The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Children, pregnant women executed, tortured in North Korea: report

  • 3

    INTERVIEWForeign-born entertainers seek to revolutionize local industry

  • 5

    College students turn to 1,000 won breakfast to beat inflation

  • 7

    Rare Joseon-era map returns home from Japan

  • 9

    Celebrity chef Paik Jong-won takes his business skills to next level with 'The Genius Paik'

  • 11

    Carmakers unveil latest models at Seoul Mobility Show

  • 13

    Japanese top visitors to Korea in 2023 as tourism rebounds

  • 15

    Chun Doo-hwan's grandson to visit May 18 National Cemetery

  • 17

    Donald Trump indicted; 1st ex-president charged with crime

  • 19

    Gwangju's popular Alleyway restaurant resurrects

  • 2

    IU says she was excited to share screen with Park Seo-joon in 'Dream'

  • 4

    Korea to scrap customs form for travelers without dutiable goods

  • 6

    NewJeans, Apple join hands to bring immersive audio experience

  • 8

    Korean aesthetics, spirit live on at Gyeongbok Palace

  • 10

    South Korea nominates new ambassador to US

  • 12

    Seventeen to drop new EP next month

  • 14

    INTERVIEWSouth Korea needs to make decision on sending lethal aid to Ukraine : CNAS CEO

  • 16

    Hyundai, BMW and Ford to recall over 12,000 vehicles over faulty parts

  • 18

    BLACKPINK, TXT, Stray Kids: K-pop stars headline international music festivals

  • 20

    Law denying fathers birth registration of extramarital children ruled unconstitutional

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
Sat, April 1, 2023 | 01:44
Retail & Food
Retail companies to reorganize business structure
Posted : 2020-02-10 18:04
Updated : 2020-02-10 19:11
Kim Jae-heun
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
By Kim Jae-heun

LF President & CEO Koo Bon-keul
LF President & CEO Koo Bon-keul
Retail companies are reorganizing their respective business structures to cope with a rapidly changing ecosystem in the industry.

Expanding concerns over the spread of the coronavirus have brought uncertainties in corporate management, which has led many ― including the likes of LF Corporation, LG Household & Health Care and AmorePacific ― to either integrate or separate their subsidiaries.

LF Corporation (LF) is strengthening its food and beverage (F&B) business in an effort to transform the firm into a lifestyle company.

In 2007, LF established LF Food to launch a seafood buffet restaurant "Makino Chaya" and Japanese ramen brand "Hakoya." Ten years later, LF Food acquired international food material distributing company "Mono Link" to trade items in both business-to-business (B2B) and business-to-consumer (B2C) sectors.

Established in 2000, Mono Link has been importing international ingredients from various countries including Japan, Thailand and Vietnam. They trade directly with local companies to offer a fair market price while providing free cooking programs for restaurant owners. Its revenue has been growing 30 percent every year, reaching 100 billion won last year.

Mono Link has been operating separately from LF Corporation's other subsidiaries until now, but it will come under one management system starting March 1.

Monolink's online food shopping mall "Mono Kitchen" has also posted a notice stating that it will transfer customers' personal information to LF Food, meaning that the distribution company will join the group congregating LF Food's affiliates.

By streamlining and realigning its business structure, LF is aiming to achieve a "synergy effect" between subsidiaries in various sectors and become the leader in the local F&B sector.

LF has recently acquired Koramco Reits & Trust to enter the field of mortgage loans. It has also merged and acquired 10 firms to advance into the online distribution and cosmetics sectors too. It also bought bakery and coffee shop "Publique" in 2015 and acquired the trademark rights of popular premium burger brand "Kraze" in 2017.

Meanwhile, LF Corporation is planning to separate its three fashion brands; TNGT, Blue Lounge and Il Corso, into independent corporations.

"The three brands run their business mainly on the street, which is quite different from other brands that operate stores at shopping malls. Also, their main target customers are in their 20s and 30s, which requires quick decision-making," an LF Corporation official said.

LF President & CEO Koo Bon-keul
LG Household and Health Care CEO and Vice Chairman Cha Suk
LG Household & Health Care (LG H&H) and AmorePacific are also reorganizing their business structure to reinforce the efficiency of subsidiaries.

In January, LG H&H has incorporated American health and beauty company New Avon into its U.S. branch. The household and health care company acquired New Avon last year to further expand its business in the American market.

"By incorporating New Avon under our U.S. branch, we can better manage the American firm and reduce business risks and taxation," an LG H&H official said.

LG H&H has also announced that it will put OBM Lab under its managerial system, which supplies raw materials for the company's luxury cosmetics brand "The History of Whoo." The household and health care company hopes this will allow a stable supply of materials and tighten the security of commercial confidentiality.

Since OBM Lab has been providing the raw materials for Whoo and another luxury cosmetic brand "Sooryehan," LG H&H achieve 2 trillion won in sales for the first time as domestic cosmetics company in 2018.


Last October, AmorePacific separated its beverage brand O'sulloc into an independent corporation.

The company official said the move was meant to improve business expertise and efficiency.

An industry source said the corporations' efforts to reorganize their business structures can be seen as a move to maximize synergy between subsidiaries.

"Due to the coronavirus incident, companies need management systems that can receive feedback in a timely manner and give orders to cope with rapidly changing environments," the source added.


Emailjhkim@koreatimes.co.kr Article ListMore articles by this reporter
 
Top 10 Stories
1Gwangju's popular Alleyway restaurant resurrectsGwangju's popular Alleyway restaurant resurrects
2[INTERVIEW] North Korean defectors bear brunt of remittance scams INTERVIEWNorth Korean defectors bear brunt of remittance scams
3Chun Woo-won apologizes to Gwangju victims, calls grandfather 'criminal' Chun Woo-won apologizes to Gwangju victims, calls grandfather 'criminal'
4Koreans warned against making inappropriate videos in ThailandKoreans warned against making inappropriate videos in Thailand
5Ambassador offers taste of Ghana to Korea Ambassador offers taste of Ghana to Korea
6Korea ready to greet BIE inspection team Korea ready to greet BIE inspection team
7Gimpo airport to launch care service for dogs Gimpo airport to launch care service for dogs
8Yoon gov't disputes Japanese media's claims about summit Yoon gov't disputes Japanese media's claims about summit
9Mirae Asset, SK Telecom team up for security token businessMirae Asset, SK Telecom team up for security token business
10Regulators urge financial groups to minimize interest rate hikesRegulators urge financial groups to minimize interest rate hikes
Top 5 Entertainment News
1IU says she was excited to share screen with Park Seo-joon in 'Dream' IU says she was excited to share screen with Park Seo-joon in 'Dream'
2[INTERVIEW] Foreign-born entertainers seek to revolutionize local industry INTERVIEWForeign-born entertainers seek to revolutionize local industry
3NewJeans, Apple join hands to bring immersive audio experience NewJeans, Apple join hands to bring immersive audio experience
4Celebrity chef Paik Jong-won takes his business skills to next level with 'The Genius Paik' Celebrity chef Paik Jong-won takes his business skills to next level with 'The Genius Paik'
5BLACKPINK, TXT, Stray Kids: K-pop stars headline international music festivals BLACKPINK, TXT, Stray Kids: K-pop stars headline international music festivals
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group