Formna to launch BTS-themed sandals

The Formna, a South Korean online retailer, announced Thursday it is launching the 2023 BTS Permission to Dance Spring Sandals in July through an official licensing agreement with Hybe, the K-pop agency behind the global sensation. According to the Formna, the BTS-themed sandals, in both black and white versions, will be produced in collaboration with Noitavonni, a Korean shoemaker specializing in health care shoes. The company’s air cushion patents have gained approval from the US Food an

May 18, 2023

Inflation driving up costs to eat out

Prices of popular eating out options at restaurants continued to increase in April, adding more pressure to people’s consumption, a state-led agency’s data showed Wednesday. According to the Korea Consumer Agency data, the average price of a bowl of jajangmyeon, or noodles in black bean sauce, in Seoul increased by 12.5 percent on-year to 6,915 won ($5.20), up from 6,146 won a year ago. The average price of a bowl of samgyetang -- ginseng chicken soup that is popular during the summe

May 17, 2023

Nongshim's profits soar on upbeat US sales

South Korean food giant Nongshim saw its profits nearly double in the first quarter, primarily led by its booming business in the US, the company's earnings report said Tuesday. According to Nongshim's regulatory filing, the company's sales and operating profits during the January to March period were tallied at 860.4 billion won ($643 million) and 63.8 billion won, respectively, on a consolidated basis. Compared to the same period last year, Nongshim's sales have increased b

May 16, 2023

CJ to launch street food lineup overseas

South Korean food giant CJ CheilJedang said Monday it will start selling Korean street food products in major overseas markets, such as North America and Europe, riding a wave of momentum from the booming "K-food" business. The conglomerate will launch six "strategy" Korean street food products in the overseas market under its brand Bibigo. The new products include tteokbokki, Korean-style hot dogs, gimbap, fried seaweed rolls, bungeoppang (fish-shaped waffle filled with red

May 15, 2023

Pulmuone to expand Asian noodle biz in US

South Korean food giant Pulmuone said Sunday it is planning on expanding the production line of its Asian noodle products in the United States by the end of this year, following its burgeoning Asian noodle business there. According to Pulmuone, the company said its sales of Asian noodles in the US were tallied at $72.2 million last year, seeing an on-year growth of 65 percent. Over the course of the last three years, the company's Asian noodle products in the US had seen a 119 percent growt

May 14, 2023

[KH Explains] Hanwha’s youngest heir targets new biz opportunities

Kim Dong-sun, head of strategic management at Hanwha Galleria and the youngest son of Hanwha Group Chairman Kim Seung-youn, is ramping up efforts to amplify his presence as a succession scheme at the nation’s seventh-largest conglomerate is taking shape centering on the chairman’s three sons. While his elder brothers -- Dong-kwan, president of Hanwha Solutions; and Dong-won, president of Hanwha Life Insurance -- are taking over the group’s key defense and energy and financial b

May 14, 2023

Coupang quickly catches up to retail giant Shinsegae

South Korean e-commerce firm Coupang is catching up with Shinsegae, one of the country's largest and oldest retail players, by closing the sales gap to less than 10 billion won ($7.5 million) from 1 trillion won a year ago, according to their earnings reports Friday. The 13-year-old e-commerce operator's increasing number of paid subscribers is the main driver behind its improved performance, posing threats to conventional retail brands like Shinsegae. According to Coupang's lates

May 12, 2023

CJ Logistics to build distribution center in Saudi Arabia

South Korea’s CJ Logistics said Thursday that the company will invest around 60 billion won ($45.4 million) to establish a global distribution center in Saudi Arabia, the Middle East's rising logistics powerhouse. The distribution center will be located in Riyadh’s Special Integrated Logistics Zone, a special economic zone, through which the Saudi Arabian government aims to boost the country’s supply chains. The facility will be built on 18,000 square meters of land within

May 11, 2023

Starbucks Korea delays free gift event after toxic bag debacle

Starbucks Korea is putting off its summer promotional event for 2023 in order to carry out tougher product inspection in the aftermath of the massive recall of a promotional product that contained toxic, carcinogenic chemicals last year. The seasonal promotional event, called the “e-frequency” reward program, has been taking place biannually in South Korea, offering limited-edition goods to its loyal customers since 2013. The coffee chain typically announces the launch of the summer

May 11, 2023

Coupang extends winning streak with record earnings

South Korea’s e-commerce giant Coupang said Wednesday it clocked in record quarterly earnings despite a general slowdown in the retail market, continuing its winning streak for three consecutive quarters since turning to black for the first time in 2022. In its first-quarter earnings call, the US-listed company said it logged record quarterly sales of $5.8 billion in the first three months of this year, seeing on-year growth of 13 percent. Operating profits and net income were tallied at $

May 10, 2023

[Photo News] Burger-making Hanwha heir

Kim Dong-seon, head of strategic management at Hanwha Galleria and the third son of Hanwha Group Chairman Kim Seung-youn, participates in an on-site cooking training session held at a Five Guys store in Hong Kong. Under the leadership of the Hanwha heir, Hanwha Galleria, the retail arm of the nation’s seventh-largest conglomerate, is launching the first Five Guys outlet next month in Gangnam, southern Seoul.

