The average purchase amount per customer at duty-free shops in South Korea has in the first seven months of this year reached the lowest level in five years, largely due to shifting trends among Chinese tourists and losing their appeal to domestic customers, data showed on Sunday. According to data compiled by the Korean Duty-Free Shop Association, total sales of domestic duty-free companies reached 7.39 trillion won ($5.45 billion) in the first half of the year, up 13.6 percent from 6.5 trillio

Industry Aug. 18, 2024

South Korea has seen a rise in food exports to India in recent years, capitalizing on the growing popularity of Korean culture and foods, which also aligns with the efforts of Korean food companies to expand their presence there, drawn to the country's large population and growth in income levels. According to data compiled by the Korea Agro-Fisheries & Food Trade Corp., or aT, Korean food exports to India -- including agricultural produce, food additives, convenience foods, and both al

Industry Aug. 14, 2024

Protesters affected by the liquidity crisis at e-commerce platforms Tmon and WeMakePrice gather in front of Tmon’s headquarters in southern Seoul on Tuesday, holding black umbrellas with protest slogans. The demonstrators, including sellers and buyers who have not received payments or refunds from the cash-strapped Korean affiliates of Singapore's Qoo10 platform, argue that the government's emergency measures to address the issue are insufficient. For the sellers alone, the delay

Industry Aug. 13, 2024

South Korean food giant CJ CheilJedang said Monday that its Bibigo booth, set up at the Korea House during the Paris Olympics, lured both Korean food enthusiasts and potential business partners during the 18-day run. The Bibigo products showcased at the booth included a range of Korean dishes and snacks, such as tteokbokki, "jumukbap" (stuffed rice balls), corn dogs, and mandu. The company also offered on-site cooking classes for making "gimbap," or seaweed rice rolls, which

Companies Aug. 12, 2024

South Korean food giant Ottogi said Friday it will change its English name to Otoki to make the brand more recognizable to international consumers. "We decided to pursue this rebranding to clarify the company's identity for global consumers while introducing a modernized symbol that feels more approachable. This will resolve confusion surrounding the pronunciation of our English name," said a company official. As a part of the rebranding initiative, its mascot received a face-lift

Companies Aug. 9, 2024

Korea Ginseng Corp., the leading manufacturer of ginseng products in the country, said Tuesday it has signed agreements with Japanese retail giants Welcia and Aeon Mall to introduce its red ginseng brand, JungKwanJang, in their stores. This initiative aims to enhance the presence of JungKwanJang in the Japanese market by entering the largest drugstore chain and the leading comprehensive shopping mall company, the firm said. Welcia is the largest drugstore chain in Japan, boasting over 2,000 offl

Companies Aug. 6, 2024

South Korean e-commerce giant Coupang announced Tuesday that it has started offering products from the global premium skincare brand SK-II through Rocket Luxury, the company's one-day delivery service dedicated to premium beauty products. “We are excited to offer a greater variety of luxury skincare brands popular with customers through the inclusion of SK-II,” a Coupang official said. “We will continue to introduce global premium brands that meet the needs of our customer

Companies Aug. 6, 2024

South Korea's kimchi exports have hit a record high in the first half of this year, largely driven by increasing demand for a healthier diet and the growing popularity of Korean culture and cuisine, particularly in the US and European markets. The country exported more than 23,852 tons of kimchi in the first six months of this year, marking a 4.8 percent increase from 22,842 tons in 2023. The export value also showed a 4 percent increase, reaching $83.8 million, according to the Korea Agro-

Industry Aug. 4, 2024

Food items made with locally sourced ingredients have emerged among food companies in Korea. This approach, which aligns with those companies’ corporate social responsibility efforts, supports economic growth in rural areas and offers unique experiences for consumers, collectively known as "loconomy." On July 11, McDonald’s Korea launched the Jinju Pepper Cream Cheese Burger and Jinju Pepper Cream Cheese Muffin, both using peppers produced in Jinju, South Gyeongsang Provinc

weekender Aug. 3, 2024

The business communities in South Korea and Vietnam are anticipating reductions in production costs and technology advancements, respectively, from bilateral economic cooperation between the two nations, according to a survey released Thursday. The survey, conducted by the Korea Chamber of Commerce and Industry, collected responses from a total of 257 business and industry officials from Korea and Vietnam who attended the Korea-Vietnam Business Forum held in Seoul on July 1. In the survey, Korea

Industry Aug. 1, 2024

Hyundai Group Chairperson Hyun Jeong-eun has been reappointed honorary governor of North Chungcheong Province, in recognition of her and Hyundai’s contributions to regional development, the group said Wednesday. The appointment ceremony was held Wednesday at Hyundai Group’s headquarters in central Seoul, attended by Kim Yong-hwan, governor of North Chungcheong Province, and Hyundai Group Chairperson Hyun Jeong-eun. "North Chungcheong Province, with its geographical advantage at

Companies July 31, 2024

South Korean tobacco maker KT&G said Wednesday it has signed a memorandum of understanding with Philip Morris International, the global leader in smoke-free cigarettes, to collaborate on regulatory submissions in the US prior to officially launching its products there. Focused on KT&G's heated tobacco products, this agreement demonstrates both companies’ commitment to collaborating on the premarket tobacco product application process with the US Food and Drug Administration, a

Companies July 31, 2024

Lotte Wellfood announced Tuesday it plans to merge its Indian subsidiaries, Lotte India and Havmor Ice Cream, to improve operational efficiency and enhance its presence in the Indian market. According to the company, the boards of both affiliates approved the decision in meetings held Monday. Under the merger agreement, Lotte India will acquire Havmor Ice Cream, and both brands will continue their product lines. "Lotte Wellfood has decided to create a combined entity in India to enhance our

Companies July 30, 2024

Tmon, an online marketplace platform owned by Singapore-based e-commerce company Qoo10, on Friday, started issuing refunds to customers who did not receive their products purchased on the platform hit by a liquidity crisis. This move comes a day after the CEO of WeMakePrice, another affiliate of Qoo10, offered an apology and began issuing refunds as hundreds of consumers visited the headquarters of the online marketplace platform. Tmon and WeMakePrice, which were acquired by Qoo10 in 2022 and 20

Companies July 26, 2024

Tensions are escalating over the liquidity crisis of online shopping platforms WeMakePrice and Tmon, both owned by Singapore-based e-commerce company Qoo10, sparking massive complaints and fears of wider damage. The platforms failed to pay money owed to sellers in May, prompting traders to leave the platform as well as customer complaints. In an urgent press conference Thursday, Ryu Hwan-hyun, CEO of WeMakePrice, said the value of delayed payments by the company was some 4 billion won ($2.9 mill

Industry July 25, 2024