Most Popular
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Samsung under pressure after Intel's foundry spin-off: analysts
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Yoon leaves for Prague to cement nuclear energy push
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Heavy rain to fall nationwide over weekend, but warmer fall expected
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Seoul chastises predatory pricing claims over Czech nuclear export deal
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YouTuber under fire for consoling former singer accused of bullying
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NK newspaper 'unusually' silent on new missile tests: Seoul
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Samsung CEO introduces ‘bold growth’ as new target
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Bank of Korea eyes rate cut after US Fed's historic pivot
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3 suspects apprehended for selling celebrity deepfake porn: police
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Hyundai Motor officially becomes KT’s largest shareholder
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S. Korean retailers on real estate shopping spree
South Korean retail companies have been on a shopping spree recently, purchasing real estate in Seoul’s major commercial districts and preparing for new business development. According to data from the Financial Supervisory Service, on May 31 fashion company CreaS F&C finalized the purchase of 1,950 square meters of land and a 9,338-square-meter building in Nonhyeon-dong, within Seoul’s Gangnam-gu. Based on the deal worth 130 billion won ($103.6 million), the firm stated that
June 8, 2022
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Duty-free shops see customers return as tourism normalizes
With the arrival of the coronavirus pandemic’s endemic phase, South Korea’s duty-free shops are starting to see their long-awaited business recovery with a growing number of group tours, industry sources said Tuesday. According to a Lotte Duty Free official, some 150 tourists from Malaysia shopped at the Myeongdong branch for an hour on Tuesday before returning to their country. “It’s the first time in two years since COVID-19 started that a group of over 100 tourists
June 7, 2022
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McDonald’s McWings makes a comeback
Fast-food chain McDonald’s Korea said Monday that it has relaunched its limited edition side menu McWings. McWings is a fried chicken snack that comes with a complimentary dipping sauce. First released in 2014, McWings created a fad in 2019 when it sold out earlier than expected. It has since become a favorite seasonal menu among chicken maniacs for its crispiness and salty flavor, according to the burger franchise. “McDonald’s is presenting a wide range of chicken menus, i
June 6, 2022
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Mom’s Touch in search for new owner
South Korean chicken burger chain Mom’s Touch is searching for a new owner following its delisting from the nation’s second bourse Kosdaq on Tuesday. Its largest shareholder, local private equity firm Korea F&B Holdings, plans to buy shares at 62,000 won apiece for the next six months in order to protect minority shareholders. Following its delisting, industry watchers say sell-off talks are also expected to gain momentum. “Listed companies have legal obligations suc
June 3, 2022
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JM Solution’s skin care products hit European market
JM Solution, the skin care brand from South Korean cosmetics company GP Club, said Thursday that it has recently started supplying products in Europe through local retailers. Its Believe in Nature face mask line is the first to hit the European market. The firm said it will continue diversifying its product lineup in phases. For the latest European push, the firm has partnered with two German retailers, Muller and dm-drogerie markt, which boast a combined 4,359 stores in 15 countries in Euro
June 2, 2022
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[Photo News] World of Doughnuts
Doughnuts of various colors and ingredients are on display at a cafe and bakery fair held in Suwon, Gyeonggi Province, Thursday.
May 26, 2022
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Dongsuh Foods gives back to society through literary awards and more
Dongsuh Foods Corp. has sought to give back to society by holding literary contests, professional Go championships, and donating books to elementary school libraries. For the past three decades, the instant coffee giant has discovered thousands of female literary talents through its biennial contest. Some 240,000 pieces of literary work have been submitted to the Dongsuh Literary Awards, and about 6,000 writers have been awarded. Some 18,000 pieces were received for the 15th Dongsuh Literary Aw
May 26, 2022
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S. Korea becomes world’s 10th largest luxury market: report
With Millennials and Generation Z -- those born from the 1980s onward -- emerging as major players in the luxury industry, South Korea ranked No. 10 in high-end fashion transactions last year, a report showed Wednesday According to Samjong KPMG, a Seoul-based consulting firm, the country’s luxury goods market size soared on-year by 29.6 percent to $5.8 billion in 2021. By 2024, it is projected to exceed $7 billion. Foreign luxury brands in major department stores in South Korea have see
May 25, 2022
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Lotte Group to inject W38tr for health, mobility and more shopping malls
South Korean retail giant Lotte Group said Tuesday it is poised to inject 38 trillion won ($30 billion) over the next five years in the new growth-engine sectors -- health and wellness, mobility, and sustainability -- and core industry segments including chemical, retail and travel business. Following its recent announcement to enter the biomedical contract development and manufacturing organization business, the company will pour some 1 trillion won into building a new bio factory in the coun
May 24, 2022
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Coway launches customizable bed frame
