Business - The Korea Times

Department stores turn to VIPs to navigate economic slowdown

Department stores in Korea are zeroing in on marketing efforts aimed at VIP shoppers as part of their strategy to navigate the current economic downturn by securing customers who consistently demand luxury goods, regardless of economic conditions. The country’s largest department store chains — Lotte, Shinsegae and Hyundai — are increasingly catering to VIPs, as those shoppers’ contributions to their sales have increased steadily over the past five years. According to industry officials, Lotte Department Store saw its VIP sales jump to 45 percent last year from 35 percent in 2020. Shinsegae Department Store saw the figure rise to 45 percent from 31 percent, while Hyundai Department Store saw an increase to 43 percent from 38 percent during the same period. VIPs are defined differently by each company. Lotte refers to those who spent 10 million won ($7,200) or more each year as VIPs and categorize them into six different classes. Shinsegae VIPs include the top 999 spenders of the year and those who spent 5 million won or more each year, divided into seven different classes. Hyund

Sep 8, 2025By Ko Dong-hwan

Department stores turn to VIPs to navigate economic slowdown

AIA Korea concludes children’s football program with Tottenham coaches

AIA Korea has concluded the AIA-Spurs Children’s Health Football Program in collaboration with Tottenham Hotspur’s Global Football Development coaches, the life insurer said Monday. Now in its third year, this year’s four-day program, which began last Thursday, attracted more than 720 children of AIA customers as well as the firm’s master planners, partners and staff. The program provided a comprehensive football experience, with general sessions for beginners and advanced training for young footballers already in clubs. Participants received professional coaching in fitness, core skills, teamwork and sportsmanship. Each child was given a certificate of completion and a commemorative photo. In this year’s program, around 20 children earned the opportunity to join the AIA-Spurs Elite Football Camp based on their talent and potential. The camp will be held in December at the Maraleina Sports Resort in Koh Samui, Thailand, and will provide a weeklong world-class football development experience under Tottenham Hotspur coaches. The initiative is part of AIA Korea’s “AIA-Only Experi

Sep 8, 2025By Lee Kyung-min

AIA Korea concludes children’s football program with Tottenham coaches

Environment ministry’s proposed oversight of energy policy draws backlash

The Korean nuclear power industry has expressed concern about losing global competitiveness, following Sunday’s announcement of the government’s plan to transfer control of energy policies to the Ministry of Environment from the Ministry of Trade, Industry and Energy. Workers in the affected industry have begun protesting the reorganization plan, while experts fear a potential shift in the focus of energy policies from promoting industry growth to tightening environmental regulations. “We are preparing to hold rallies in front of the presidential office and the National Assembly on Sept. 9, 17 and 19,” a spokesperson of Korea Hydro & Nuclear Power’s (KHNP) union said, Monday. Under the overhaul, the Ministry of Environment will be expanded with a tentative new name — the Ministry of Climate, Energy and Environment — and will take over most energy policy responsibilities, except for resources and overseas construction of nuclear reactors. Once the plan is passed later this month at the National Assembly led by the ruling Democratic Party of Korea (DPK), KHNP and other state-

Sep 8, 2025By Park Jae-hyuk

Environment ministry’s proposed oversight of energy policy draws backlash

Kyochon makes donation to support migrant youth

Popular fried chicken franchise company Kyochon F&B has renewed its efforts to support youth from migrant families with their careers and domestic settlement by donating money and planning support programs. The company said on Monday it donated 16 million won ($12,000) to Migrant Center Friend on Sept. 2. A donation ceremony took place at the Seoul Global Youth Education Center in Yeongdeungpo District. Kyochon's Head of Communication Department Kang Chang-dong and Migrant Center Friend CEO Yoon Young-hwan participated in the ceremony. Kyochon F&B began collaborating with the nonprofit organization last year. The company said it had launched the initiative due to the steady rise in migrant youth numbers. Kyochon F&B and Migrant Center Friend on the same day also signed a memorandum of understanding (MOU) to run support programs for the youth group. Kyung Hee Cyber University joined the MOU as an educational facilitator. Starting this month, 20 local institutes and associations that are currently providing educational support to migrants will share free Kyochon fried chicken with 1,000 st

Sep 8, 2025By Ko Dong-hwan

Kyochon makes donation to support migrant youth

Amorepacific eyes W15 tril. in sales by 2035

Amorepacific on Monday announced its long-term growth strategy to achieve 15 trillion won ($10.77 billion) in sales by 2035, as the beauty and cosmetics giant celebrated its 80th anniversary. According to the company, it held the 80th anniversary ceremony at its headquarters in Seoul's Yongsan District, Thursday, with Amorepacific Group Chairman Suh Kyung-bae presenting his strategy to reach the sales goal, which is more than double last year's sales of 4.26 trillion won. “Over the next decade, we will grow into a leading global beauty and wellness company, posting over 15 trillion won in sales,” Suh said. “We will raise the share of global sales from the current 50 percent to 70 percent and actively foster global mega brands posting more than 1 trillion won in sales. In our core business of premium skin care, we will rise to a global top three company.” Under the slogan of “Creating New Beauty,” Suh said the company will pursue a five-pronged strategy focusing on strengthening its presence in key global markets, enhancing integrated beauty solutions, developing biotechnolog

