Business - The Korea Times

Retailers hit home run with baseball-themed merchandise

Merchandise linked to professional baseball is energizing sales across Korea’s department stores and convenience stores, as the sport continues to draw large crowds to stadiums, television screens and online platforms throughout the season. Since the launch of the Korea Baseball Organization (KBO) in 1982, the sport has enjoyed steady nationwide popularity, giving rise to a thriving retail market. Capitalizing on this, retailers have rolled out a variety of products inspired by popular teams and players — a strategy that has delivered strong results. With KBO attendance growing at a double-digit pace since 2022, the market outlook remains promising as long as the league maintains fan enthusiasm. Since last year, Hyundai Department Store has hosted pop-up stores themed around each of the KBO’s eight teams, generating a cumulative 2.6 billion won ($1.9 million) in sales over a total of 84 days, an average of 31 million won in daily revenue. That figure is 55 percent higher than the average daily sales of fashion brand pop-ups. In May, The Hyundai Seoul’s flagship store in Yeouido

Jul 8, 2025By Ko Dong-hwan

Retailers hit home run with baseball-themed merchandise

Samsung Electronics to repurchase $2.85 bil. worth of treasury stocks

Samsung Electronics said Tuesday it will repurchase 3.9 trillion won ($2.85 billion) worth of treasury stocks to improve shareholder value and provide compensation to its employees. At its board meeting, the company decided to retire around 56.89 million common stocks and 7.83 million preferred shares, based on the previous day's closing prices of 61,700 won and 51,300 won, respectively, according to the company in a regulatory filing The buyback will take place from Wednesday through Oct. 8. Of the total, 2.8 trillion won worth of shares will be canceled to boost shareholder value, while the remaining 1.1 trillion won will be allocated for employee bonuses, the company said. The latest repurchase completes Samsung Electronics' plan announced in November to buy back a total of 10 trillion won worth of its own shares over a one-year period. As the first step, the company bought back 3 trillion won worth of shares in November and canceled the entire amount three months later. In February, it repurchased another 3 trillion won in shares, of which 2.5 trillion won was designated for cancellati

Jul 8, 2025By Yonhap

Samsung Electronics to repurchase $2.85 bil. worth of treasury stocks

Samsung Electronics estimates 56% drop in Q2 operating profit on chip slump, US trade policies

Samsung Electronics on Tuesday estimated its second-quarter operating profit plunged 55.9 percent from a year earlier due to sluggish chip business and the fallout from U.S. trade policies, missing market expectations. The world's biggest maker of memory chips expected an operating profit of 4.59 trillion won ($3.4 billion) for the quarter ending in June, sharply down from 10.44 trillion won a year earlier, according to an earnings guidance released by Samsung Electronics. From the previous quarter, operating profit sank 31.2 percent from 6.69 trillion won. The operating profit was 23.4 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Revenue edged down 0.1 percent to 74 trillion won. The data for net earnings was not available. In a separate release, Samsung Electronics attributed the sharp on-quarter decline in profit to inventory replenishments and the impact of the U.S. ban on exports of advanced AI chips to China. For the upcoming quarter, Samsung Electronics expects a rebound in demand and sales of premiu

Jul 8, 2025By Yonhap

Samsung Electronics estimates 56% drop in Q2 operating profit on chip slump, US trade policies

InterviewWhy Korean firms struggle to become global players

Many Korean companies aspire to expand overseas, but relatively few succeed. According to a 2024 survey by the Ministry of SMEs and Startups, only 26.1 percent of venture companies were exporters. Among them, just 21.1 percent had established a physical presence abroad. Large conglomerates and financial holding companies more frequently expand into other countries, but gaining recognition as a global brand is a different story. Klaus Wehage, CEO of 10X Innovation Lab and chief strategy officer of Global Copilot, said the challenge is significant when a company’s mindset has been shaped entirely around the Korean market. "How do you transition from being a very successful market leader in Korea to becoming a global market leader?" Wehage said in a recent video interview with The Korea Times. "You have to reengineer the organization. And part of that is also reengineering your own mindset as a leader. Very few Korean founders or CEOs are able to do that effectively. That's why, in my view, the success rate for Korean companies remains relatively low." Wehage is a serial entrepreneur and st

Jul 8, 2025By Lee Yeon-woo

Why Korean firms struggle to become global players

GM Korea's labor dispute intensifies over possible walkout, facility sale tensions amid US tariff woes

An ongoing labor dispute at GM Korea, the Korean unit of General Motors, has escalated as the union secured the legal right to strike following a breakdown in wage negotiations, sources said Monday, fueling concerns that the American auto giant may scale back its production in Korea amid the threat of U.S. auto tariffs. According to the sources, the National Labor Relations Commission earlier in the day suspended its mediation of wage negotiations between GM Korea's management and the union, citing deep differences in the positions between the two sides. The suspension legally allows the union to begin collective action, intensifying a standoff already marked by widespread worker opposition to the company's plan to sell GM's Korean service centers nationwide and unutilized facilities at its plant in Bupyeong in Incheon, west of Seoul. The union has demanded the withdrawal of the asset sale plan as a precondition for the wage negotiations. In a vote carried out last month, 88.2 percent of GM Korea's 6,851 union members voted in favor of a walkout, the highest approval rate for a strike in