South Korean furniture and home appliance brand Coway said Friday that it has launched a new customizable bed frame product to reflect consumer trends shifting towards personalization. The product, Coway My Frame, allows consumers to customize the bed’s color, height and design. They can choose from a wide range of color and style combinations for the bed frame‘s headboard and sideboard, according to the furniture maker. Customers can alter the design later to accommodate lifestyl
May 23, 2022
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3 more Paris Baguette stores open in Indonesia
SPC has opened three more Paris Baguette stores in Indonesia, the South Korean food and bakery company said Wednesday. According to SPC, two of the new stores are located at shopping malls in the country‘s capital Jakarta and the other is in South Tangerang. The latest opening of the bakery cafe came two months after the company’s fourth Paris Baquette store began operation in Bekasi in March. The first Paris Baguette in the Southeast Asian country opened in November 2021, shor
May 18, 2022
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DAV International to release new collagen supplement
Local health product and cosmetics retailer DAV International said Tuesday that it has launched a collagen powder product that contains eight different vitamins and minerals. The product, All-in-one Daily Small-molecule Marine Collagen, not only supplies collagen to the skin, but contains vitamins essential to rejuvenate one‘s health. The company added more vitamin ingredients than are seen in other products, which usually have four, said a company official. The product is made up of t
May 11, 2022
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Single-person households spend more on alcohol: report
South Korea’s single-person households proportionally spent more on alcohol than households with two or more people last year, a report showed Sunday. According to the Korea Rural Economic Institute’s report that analyzed the Statistics Korea’s data from 2021, single-person households spent 10.6 percent of their processed food spending on buying alcoholic beverages, whereas households with two or more people allocated 7.3 percent. The report showed that younger people living
May 8, 2022
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Lotte trademarks Lotte Biologics in new bio push
South Korea’s retail giant Lotte Group has registered the trademark of “Lotte Biologics” with the Korean Intellectual Property Office, signaling the conglomerate’s official enter the bio industry. According to the KIPO, Lotte Holdings applied for Lotte Biologics’ patent last week with business areas including customized manufacturing of biopharmaceuticals, drug processing and medical diagnostic devices for virus testing. “Registering the trademark of Lotte
May 5, 2022
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11st CEO pledges to enhance corporate value before IPO
Aiming to become a next Coupang, e-commerce platform 11st said Wednesday that it would work on raising its corporate value before its market debut slated for next year. “Based on our premium e-commerce service and joint membership service with SK Telecom, we will expand our business, boost sales and garner traction within the market this year,” said Ha Hyung-il, CEO of 11st. Ha said the company will strengthen its cross-border online shopping segment, Amazon Global Store, which wa
May 4, 2022
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[Photo News] K-Noodle expansion
Shin Dong-won, chairman of South Korea’s largest instant noodle maker Nongshim, looks around the company‘s second factory in US in this photo released Monday. According to Nongshim, the new factory located in Rancho Cucamonga, California can produce up to 350 million instant noodles per year. The Korean noodle maker said it aims to reach annual sales of $800 million (1.01 trillion won) in the US by 2025 after it garnered $395 million in sales last year.
May 2, 2022
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Amorepacific Q1 profit drops on weak duty-free, overseas sales
South Korea’s cosmetics giant Amorepacific Group said Thursday its first-quarter net profit plummeted on-year by 13.4 percent to 171.2 billion won ($134.6 million), as sales dropped in duty-free business and in the Asian market due to the coronavirus pandemic. The group’s sales revenue decreased to 1.3 trillion won, down 9 percent in the cited period. Amorepacific Group’s domestic sales, accounting for approximately 60 percent of the total sales, decreased by 9.9 percent to
April 28, 2022
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Ourhome sibling feud reignites over management control
A sibling feud over Ourhome, a Korean food company, has reignited as Koo Bon-sung, Ourhome’s former vice president and the eldest heir, launched a legal challenge against his sister and Vice President Koo Ji-eun. Koo Bon-sung and Koo Mi-hyeon, the eldest sister of the Koo family, released a statement Tuesday saying that they have filed a requisition to Seoul Southern District Court to convene a temporary shareholders meeting. They are seeking to pass a vote to appoint 48 new board of dir
April 27, 2022
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McDonald’s Korea posts record-high W1tr sales
McDonald’s Korea logged a combined record high in sales of 1 trillion won ($801 million) from its directly managed stores and franchisees last year, the largest annual figure since its first store opened in the country in 1988, the global fast-food giant said Tuesday. The directly managed stores that take up about 70 percent of the total number of McDonald’s in the country posted 867.9 billion won in sales, up 9.7 percent on year, according to the company’s regulatory report.
April 26, 2022
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3 French luxury houses log whopping W3tr sales in Korea
The combined sales of luxury houses Hermes, Louis Vuitton and Chanel in South Korea marked a record high of 3 trillion won ($2.4 billion) last year, amid the frenzy over high-end goods sparked by the coronavirus pandemic. According to Chanel Korea, the company’s sales revenue surged by 31.6 percent to 1.2 trillion won last year. Net profit skyrocketed by 67 percent to 249 billion won in the citied period. Louis Vuitton Korea’s sales rose 40 percent to 1.4 trillion won, while its n
April 21, 2022