Articles by Lee Yoon-Seo
Lee Yoon-Seo
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NHN Commerce acquires Italian luxury fashion retailer
NHN Commerce, the retail unit of South Korean information technology company NHN Corp., said Tuesday it acquired a controlling stake in Italian luxury fashion brand retailer Ikonic, in a bid to further extend its reach into the global stage. NHN Commerce now holds a 77.8 percent stake in Ikonic -- an Italian multi-brand fashion platform retailing over 250 brands in the global market. Terms of the deal were not disclosed. Ikonic's annual sales stands at some 100 billion won ($77 million) in
Consumer July 11, 2023
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Bottled water prices hit 11-year high
South Korea's price growth rate for bottled water recorded its highest level in 11 years following a series of price hikes in the industry, according to data Monday. According to Statistics Korea, the consumer price index of bottled water stood at 112.09, a 10.8 percent on-month increase. The nation's growth in the CPI of bottled water recorded its highest rate since June 2012, when it rose by 11.6 percent. The price rise comes as the nation's biggest bottled water manufacturers h
Consumer July 10, 2023
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Travel demand to Hong Kong struggles amid anti-China sentiment
Travel demand to Hong Kong remains weak among South Korean travelers, data showed Sunday, with a report suggesting anti-China sentiment is still prevailing. A total of 591,998 passengers used the air routes between Korea and Hong Kong from January to May, according to data from the Ministry of Land, Infrastructure and Transport. The number is only 35.3 percent of the passengers recorded in the same period four years ago, when the pandemic had yet to break loose. Meanwhile, the number of passenge
Mobility July 9, 2023
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50 Asian nations gather to tackle water scarcity at convention
More than 200 representatives from 50 Asian nations, including government officials, industry stakeholders and academics, have gathered in South Korea this week to share their visions on future solutions to water scarcity in the region. The Korea Water Resources Corp., also known as K-water, is hosting the three-day general meeting of the Asia Water Council that kicked off Wednesday at a convention center in Hwaseong, Gyeonggi Province. Established in 2016, the council aims to facilitate interna
Industry July 6, 2023
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Marking 35th birthday, McDonald's Korea unveils new menu, outlet expansion
McDonald's Korea on Wednesday unveiled its vision to operate a total of 500 McDonald's outlets in the country by 2030 and release an exclusive menu in the Korean market, in celebration of its 35th anniversary. "During the first half of this year, the (firm's) sales rose about 10 percent on-year to some 623 billion won ($479 million), logging its largest (semi-annual) sales since the brand's entry into Korea," McDonald's Korea CEO Kim Ki-won said during a press
Consumer July 5, 2023
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Korea's ramen exports hit record high amid K-ramen boom
South Korea posted its highest-ever semi-annual ramen exports figure amid the increased global demand for Korean instant noodle products, data found Tuesday. According to the data from the Korea Agro-Fisheries and Food Trade Corporation, a quasi-government agency, Korean ramen exports were tentatively tallied at $446.2 million, as of June. The number recorded a 16.4 percent jump from the previous record high of $383.2 million, logged in the first half of 2022. Korea's semi-annual ramen expo
Consumer July 4, 2023
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Korail Tourism Development CEO vows to lead green K-tourism boom
The CEO of Korail Tourism Development, a unit of state rail operator Korea Railroad Corp., said Monday he aims to invigorate the local tourism industry by offering unique and green tourism products to foreign nationals looking to explore South Korea. "We have focused until now on revitalizing the tourism industry for domestic travelers. However, our new aim is to focus on attracting overseas tourists to help the nation's tourism industry take a next step," said Kwon Shin-il, CEO o
People July 3, 2023
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[KH explains] Pressured into price cuts at home, ramen makers in export predicament
