Most Popular
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Ruling party leader stands firm on suspending Yoon from his position
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[Latest Updates] Impeachment vote in progress
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Yoon needs to be stopped from exercising power as president: ruling party head
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South Korean military says will not obey another martial law
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President Yoon Suk Yeol says will entrust state affairs to ruling party
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Why did martial law troops go to National Election Commission?
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Rights group claims proof of 2nd martial law declaration
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[Breaking] Majority of ruling party lawmakers exit after vote on first lady probe
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Korea Entertainment Producer’s Association issues statement against NewJeans
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[Breaking] Bill to investigate Kim Keon Hee fails to pass
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Soju's main ingredient posts biggest price jump in 20 years
The price of spirits used to make soju products went up Tuesday, marking the biggest jump in the last 20 years. The price hike comes for a second consecutive year, increasing burdens on local soju makers. Korea Ethanol Supplies Co. said Tuesday it has raised the price by 9.8 percent. The price hike will apply to all soju makers as the company is the country's sole distributor of the spirit. The latest 9.8 percent increase follows an 8 percent raise last year, and it is the highest increase
April 18, 2023
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[Graphic News] Smartphone sales slide
Sales of smartphones in South Korea fell 6 percent last year from a year earlier, industry data showed. Samsung Electronics, the world’s leading smartphone maker, saw its smartphone sales decline 2 percent on-year in its home country in 2022, while sales of Apple’s iPhone inched down 0.4 percent from a year ago, market analyst firm Counterpoint Research said. Sales of others tumbled 71 percent on-year last year due to a base effect stemming from LG Electronics’ exit from the mo
April 17, 2023
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Online luxury sellers suffer losses as shoppers return in-store
A slew of Korean online luxury retailers have capped last year with sharp falls in their profits as consumers have begun returning in-store while competition among online malls grow fierce. Korean luxury goods platform Must-it's operating losses widened by 68 percent on-year to 16.8 billion won ($12.9 million), according to the firm's regulatory filing on Friday. Other Korean major platforms also were in the red in 2022, with Korean luxury goods retailer Balaan seeing its operating los
April 16, 2023
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SPC ups support for minorities in New York
South Korean food and bakery giant SPC Group said Friday it has joined hands with the city government of New York and the American Chamber of Commerce in Korea to boost the US city’s economy by expanding support for minority groups. A signing ceremony for the memorandum of understanding was held in New York on Wednesday, with Mayor Eric Adams, AmCham Chairman James Kim and Paris Baguette North America Chief Strategy Officer Hur Jin-soo in attendance. Under the agreement, SPC will run a six
April 14, 2023
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[K-Food] Sempio spicing up global dishes with K-sauces
This is the sixth installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Sauces embody a tradition -- they are a compilation of decades of locals’ know-how for spicing up native cuisine. As such, matching traditional sauces with foreign dishes is rare. However, Korea's largest sauce maker Sempio said it is currently at the vanguard of savory Korean sauces imbuing diverse menu items
April 13, 2023
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Lotte department store to feature artwork from Japanese architect Kengo Kuma
Lotte Shopping Co. said Wednesday it will exhibit an installation from renowned Japanese architect Kengo Kuma at its high-end department store in southern Seoul starting this week. The artwork, titled SU:M, will be on display at Lotte AVENUEL, the retailer's luxury-brand department store, for the next five months starting Friday. Kuma is famous for projects using various natural materials, such as tree branches, stones and fabric, and harmonizing nature and architecture. He was the mastermi
April 12, 2023
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New council aims to boost Korean liquor exports
The National Tax Service announced Tuesday that it has launched the K-Liquor Promotion Council to boost exports of alcoholic beverages produced by small and mid-sized firms. "Imports of alcoholic beverages have increased during the COVID-19 pandemic, but exports of locally produced alcoholic beverages have had difficulties in entering the foreign markets,” the National Tax Service explained the background behind the launch of the council. According to the NTS data, imports of alcoholi
April 11, 2023
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Chanel picks Korea to sell watches online for 1st time
Chanel Korea has launched an online pop-up store to sell luxury watches, marking the first time the French fashion house is selling its high-priced luxury goods online, excluding beauty products. The online store will be running on SSG.com, an e-commerce platform owned by Korean retail giant Shinsegae Group. Chanel plans to sell seven watch products -- including the J12 Cybernetic, Boy Friend CyberData and J12 Interstellar -- through the store, named the “Chanel Interstellar Capsule Collec
April 11, 2023
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Orion Holdings signs contract to export water product to China
Orion Holdings, the holding company of snack maker Orion Group, announced Monday that it had signed a contract with Chinese partners to export its mineral water product, Jeju Yongamsoo. With its partnerships with Qingdao Yongping Market Management and Qingdao Guoxin Culture and Sports Industry, Orion Holdings aims to increase its sales of the water product in China. "Orion expects the company's production and sales of its water product to significantly increase on the latest signing wi