May 9, 2023

Amorepacific, LG H&H face contrasting outlooks for Q2

Amid the generally sluggish business results of the Korean beauty industry during the first quarter, market analysts provided contrasting second quarter expectations for leading beauty giants LG Household & Health Care and Amorepacific. While the former's prospects appear dim, the latter is expected to rebound with the company's aggressive expansion of sales of its flagship brand Sulwhasoo, said stock market observers Monday. According to financial market tracker FN Guide, LG H&

May 8, 2023

Hamburger prices jump 17% in April

Consumer prices for hamburgers rose at the fastest clip in nearly 20 years, according to Statistics Korea data released on Thursday, after major franchise companies raised their prices on the back of increasing expenses on raw materials. Hamburger prices rose 17.1 percent on-year last month, the highest jump since July 2004 when they increased by 19 percent. In Korea, the inflation rate of hamburgers has been rising fast this year. Consumer prices for hamburgers in February rose by 7.1 percent a

May 4, 2023

[Herald Interview] Fila looks to long-term growth through ESG efforts

The century-old Italian-South Korean sportswear brand Fila is vying for long-term growth by establishing global consistency in its businesses, chiefly by incorporating ESG values into its operations across the world, according to the firm's chairman. Gene Yoon, chairman of Fila Holdings & Acushnet Holdings, said during an online interview Thursday that Fila will be putting in all efforts to prepare a solid foundation for the company's long-term growth by undertaking more concrete E

May 4, 2023

Posco International unveils growth strategy for food business

Posco International said Thursday it has set a detailed growth strategy for further developing its food business and accelerating its transition into an eco-friendly comprehensive company. Posco International first entered the food business in 2015, where it rapidly grew into one of the largest food companies in Korea. Its latest plan aims even higher – becoming one of the top 10 food companies in the world. “We will tackle the challenge of becoming a major global food company by pro

May 4, 2023

[KH Explains] Global fast food franchises fail to find local buyers

Korean people love burgers, but potential buyers hesitate to snap up deals tied to global burger franchises like McDonald's due to rigorous headquarter policies that often spark conflict and hinder growth. McDonald's Korea has been struggling to find a buyer since it has been put up for sale in June last year despite double-digit growth of Korea's hamburger market in recent years. According to market research firm Euromonitor, the hamburger market here was valued at 4 trillion won ($2.9 billion)

May 3, 2023

S. Korea's consumer prices growth slows to 3.7 percent in April on falling oil prices

South Korea's consumer prices grew at the slowest pace in more than a year in April on falling global oil prices, data showed Tuesday, in the latest signal that inflation has receded. Consumer prices, a key gauge of inflation, rose 3.7 percent last month from a year earlier, compared with a 4.2 percent on-year rise in March, according to the report from Statistics Korea. It is the first time in 14 months that the on-year inflation growth fell below 4 percent. The figure rose to over the 4 p

May 2, 2023

'Family month' of May faces inflation woes

May, also known as "family month," is when Korean consumers dine out in celebration of a string of family-oriented holidays such as Children's Day, Parent's Day and Teacher's Day. However, with the country seeing an exponential growth in consumer prices lately -- mainly those of agricultural products and livestock -- concerns are rising that dining out is increasingly becoming less affordable for most Koreans. Kim, a white-collar worker in his 20s, told The Korea Herald

May 1, 2023

[Graphic News] Jajangmyeon price soars 60 times over 5 decades

The price for a bowl of jajangmyeon, or noodles in black bean sauce, has soared more than 60 times to 6,361 won ($5) over the past five decades, according to market tracker Korea Price Information. A bowl of jajangmyeon was 100 won in 1970 when the KPI began its first survey, but it had risen to around 2,500 won in 2000. Over the last five years alone, the price has jumped 26.9 percent largely due to growing ingredient prices. The prices of flour, cooking oil, onions and cucumbers used in jajang

May 1, 2023

Hanmac gets global recognition

Top brewer Oriental Brewery's Hanmac, a rice-based lager beer, has returned with an upgraded design and fresh quality. Hanmac was launched in 2021 to celebrate the 100th anniversary of the nation’s beer history as part of the brewer's ambitious project to become “Korea’s most representative lager." The new version of Hanmac boasts a new, softer mouthfeel and a head with a longer-lasting taste by using a four-step microfiltration process. In addition, the company

April 30, 2023