Jul 7, 2025By Yonhap

GM Korea's labor dispute intensifies over possible walkout, facility sale tensions amid US tariff woes

Han Sung Motor hosts ‘culture voyage’ event with actress Lim Ji-yeon

Han Sung Motor, the official dealership for Mercedes-Benz, held its customer appreciation event — Culture Voyage — with actress Lim Ji-yeon, who was invited as the program’s inaugural ambassador, the company said Monday. The event marked the launch of a series of cultural programs designed to connect influential figures from the fields of culture, arts and sports with Han Sung Motor’s valued customers, the company said. The dealership organized the program in commemoration of its 40th anniversary. Lim received a Mercedes-Maybach S 580 luxury sedan as the first ambassador for the program. The dealership also invited a group of guests — primarily VIP customers — to its showroom in Seoul. Culture Voyage is a premium invitation-only program that allows customers to engage with leading figures in culture, arts and sports. The program aims to deepen customer engagement and enrich the brand experience through meaningful cultural connections with iconic stars, according to Han Sung Motor. “It is a true honor to take part in Han Sung Motor’s 40th anniversary as the first ambassado

Jul 7, 2025By Lee Min-hyung

Han Sung Motor hosts ‘culture voyage’ event with actress Lim Ji-yeon

Korean Air stands at forefront of global aerospace industry

Korean Air has established itself as a pivotal player in the global aerospace industry, supplying major structural components to aircraft manufacturers such as Boeing and Airbus, and tightening its competitiveness in the defense and maintenance sectors. The flag carrier made its foray into the aircraft component manufacturing sector in 1986 by producing wing structures for the Boeing 747 passenger jet. The airline has since diversified its parts supplies to a broader range of Boeing aircraft series, including the 717, 737, 767, 777 and 747-8. Korean Air started gaining global recognition in the aircraft component manufacturing sector in 2004, clinching a joint parts development agreement with Boeing for the 787 Dreamliner. The airline delivered its first structural parts to the aircraft in 2007 and has since done so for more than 1,200 Dreamliner jets. Currently, Korean Air produces five key components for the Boeing 787, including the rear fuselage, raked wingtips, flap support fairings and afterbodies. With the global aviation industry entering a major recovery phase following the COVI

Jul 7, 2025By Lee Min-hyung

Korean Air stands at forefront of global aerospace industry

Tetra Pak draws BLACKPINK fans to recycling mission in Goyang

Tetra Pak Korea, a food and beverage packaging company, promoted its recyclable water cartons to BLACKPINK fans gathered for the group's concert on the weekend to raise awareness about the need to host K-pop events more sustainably by reducing waste and environmental impact. Approximately 80,000 aseptic water cartons were prepared for visitors at Goyang Stadium in Gyeonggi Province, where the K-pop girl group held its concert on Saturday and Sunday. Tetra Pak Korea set up a special booth outside the venue to promote the initiative. Over the two days, Tetra Pak Korea collected discarded cartons for recycling, placing eight bins outside the stadium and 13 inside to encourage proper disposal. “Our initiative came as YG Entertainment was searching for a concert-related product idea that has both sustainable value and design strength for its artists," a Tetra Pak Korea official said, referring to the band's managing company. "YG and our company agreed to use the carton we made because its packaging material makes it easy to apply design and can be effectively recycled.” According to the co

Jul 7, 2025By Ko Dong-hwan

Tetra Pak draws BLACKPINK fans to recycling mission in Goyang

BLACKPINK sets Goyang ablaze with historic stadium tour kickoff, debuts new track 'JUMP'

PHOTO Korea Import Fair kicks off

Participants in the 2025 Korea Import Fair cut the ribbon together during the opening ceremony at COEX in Seoul, Monday. The Korea Importers Association (KOIMA) said over 200 producers and brands from more than 40 countries will showcase food products, consumer goods and various other items to importers and consumers here until Wednesday. In partciular, China's Alibaba.com will help Korean exporters and importers find business opportunities during this annual event. Courtesy of KOIMA

Jul 7, 2025By Park Jae-hyuk

Abu Dhabi paves road to investment for Seoul

The government of the United Arab Emirates and the country’s largest international trade and economic zone facilitating company urged investments in the Middle Eastern economic powerhouse during a gathering with representatives of Korean businesses in Seoul on Friday. They introduced the country's business opportunities at the UAE Business Forum, jointly hosted by the UAE Embassy in Seoul, Khalifa Economic Zones Abu Dhabi (KEZAD) Group, The Korea Times and UAE Youth Councils. The event was the latest edition of the newspaper's Global Business Club, a series of investor-oriented networking initiatives. The UAE government, represented by the country’s Ministry of Foreign Affairs, said investing in the UAE is safeguarded by the country’s investor-friendly legislation and transparent regulatory guidelines. A stable environment and increased diversification of non-oil sectors are other local merits, according to the authority. Kawthar Al Kharoossi, acting head of the investment promotion and facilitation section under the ministry, said the country’s gross domestic product (GDP) and n