[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

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

[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

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

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

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

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

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

SPC opens 1st Paris Baguette store in Canada

South Korean food and bakery giant SPC Group said Thursday that Paris Baguette has opened its first store in Canada. Paris Baguette, the nation’s No. 1 bakery chain, operates some 450 stores in a total of 10 countries around the world, with its latest Canadian opening adding to the list. The latest Canadian store is located on the first floor of the Yonge Sheppard Center in Toronto. “SPC will accelerate its international expansion, targeting the $9 trillion global food market,”

March 23, 2023

[K-Food] HiteJinro at forefront of raising soju's global profile

This is the fourth installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Soju, South Korea’s national drink, has expanded its presence in global markets as the rice-based alcoholic beverage grows in popularity among spirit aficionados around the world. According to market research firm 360 Research Reports, the global soju market is estimated to reach $4.2 billion in sales by 2027. As of

March 23, 2023

LVMH CEO visits Korea, meets retail business leaders

Bernard Arnault, CEO of luxury products behemoth LVMH, accompanied by his daughter and the CEO of Christian Dior Delphine Arnault, visited South Korea for the first time in three years after the COVID-19 pandemic, in a bid to discuss the brand's plans regarding duty-free and department store business with major South Korean retailers. During his three-day trip to Korea which ends on Wednesday, Arnault met with Lotte Group Chairman Shin Dong-bin at the Lotte World Tower in Jamsil, southern S

March 21, 2023

Lotte loses Incheon Airport duty-free license bid

Lotte Duty Free, the country's largest duty-free operator in terms of sales, has lost the bidding race for the operational rights of duty-free shops at Incheon Airport. Instead, Lotte's smaller rivals, Hotel Shilla, Shinsegae DF and Hyundai Department Store Duty Free, were shortlisted for the duty-free licensing bid. On Friday, Incheon International Airport Corp. announced the results in the first round of assessments of bids for the five duty-free zones in the nation's main airpo

March 19, 2023

[K-Food] Daesang aims to grow kimchi consumption globally

This is the third installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Characteristically zesty, zingy and spicy -- and with very little in the way of similar flavors abroad -- kimchi is arguably Korea's most symbolic dish. Strategies to creatively market kimchi so that it may become common-place on dinner tables around the world are essential for kimchi to penetrate into overseas markets

March 16, 2023

[Exclusive] CJ crafting fish-shaped Korean-style dumplings

CJ CheilJedang is developing a new Korean-style dumpling, or "mandu," in the shape of "bungeoppang" -- a popular fish-shaped waffle generally filled with red bean paste or cream -- as the food giant looks to expand its future portfolio, according to a source familiar with the matter, Wednesday. The source told The Korea Herald that the food giant has recently completed an internal review of the bungeoppang mandu product in a pop-up store format at the company’s headquar

March 15, 2023

Work culture, pandemic fuel Koreans’ craving for caffeine

South Koreans drink an average of two to three cups of coffee per day, with the overwhelming majority of coffee consumers in their 40s and 50s, a survey showed Tuesday. Experts explain that Korea's work culture, along with a slew of other factors, contributed to the nation's obsession with coffee. According to a survey conducted by the Korea Agro-Fisheries and Food Trade Corporation from March 2019 to May 2022, nearly half of the respondents (47.4 percent) said they drink two to three

March 14, 2023

Amid continued inflation, Korea to review liquor tax system

The government will examine the liquor tax system, which has been propelling recent increases in beer prices amid the persistent inflation. According to the Korean Statistical Information Service’s data on Monday, the price index for beer products at restaurants and outdoor dining establishments has increased to 112.63 in February, up 10.5 percent compared to the same month a year ago. It was higher than the increase of the price index for beer products at discount and convenience stores:

March 13, 2023

[Herald Interview] Able C&C going global with ‘fast beauty’ strategy

Korean beauty products have strong competitiveness in the overseas market with their affordable prices, quality and the ability to quickly reflect trends in the dynamically changing global cosmetics industry, says the CEO of Able C&C, a firm that manages a range of Korean budget cosmetics brands including Missha. "South Korea has a unique cosmetics ecosystem, as opposed to France and the United States -- the original powerhouses of the global cosmetics industry," said CEO Kim Eugen

March 13, 2023

Coupang withdraws from Japan to focus on Korea, Taiwan

South Korean e-commerce giant Coupang is expected to withdraw from the Japanese delivery service market later this month and to focus more on expanding its business in Korea and Taiwan, according to news reports Sunday. Japan's Nihon Keizai Shimbun, or more commonly known as the Nikkei, reported Saturday that Coupang Japan has decided to end its pilot food and household goods delivery service it has run over the past two years on March 21. The pilot program, launched in June 2021, aims to

March 12, 2023

[K-Food] Pulmuone targets health-conscious Americans with tofu lineup

This is the second installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. About 7 out of 10 tofu products sold in the US are made by South Korean food giant Pulmuone. Cho Kil-su, head of Pulmuone USA, said its unrivaled market position is an outcome of years of efforts to creatively localize one of the most highly regarded alternative sources for protein -- Korean tofu -- along with a slew o

March 9, 2023

[Herald Interview] Pernod Ricard Korea enjoys robust growth amid pandemic-fueled liquor boom

It was not just delivery services or online shopping that thrived in South Korea during the pandemic years. The liquor market, especially for high-end whiskeys and wines, has seen dramatic growth, according to Frantz Hotton, CEO of Pernod Ricardo Korea, the Korean unit of the French wine and spirit giant. Hotton, who took the helm in 2021 when COVID-19 was still rampant across the world, said that people's behavioral changes have had a significant impact on how they consume alcoholic bevera

March 8, 2023