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

HD Hyundai CEO honors family of Korean War veteran

HD Hyundai CEO Chung Ki-sun recently visited several US subsidiaries to personally meet with and extend gratitude towards employees whose family members are Korean War veterans, according to the shipbuilding giant Sunday. As a member of an economic delegation accompanying President Yoon Suk Yeol on his state visit to the US, Chung visited HD Hyundai’s local operations in Alabama and Georgia. In particular, he met with six employees working at a HD Hyundai power transformer plant in Alabama

April 30, 2023

[Photo News] Bringing Korean chicken to India

Genesis BBQ Group Chairman Yoon Hong-geun (right) and Rajendra Jagdale, the director general of Science and Technology Park in India, pose after their meeting in Seoul last Wednesday. The two discussed ways for the Korean chicken franchise to enter the Indian market and share its business know-how with local partners.

April 30, 2023

[Weekender] Korea in midst of golf wear craze

Kim Min-young, a white-collar office worker in her 30s, said that in light of the start of golf season -- which customarily runs from April to September -- she recently spent some 700,000 won ($523) on clothes from the newly released spring and summer collection launched by her favorite golf wear brand. "When my friends and I go to golf courses for a game, there's definitely that tension of scanning who is using what and who is wearing what -- and what brands the products are from,&q

April 29, 2023

Gucci to hold fashion show at Seoul royal palace next month

Italian luxury brand Gucci will hold a fashion show at a royal palace in Seoul next month, about six months after the event was canceled due to the Itaewon crowd crush, the company said Friday. Gucci plans to showcase its 2024 cruise collection in front of Geunjeongjeon, the main hall of Gyeongbok Palace, in central Seoul on May 16. Geunjeongjeon was used to host major royal ceremonies and receive foreign envoys during the Joseon Dynasty (1392-1910). Gucci's CEO Marco Bizzarri said in a sta

April 28, 2023

Coupang couriers launch labor union, claiming decline in working conditions

Delivery workers of e-commerce giant Coupang's subcontractors have set up a labor union, calling for better working conditions amid the company’s rapid growth in recent years. According to the Korean Confederation of Trade Unions, one of the major umbrella confederations of unions here, the new labor union held a launching ceremony at the company’s logistics center in Yongin, Gyeonggi Province, on Monday. This labor union primarily includes delivery workers at subcontracted comp

April 24, 2023

Colombian avocados found to have excessive level of pesticides

More than 200 times the amount of pesticides permitted on avocados had been detected in those shipped from Colombia to South Korea, according to the Ministry of Food and Drug Safety. In 22,080 kilograms of Colombian avocados imported by a Korean agricultural product trade platform operator Tridge, 2.03 milligrams per kilogram of thiabendazole had been detected. This is much higher than the standard of 0.01 milligram per kilogram set by the Korean regulator. Thiabendazole, a fungicide and pestici

April 21, 2023

[K-Food] Harim at forefront of exporting Korean superfood samgyetang

This article is the seventh installment in a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Amid the rising demand for healthy foods, South Korea has increasingly exported its traditional superfood samgyetang, or ginseng chicken soup, to overseas markets in recent years. According to the Korea Agro-Fisheries and Food Trade Corp., exports of samgyetang have jumped by 64 percent from $11 million in 2017 to

April 20, 2023

Genesis BBQ opens new restaurant in California

South Korean fried chicken franchise Genesis BBQ said Wednesday it recently opened a new restaurant in California in an effort to further penetrate the American market. Labeled under the franchise’s brand name “bb.q Chicken,” it is its 35th outlet in California. The restaurant is located in a bustling business center called Callens Corner in the Orange County city of Fountain Valley. With schools, hospitals, churches and other public facilities in the area, Callens Corner is a

April 19, 2023

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

[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

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

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