April 10, 2023
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[KH Explains] Zero-sugar drinks reshape beverage market
When a 30-year-old Seoulite surnamed Choi drops by the convenience store before hitting the gym, he makes sure that he chooses a sugar-free soft drink from the cooler. “I have been drinking sugar-free soft drinks instead of regular ones, because I find it more helpful for my workouts,” he said. Choi is one of many young health-conscious consumers whose choices reflect the clear winner in the beverage market -- sugar-free beverages. Sugar-free and low-calorie soft drinks are enjoying
April 10, 2023
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Louis Vuitton posts record sales in Korea amid shopping binge
Global luxury giant LVMH Group, the operator of multiple fashion and jewelry brands such as Louis Vuitton, Christian Dior and Tiffany & Co., logged record sales in South Korea last year, following a slew of price hikes for its flagship products amid the country's increased spending on luxury goods. According to Louis Vuitton Korea, the Korean subsidiary of LVMH's Louis Vuitton, the company's sales last year recorded 1.69 trillion won ($1.2 billion), up 15 percent from 2021. Th
April 10, 2023
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Luxury shopping platform Jente posts record sales in 2022
Luxury fashion platform Jente said Thursday its sales hit a new high of $24 million last year, a 140 percent jump from a year ago, extending its winning streak since its launch in 2020. According to the company, operating profits also almost tripled to $3.3 million last year, compared to $900,000 in the previous year. The company said that the growth had given it a footing as a representative luxury shopping platform here. The number of monthly active users, a key e-commerce indicator, also surg
April 6, 2023
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[K-Food] Binggrae taps into niche markets with K-snacks
This is the fifth installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Korean snacks, which have survived a saturated market at home by gaining the approval of one of the most gastronomic and difficult-to-please consumers in the world, are making aggressive inroads into overseas markets in a bid to further tempt global consumers' palates. “In order for Korean snacks to successfull
April 4, 2023
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Liquor shipments down amid cost of living pressures
Shipments of alcoholic beverages in South Korea have decreased over recent years amid inflationary pressures and changes in attitudes to alcohol consumption during the COVID-19 pandemic, government data showed Friday. According to Korea Agro-Fisheries & Food Trade Corporation data, the combined shipments of liquor products in 2021 came to 3 million kiloliters, down 3.5 percent on-year. The figure in 2014 came to 3.8 million kl. Between 2019 and 2021, during the COVID-19 pandemic, shipments o
April 3, 2023
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[Weekender] Foreign tourists flock back to Myeong-dong
Foreign travelers are returning to Myeong-dong after over three years of economic decline due to the COVID-19 pandemic, with the central Seoul shopping district seeing signs of recovery. “Between last winter and now, I have been able to see a lot more foreigners in the Myeong-dong area, particularly on the main street. From morning until midnight, foreigners continue to flow into the area," a 27-year-old part-time worker surnamed Kim told The Korea Herald in Myeong-dong, Seoul, Tuesda
April 1, 2023
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Baedal Minjok charges highest transaction fees to vendors
South Korea's food delivery app Baedal Minjok, or Baemin, has been charging the highest fees to its vendors among the country's top nine e-commerce platforms, according to government data released on Friday. The Financial Supervisory Service, the country's financial regulator, unveiled commission rates of nine online e-commerce platform operators that generate transaction volumes exceeding 100 billion won ($77 million) a month. In terms of transactions made by credit card, Baemin,
March 31, 2023
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Upgraded Hanmac released
South Korea’s top brewer, Oriental Brewery, said Wednesday it is releasing an upgraded version of Hanmac, its Korean rice-based lager beer that made its grand debut in 2021. Hanmac was launched as “Korea’s most representative lager project” to celebrate the 100th anniversary of the nation’s beer history. Being loved for its unique refreshing flavor and softness, the beer is making a comeback under the slogan, “Smooth Korea.” The brewer said the new Hanma
March 29, 2023
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GoldenBlue blames Carlsberg for canceling sales contract ‘unilaterally’
GoldenBlue, a South Korean whiskey maker and distributor of imported liquor products, said Tuesday that Carlsberg Group "unilaterally" terminated their contract for the distribution of Carlsberg beer in Korea earlier this month. The company said it will stop selling Carlsberg beer products from Friday, labeling the unilateral notice “tyrannous.” According to the Korean firm, it had distributed Carlsberg beer products under a three-year contract between 2018 and 2021, but si
March 28, 2023
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Mask sales up despite lifted mask mandate
Mask sales are still growing a week since the lifting of the mask mandate for public transportation, according to sales data compiled from online shopping sites Monday. The South Korean government has been gradually easing mask-wearing rules starting with wearing masks outdoors last May and in most indoor spaces earlier this year. Most recently, last Monday, the indoor mask rule for public transportation, including subways, buses and taxis, was lifted as well, though experts still strongly advis
March 27, 2023
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From L’Oreal to LVMH, global beauty giants in race to acquire Korea’s Able C&C
Competition is heating up to acquire a controlling stake in Able C&C, the operator of a slew of Korean budget cosmetics brands, with global beauty giants such as L’Oreal and LVMH reportedly joining the race. Five to six strategic investors recently submitted their letters of intent to purchase 59.2 percent of shares in Able C&C, currently owned by IMM Private Equity, according to industry sources on Friday. IMM became the largest shareholder of Able C&C, best known for its Mi
March 24, 2023