Sep 8, 2025By Nam Hyun-woo

Amorepacific eyes W15 tril. in sales by 2035

IAA 2025 World’s largest mobility fair set to kick off in Germany

MUNICH — IAA 2025, the world’s most influential mobility exhibition, will kick off its six-day run Tuesday, bringing together global carmakers seeking deeper inroads into the highly lucrative European electric car market. Under the theme of “It’s all about mobility,” participants in this year’s event will focus on promoting their technological prowess in diverse areas, such as electric vehicles (EVs), autonomous driving and advanced in-vehicle technologies. The number and range of participants have widened for IAA 2025 compared to the previous two years. According to the event’s organizer, some 1,000 exhibitors from 39 countries will participate in this year’s fair, up from 750 in 2023. They span from conventional carmakers, including Hyundai Motor, BMW, Mercedes-Benz and Volkswagen, to software firms such as IBM and Google. LG Electronics and Hyundai Mobis will also attend IAA 2025 to showcase their latest auto parts solutions and seek partnerships with more global carmakers. Global auto makers will focus on promoting their vision for compact EVs in line with their growi

Sep 8, 2025By Lee Min-hyung

[IAA 2025] World’s largest mobility fair set to kick off in Germany

Grand Korea Leisure celebrates 20th anniversary

Grand Korea Leisure (GKL) celebrated the 20th anniversary of the company’s foundation, Friday. GKL is the public operator of the country’s largest foreigner-only casino brand, Seven Luck, under the Ministry of Culture, Sports and Tourism. With 150 employees attending the congratulatory event held at Seven Luck casino Gangnam COEX in Seoul, the company introduced a new entertainment platform to enhance its casino operations. “GKL will continue to be the country’s most truthful public company for the next 10 years,” GKL President Yoon Doo-hyun said during the event. “The company will always find a balance between its transparency and profitability. It aims to become Asia’s best in-city tourism platform company by 2035.” GKL was established in Sept. 6, 2005, to strengthen the country’s tourism offerings in anticipation of the "10 million foreign visitors" era, while addressing a chronic downturn in tourism, creating jobs and stimulating economic ripple effects across related sectors. It now operates three Seven Luck Casinos in Korea: Gangnam COEX, Dragon City, Seoul, and Bu

Sep 8, 2025By Jhoo Dong-chan

Grand Korea Leisure celebrates 20th anniversary

Global private equity firms snap up K-beauty assets

Global private equity firms are snapping up beauty-related companies in Korea, driven by growing consumer demand across the world, industry officials said Sunday. KKR, a leading global private equity firm, said Thursday that it has acquired Samhwa for 733 billion won ($527.5 million) from TPG Capital Asia. Established in 1977, Samhwa specializes in producing plastic containers and pumps used to dispense cosmetic products. Last year, the company recorded 186.8 billion won in revenue and 31.4 billion won in operating profit. The acquisition is driven by KKR’s recognition of Samhwa’s unique competitive edge and the growing global demand for K-beauty products. Around 60 percent of its sales come from multinational clients such as L'Oreal, Estee Lauder, Chanel and LVMH. On Tuesday, Blackstone said that it signed a definitive agreement to make a significant investment in Juno Hair, Korea’s largest hair salon franchise. While the investment amount was not disclosed, industry sources said the private equity firm valued the company at approximately 800 billion won. Founded in 1982 with its f

Sep 8, 2025By Lee Yeon-woo

Global private equity firms snap up K-beauty assets

Musinsa advances into Malaysia's offline cosmetics market

Musinsa, a Korean fashion platform, said Monday it has entered Malaysia's offline cosmetics market with its private-label products as part of its global expansion strategy. Musinsa signed a deal in the first half of the year with Guardian Malaysia, a health and beauty store chain, to supply its Oddtype cosmetics line starting in August, the company said in a press release. Guardian Malaysia operates more than 500 outlets nationwide. Under the deal, Musinsa will supply 28 Oddtype products to 100 Guardian stores by June next year. It marks the second time Musinsa has introduced Oddtype products through an overseas retail partner, following Japan last year. "We are also planning to expand into the offline cosmetics markets in Singapore and Thailand through partnerships with local companies," a company official said. Separately, Musinsa plans to open its own offline stores in China later this year and in Japan next year. The company currently offers about 8,000 Korean fashion brands on its online platform and operates several offline stores domestically. Of those brands, some 3,000 are also avai

Sep 8, 2025By Yonhap

Musinsa advances into Malaysia's offline cosmetics market

LIG Nex1 opens representative office in Europe

LIG Nex1, a Korean precision-guided missiles and weapons manufacturer, said Monday it has opened a representative office in Europe as part of its effort to strengthen its presence in the region. An opening ceremony was held Thursday (local time) in Munich, Germany, with LIG Nex1 Chief Executive Officer (CEO) Shin Ick-hyun, German government officials and local defense industry representatives in attendance, the company said. The new office aims to build networks and strengthen strategic partnerships with European defense firms, as well as pursue collaboration in research and development, manufacturing and marketing. LIG Nex1 said the office will also allow it to offer Europe-tailored solutions in guided weapons, command-and-control communications and electronic warfare. "Our longtime efforts for overseas business have led to a global network with regional hubs in Europe, the Middle East, Asia, South America and the United States," a company official said. "We will secure future growth engines through global collaborations."