Amidst increasing global awareness of corporate responsibilities across various sectors, South Korean fashion company ShinWon Corporation has been actively involved in extensive social initiatives at home and abroad. On International Women's Day in March, ShinWon's headquarters and its overseas subsidiaries organized various activities to commemorate advancements in women's rights and equality. In Vietnam, ShinWon's two production plants hosted a grand gala concert and a post

Industry April 16, 2024

A man in his 50s, suspected of trying to set fire to the UNESCO World Heritage-listed palace Changdeokgung, has been apprehended by law enforcement. On Tuesday, the Hyehwa Police Station reported it is investigating a man who is believed to have tried to set a fire at Changdeokgung in Jongno-gu, Seoul, on March 23 at approximately 6 p.m. Police are looking into the incident involving the man who purportedly attempted to ignite a fire using a lighter. According to local authorities, during the la

Culture April 9, 2024

Korea's leading travel agency Hanatour has been listed in the merger market with its ownership stake up for sale. Reports from the industry on Tuesday indicate that IMM Private Equity, Hanatour's largest shareholder, has recently commenced the selection process for a new stakeholder, which is anticipated to amount to up to 27.78 percent of the shares. Market sources predict that the sale price may reach around 300 billion won ($224 million), considering the management premium and mar

Industry April 9, 2024

CJ Foodville, the operator of bakery chain Tous Les Jours and a subsidiary of South Korean food giant CJ Group, achieved its highest-ever operating profit of 45.3 billion won ($33.6 million) last year. Some 60 percent of the profit stemmed from overseas ventures in key markets like the United States, Indonesia and Vietnam, showcasing the firm's commitment to advancing Korean-style baked goods worldwide. CJ Foodville announced its consolidated sales for 2023 on Wednesday, totaling 844.7 bill

Industry April 4, 2024

South Korean builders Samsung E&A and GS Engineering & Construction have secured a contract worth a combined total of $7.2 billion for the construction of a substantial gas plant in Saudi Arabia, the two companies announced Wednesday. The landmark deal represents the largest plant construction agreement secured by Korean companies in the kingdom. The two firms signed an engineering, procurement and construction contract with Aramco, Saudi Arabia's state-run oil giant, in Dhahran, Sa

Industry April 3, 2024

Chinese e-commerce platform Temu has recently established an entity for its operation in Korea, amidst Chinese platforms' broader entry into the Korean market. According to information obtained from open legal proceeding records, Pinduoduo, the parent company of Temu, formally registered a corporation named "Whale Co., Korea Limited" on Feb. 23. The purpose of corporation establishment is to engage in e-commerce and related activities. Notably, WhaleCo Inc. operates as a subsidiar

Industry April 2, 2024

Korean Air hosted a surprise event at New York's John F. Kennedy International Airport on Friday, to celebrate the 45th anniversary of operating flights to the city, the nation’s largest air carrier said Monday. At the event, a round-trip prestige ticket from Incheon to New York was awarded to the 45th passenger of Korean Air flight KE082 bound for Incheon. Korean Air also gave out welcome eco-bags to all passengers aboard KE082, which were crafted in collaboration with the Korean Ass

Industry April 1, 2024

진행자: 김혜연, Kevin Lee Selzer Sephora exits Korea after years of losses 기사 요약: 글로벌 화장품 편집샵 세포라, 한국 시장 적자 끝에 철수 [1] French cosmetics retailer Sephora, owned by LVMH Group, on Tuesday declared its withdrawal from the Korean market, following years of financial losses. - declare 선언, 선포하다 - withdrawal 철회, 철수 [2] "With heavy hearts, we have decided to cease operations in Korea. From May 6, we will gradually wind down our presence across online platforms, mobile applications and physical stores,

Podcast April 1, 2024

The global rise in popularity of K-beauty brands has brought attention to Kolmar Korea, a leading cosmetics original design manufacturer that has secured a whopping 70 percent market share in the sun care sector alone here. According to the company Sunday, its “Fitting SPF Boosting” technology has been integrated into multiple sun care items sold at home and abroad. More recently, the products are selling hot in the US through major distribution channels, including Amazon. The Fittin

Industry March 31, 2024

South Korea’s leading food delivery app Baedal Minjok, or Baemin, posted a 65 percent growth in operating profit last year, achieving a significant surplus for the second consecutive year. As a result, its German parent company, Delivery Hero, received some 412.7 billion won ($306 million) in dividends for the first time since acquiring Baemin. Baemin's app operator Woowa Brothers announced Friday that its consolidated sales reached 3.41 trillion won last year, marking a 15.9 percent

Industry March 29, 2024

Dongwon Group Vice Chairman Kim Nam-jung, second son of the group's founder and honorary chairman Kim Jae-chul, was promoted to chairman at the group's board meeting held Thursday. Kim’s promotion fills the position which had been vacant for five years since the retirement of the honorary chairman in 2019. "We will inherit the achievements and management philosophy of honorary chairman Kim Jae-chul, who has led the Dongwon Group for the past 50 years, and discover future g

Industry March 29, 2024

'Exhuma' first movie this year to attract 10m moviegoers 진행자: 김혜연, Kevin Lee Selzer 기사 요약: ‘파묘’ 올해 첫 천만 관객 돌파…한국 오컬트 장르 영화 중 최초 [1] Occult flick "Exhuma" on Sunday became the first movie to surpass 10 million in ticket sales this year, having reached the milestone on its 32nd day in theaters, according to Showbox, the film's distributor. * occult flick 초자연적 현상을 다룬 영화 * distributor 배급사 [2] The movie is the first to exceed the 10 million mark in ticket

Podcast March 28, 2024

CJ Group's health and beauty drugstore CJ Olive Young is making significant strides in leading the cosmetics market both domestically and internationally. Just last week, during MLB's World Tour: Seoul series, a photo capturing MLB players' families posing in front of an Olive Young store surfaced online, generating a social media buzz. The image once again showed Olive Young's position as a go-to destination for purchasing Korean beauty products while visiting Korea, cementi

Industry March 28, 2024

South Korean e-commerce firm Coupang on Wednesday pledged to invest 3 trillion won ($2.23 billion) over the next three years to expand its signature Rocket Delivery service nationwide by 2027. The company's logistics network is expected to be drastically expanded, with eight new fulfillment centers being built by 2026. The centers also will feature more advanced automation technology to improve operational efficiency overall. Following the expansion, Coupang said that its overnight Rocket D

Industry March 27, 2024

With the rapid influx of global e-commerce into the domestic market, the Fair Trade Commission is set to launch an extensive market survey starting Tuesday, to examine the evolving landscape and structure of the e-commerce market in Korea. The survey marks the first step in gathering data to produce a policy report slated for release by the end of this year. The report's objective is to proactively identify and analyze fair trade and consumer issues arising from shifts in e-commerce market

Industry March 25, 2024