed the leak, the data showed. Other e-commerce platforms, such as Naver and 11Street, also saw slight increases in user activity in December, though exact figures for the two platforms were not available.

Dec 8, 2025By Yonhap
Users of Coupang drop by over 1.8 million after data leak: data

Coupang faces class-action lawsuits in US

Coupang, the nation’s largest e-commerce platform operator, is facing class action lawsuits in the United States following a data breach that compromised the personal information of 33.7 million customers. The litigation follows Coupang Inc.’s recent share-price plunge on the New York Stock Exchange (NYSE), triggered by a widespread backlash and anger over the massive data leak. Coupang Inc. is the parent company of Coupang’s Korean operation, Coupang Corp., which accounts for about 90 percent of the U.S. company’s total sales. SJKP, the U.S. branch of Daeryun Law Firm, said during a press conference in Manhattan on Sunday (local time) that it will announce plans to file a lawsuit in a U.S. court in Seattle seeking punitive damages against Coupang Inc. The lawsuit follows revelations on Nov. 29 that nearly all Coupang customers in Korea had their names, email addresses, phone numbers, delivery information and purchase histories stolen by a former Coupang employee who had access to the company’s database. Daeryun said litigation will proceed simultaneously in Korea and the Unite

Dec 8, 2025By Ko Dong-hwan
Coupang faces class-action lawsuits in US

Burger chain Lotteria opens 1st Malaysia outlet

Lotteria, the burger chain operated by Lotte Group affiliate Lotte GRS, said Monday it has opened its first outlet in Malaysia as part of its overseas expansion strategy. In August, Lotte GRS signed a master franchise agreement with local retailer Serai Group to introduce the brand to the Southeast Asian nation. Under the agreement, the franchisee is authorized not only to open and operate outlets in the designated territory but also to sub-franchise those rights to third parties. Following the launch of the first store, Lotte GRS said it plans to open 30 Lotteria outlets in Malaysia over the next five years. The company also plans to open its first outlet in Singapore next year to accelerate its expansion in Asian markets. Lotte GRS currently operates about 1,300 outlets in Korea and 320 overseas stores in Vietnam, Myanmar, Laos, Malaysia, Mongolia and the United States. It opened its first U.S. outlet in Orange County, California, in August. "We will focus on growing into a global K-franchise company by exploring new markets in Southeast Asia and ensuring stable operations of our first U

Dec 8, 2025By Yonhap
Burger chain Lotteria opens 1st Malaysia outlet

LG Energy Solution lands $1.4 bil. Mercedes-Benz battery deal

LG Energy Solution has secured a $1.4 billion deal to supply electric vehicle (EV) batteries to Mercedes-Benz. The company disclosed on Monday that it has signed a battery supply deal with the German carmaker, with the contract value equivalent to about 8 percent of LG Energy Solution’s revenue last year. The agreement covers battery supplies for Mercedes-Benz EV models in Europe and North America from March 1, 2028, to June 30, 2035. The company noted in the disclosure that “the contract value and terms may be subject to change based on future discussions with the customer.” This follows a large-scale supply deal the two companies signed in September. Under that agreement, the Korean company committed to providing a total of 107 gigawatt-hours (GWh) of batteries to Mercedes-Benz — 75 GWh to an affiliate from July 30, 2029, to Dec. 31, 2037, and 32 GWh to the group from Aug. 1, 2028, to Dec. 31, 2035. The two sides have maintained a close partnership on EV batteries. Last month, LG Energy Solution CEO Kim Dong-myung and chief executives from LG Group affiliates met with Mercedes-B

Dec 8, 2025By Lee Gyu-lee
LG Energy Solution lands $1.4 bil. Mercedes-Benz battery deal

Genesis BBQ establishes European headquarters in Spain

Genesis BBQ has set up its European headquarters in Spain in a joint venture with BLT F&B Group, in a move to tap deeper into the lucrative territory, the Korean fried chicken brand said Monday. The chicken franchise operator said the European market carries symbolic significance for the brand’s full-fledged globalization, as the region is home to the global gourmet industry. Genesis BBQ plans to open a series of flagship stores across major European countries, including Spain, the United Kingdom, France, Poland and the Netherlands. The joint venture will serve as a pivot for the firm’s European logistics network. The brand also underscored that the regional headquarters will focus on sophisticating the firm’s European supply chain management, which will help the brand speed up its localization there. BLT F&B Group is famous for its operation of renowned food brands, such as Domino’s Pizza, in the United States. “Europe is the strategic gateway to complete the globalization of Korean foods,” Genesis BBQ Chairman Yoon Hong-geun said. “We are going to expand the premium value

Dec 8, 2025By Lee Min-hyung
Genesis BBQ establishes European headquarters in Spain
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