Business - The Korea Times

APR sees sales hike in Ulta Beauty after 3 months

Major cosmetic and beauty device company APR has seen a notable sales surge at leading U.S. beauty retailer Ulta Beauty in recent months, underscoring the global popularity of its signature brand, Medicube. The Korean company said Thursday that Medicube’s latest monthly sales at Ulta Beauty’s online and offline channels jumped 30 percent from three months earlier, when APR began supplying products to the U.S. retailer. APR signed a supply deal with Ulta Beauty in May and began shipments of 22 different Medicube products. Ulta Beauty began selling the brand in August through its online store and across 1,400 brick-and-mortar locations nationwide. Medicube quickly climbed the sales rankings at Ulta Beauty, driven by top-sellers such as Zero Pore Pad, which has sold more than 100,000 units, and the PDRN Pink Collagen Gel Mask, which has surpassed 600,000 units. By October, Medicube dominated the skincare category on Ulta Beauty’s online platform and ranked third overall among products sold at its stores. APR said the performance demonstrates Medicube’s competitiveness not only among

Nov 21, 2025By Ko Dong-hwan

APR sees sales hike in Ulta Beauty after 3 months

Kia’s PV5 wins 2026 International Van of the Year award

Kia’s all-electric PV5 commercial van has won the 2026 International Van of the Year (IVOTY) award in recognition for its proven usability, operational efficiency and advanced safety, the carmaker said Thursday. The PV5 is the Korean carmaker’s first-ever Platform Beyond Vehicle (PBV), or purpose-built vehicle. The electric van received the honor at the IVOTY Award Gala during the SOLUTRANS 2025 trade fair in Lyon, France, following a unanimous decision by a group of 26 leading commercial vehicle journalists across the globe. The award breaks new ground as Asia’s first electric van and the first Korean model to receive the honor. The PV5 was unveiled for the first time during the CES tech fair in Las Vegas in January 2024. Kia has touted the vehicle’s versatility due to its interchangeable body modules. “Congratulations to Kia for winning the prestigious 34rd International Van of the Year Award,” said Jarlath Sweeney, chairman of the IVOTY jury. “The PV5 sets a new benchmark for innovation, efficiency and all-around capability in the light commercial vehicle segment.” The

Nov 20, 2025By Lee Min-hyung

Kia’s PV5 wins 2026 International Van of the Year award

Turtle Chips expand to 5 continents with UAE, Africa debut

Orion's popular snack Turtle Chips has secured shelf space in South Africa and the United Arab Emirates, expanding its global footprint to five continents and 30 countries. The major snack and confectionery company said Thursday that SPAR, a large retail distributor with a strong presence in key South African cities including Cape Town and Johannesburg, began selling Turtle Chips earlier this month. Three different flavors are available at SPAR’s 300 premium stores across the country. Orion’s expansion into South Africa follows the Korean firm’s participation in the Africa Food Show, a global food exhibition held in Cape Town in June. Drawing strong attention at the event, Turtle Chips helped Orion secure a supply deal with SPAR, which operates 850 retail outlets nationwide. The exhibition also opened doors for the company to negotiate additional supply contracts with three other distributors in South Africa. Orion said South Africa offers high market potential, as the country accounts for an average of 15 percent of the continent’s total gross domestic product. More than 60 per

Nov 20, 2025By Ko Dong-hwan

Turtle Chips expand to 5 continents with UAE, Africa debut

POSCO International to invest $862 mil. in Indonesian palm oil business

POSCO International completed the full value chain of its palm oil business through the acquisition of an Indonesian plantation company and the completion of a palm oil refinery in the Southeast Asian nation. The trading and energy arm of POSCO Group said Thursday that its Singapore-based subsidiary acquired a 65.72 percent stake in Sampoerna Agro for $566 million. The total investment is expected to reach up to $862 million, given Indonesia’s financial regulations requiring POSCO International to make a tender offer for the remaining shares held by minority investors. “With this acquisition, POSCO International has added 128,000 hectares to its existing Papua plantations, bringing its total global agricultural base to 150,000 hectares,” a POSCO International official said. POSCO International began developing palm oil plantations in Indonesia’s province of Papua in 2011 and started commercial production in 2016. It now operates three crude palm oil mills that produce a combined 210,000 tons annually. Because the newly acquired plantations are already in full production, the compa

Nov 20, 2025By Park Jae-hyuk

POSCO International to invest $862 mil. in Indonesian palm oil business

InterviewGlobal fashion brands get more purposeful, look beyond trends

Global fashion brands have become more purposeful in introducing new trends, focusing not only on aesthetics but also on functionality and sustainability, according to the chief of Hansae New York Design Center. Paul Passavant, who heads the research and development arm of the Korean fashion original design manufacturer (ODM) Hansae, works close to the headquarters of major global brands in New York including Ralph Lauren, Marc Jacobs, Coach and Calvin Klein, in a cluster of roughly 900 fashion firms. Based on Midtown Manhattan’s 7th Avenue, he frequently meets representatives from neighboring companies, and his location at the epicenter of the global fashion industry allows him to observe how influential brands are shifting and what trends capture their interest in real time. He said that brands today differ from the past, when they "leaned more toward rapid trend turnover." Now they focus on purposeful design, balancing style, function, sustainability and emotional resonance. He added that brands increasingly emphasize authentic storytelling and seasonal narratives, while innovatin