South Korean ramen manufacturers are in a rush to cut prices of their flagship ramen and snack products, following the government’s pressure to lower prices of daily necessities. But Samyang Foods, the nation’s second-largest ramen maker, cannot lower the price of Spicy Buldak Ramen, a bestselling product that now sells better overseas than at home. In the January-March period this year, the instant noodle made 163 billion won ($124 million), or 66 percent of the company’s quar
Consumer July 3, 2023
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Toss selected as preferred bidder for Shinsegae's payment services
South Korean retail giant Shinsegae Group said Friday it selected Viva Republica, the operator of Korean fintech unicorn Toss, as a preferred bidder to acquire the group's payment services. The entire stake of Shinsegae's mobile payment businesses SSG Pay and Smile Pay are up for sale. The two are estimated to have subscribers of 9.5 million and 16 million, respectively. Toss will conduct a due diligence on Shinsegae's SSG Pay and Smile Pay in July to have their legal and financia
Industry June 30, 2023
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Shinsegae premium outlet aims to become tourism hub
Shinsegae Simon, a premium outlet operator under South Korean retail giant Shinsegae Group, said Thursday it will ramp up its reach to tourists by turning its outlets into a local tourist destination. Starting Saturday, an exclusive express bus route will take patrons from Seoul Express Bus Terminal located in southern Seoul, to Shinsegae Simon Yeoju Premium Outlets in Gyeonggi Province, according to Shinsegae Simon, a 50:50 joint venture between Shinsegae and US-based real estate developer Simo
Consumer June 29, 2023
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Fila releases sustainability report, bolsters product circularity
South Korean sportswear brand Fila on Wednesday released its latest annual sustainability report, as part of efforts to enforce its mid-to long-term slogan to operate a transparent and eco-friendly business. "Fila made significant strides in its pursuit of sustainability management throughout 2022," a Fila Holdings official said. "Last year was particularly meaningful in that (Fila) further strengthened (the firm's) mid- to long-term strategies in all directions of sustainabi
Industry June 29, 2023
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[Best Brand] Pearly Gates entices young golfers with fresh lineup
Pearly Gates, South Korean fashion company Creas F&C's luxury golf brand, has launched its brand-new spring and summer golf wear collection in a bid to ramp up efforts for growth in the burgeoning golf apparel market among young Korean consumers. For the summer, Pearly Gates released three collections under different themes: "Preppy Collection," "Flower Collection" and "Cheer up! Collection." Whilst the Preppy Collection focuses on simple designs with white
Industry June 28, 2023
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[Best Brand] Easydew releases new high-tech skin care lineup
Easydew, the skin care brand under Daewoong Pharmaceutical, said it will be releasing a new line of functional cosmetics amid the increased demand for beauty products that provide health benefits. Daewoong Pharmaceutical said Easydew recently unveiled a new product line dedicated to targeting hyperpigmentation and freckles. The lineup consists of three products including Melatoning Cream, Melatoning Sun Cream, and Melatoning Sun Cushion. According to the pharmaceutical firm, the products offer p
Industry June 28, 2023
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Food ministry vows to double K-food exports by 2027
The South Korean government on Wednesday unveiled a plan to drastically ramp up Korea's food exports to combat stagnancy in the domestic food market and to capitalize on the K-food boom overseas. The Ministry of Agriculture, Food and Rural Affairs announced a plan that aims to nearly double Korea's agricultural exports from $8.82 billion in 2021 to $15 billion by 2027. With the new plan, the Food Ministry said it will vie for a 9 percent on-year growth on average and ultimately raise t
Consumer June 28, 2023
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Nongshim, Samyang succumb to pressure, cut prices of products
South Korea’s top ramen maker Nongshim said Tuesday it will cut prices of its flagship ramen and snack products, after it came under government pressure to lower costs of daily food products amid prolonged inflation woes. The company said it will cut the prices of Shin Ramyun and Shrimp Crackers by 4.5 percent and 6.9 percent, respectively, starting this Saturday. Based on their retail prices, the price of Shin Ramyun will be lowered from 1,000 won ($0.77) to 950 won on average, while the
Consumer June 27, 2023
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