Nov 20, 2025By Ko Dong-hwan

Global fashion brands get more purposeful, look beyond trends

FTC conducts on-site investigation of Arm office in Seoul over alleged unfair market practices: sources

Korea's antitrust watchdog has conducted an on-site investigation at Britain-based chip designer Arm's office in Seoul over its licensing dispute with U.S. semiconductor manufacturer Qualcomm, sources said Wednesday. The Fair Trade Commission (FTC) recently conducted the inspection as part of its ongoing scrutiny over suspicions that Arm is undermining fair competition by limiting access to its technologies for chip architecture after having maintained an open network for years, the sources familiar with the matter said. The investigation was reportedly opened after Qualcomm filed a complaint against Arm with antitrust regulators of Korea, the United States, the European Union and others in March over such allegations. The complaint was filed after Arm restricted Qualcomm from using Arm licenses owned by chip design firm Nuvia, which was acquired by the U.S. company in 2021, without its consent. In September, a U.S. federal court ruled in favor of Qualcomm in its license dispute case against Arm. The FTC declined to comment on the case.

Nov 19, 2025By Yonhap

FTC conducts on-site investigation of Arm office in Seoul over alleged unfair market practices: sources

Renault Korea bolsters hybrid portfolio with Grand Koleos, Arkana

Renault Korea is on track to strengthen its brand identity as one of the nation’s most reliable hybrid carmakers, establishing the powertrain as the firm’s key growth pillar. According to data from the carmaker, it sold a total of 4,767 hybrid cars in October, accounting for 66.2 percent out of its total vehicle sales during the same period. This was enabled by solid sales of the carmaker’s flagship Grand Koleos SUV and Arkana compact SUV. The Grand Koleos mid-size SUV has been a major cash cow for the automaker since its launch in September 2024. The vehicle revived the automaker's business here, with its accumulated sales reaching 51,550 by the end of last month. In October, the Grand Koleos E-Tech hybrid model accounted for 87.9 percent of the vehicle’s total sales, underscoring the quality and popularity of the carmaker’s hybrid powertrain, the company said. Renault Korea’s hybrid cars come with a number of benefits in terms of its soft driving performance and high fuel efficiency. The vehicle exudes an output of 245 horsepower and certified fuel efficiency of 15.7 kilomet

Nov 19, 2025By Lee Min-hyung

Renault Korea bolsters hybrid portfolio with Grand Koleos, Arkana

Cadillac Korea launches all-electric Escalade IQ SUV

Cadillac Korea has launched the all-electric version of its top-of-the-line luxury SUV — the Escalade IQ — featuring the longest driving range among electric vehicles (EVs) available for sale here, the carmaker said Wednesday. The vehicle is capable of driving up to 739 kilometers on a single charge, powered by a large 205 kilowatt-hour (kWh) battery, but the range will rise to around 900 kilometers in actual road conditions, according to the carmaker. The vehicle’s battery is manufactured at Ultium Cells in the United States, a joint venture between General Motors (GM) and LG Energy Solution. The Escalade IQ is the first vehicle with GM Korea’s much-hyped Super Cruise hands-free driving assistance system. Korea is the third country where GM has introduced its patented advanced driver assistance technology, following North America and China. John Roth, global vice president at Cadillac, expressed hopes for the luxury carmaker to launch the new SUV in Korea. “The Korean customers are very sophisticated and very deserving, so I cannot think of a better market,” the Cadillac exec

Nov 19, 2025By Lee Min-hyung

Cadillac Korea launches all-electric Escalade IQ SUV

Import-reliant food industry sweats under strong dollar

Cost pressures are mounting across Korea's import-heavy food sector as the won continues to weaken against the dollar and domestic demand remains sluggish, industry officials said Wednesday. With the government pushing back against price hikes, manufacturers are squeezed between eroding margins and limited room to maneuver — whether by raising prices or shrinking product sizes. Most Korean food companies hedge against currency swings by stockpiling several months' worth of raw materials. But that buffer has eroded after a prolonged period of dollar strength, fueled by escalating geopolitical tensions and U.S. trade tariffs. The won has weakened from the low-1,400s in early September to around 1,460 per dollar as of Wednesday. Export-oriented firms can cushion currency losses by converting overseas earnings into won, but domestically focused companies are bearing the full brunt of rising import costs. Only 31.9 percent of raw materials used by Korean food manufacturers in 2023 were domestically sourced, according to a February report from the Korea Agro-Fisheries & Food Trade Corp., leav

Nov 19, 2025By Lee Yeon-woo

Import-reliant food industry sweats under strong dollar

CJ Olive Young to open 1st US store in California next year

CJ Olive Young will open its first U.S. store in Pasadena, California, next May, the company announced Wednesday, as global interest in K-beauty continues to grow. The United States, the world’s largest beauty market and home to major retailers such as Sephora and Ulta Beauty, has become one of the most competitive battlegrounds for cosmetic brands. Against this backdrop, CJ Olive Young plans to introduce a K-beauty-focused store tailored to U.S. consumers. The Pasadena store will be located in a fashion- and beauty-focused district, targeting trend-conscious local millennials and Gen Z consumers. Pasadena, about 18 kilometers northeast of Los Angeles, is a small city with a high-income population and several research institutions, including the California Institute of Technology. Following the opening of its first store, CJ Olive Young plans to expand across California. The U.S. location will serve as a “K-beauty showcase,” offering products and experiential services based on data from Korean Olive Young stores and its global online mall. The company is in talks with more than 40

Nov 19, 2025By Ko Dong-hwan

Companies