South Korean retail giant Shinsegae Group conducted a large-scale, earlier-than-usual personnel shakeup following its flagging business showings and losing race against fast-growing retail powerhouses such as Coupang. Via an executive appointment conducted a month ahead of its usual timing, 9 out of 25 of Shinsegae Group's chief executive officers, or some 40 percent, were replaced. The reshuffle was made in accordance with Shinsegae Group's new system personnel management system dubbe

Industry Sept. 22, 2023

Lotte Shopping, the retail arm of South Korean retail giant Lotte Group, said it held the grand opening ceremony for its shopping complex Lotte Mall West Lake Hanoi on Friday, following the company's efforts to expand its presence in the Vietnamese market. Standing on a 354,000-square-meter site, and considered one of the largest shopping complexes in Vietnam, the commercial complex is comprised of a wide selection of facilities -- ranging from a shopping mall, supermarket, hotel, aquarium

Industry Sept. 22, 2023

Asiana Airlines, South Korea’s second-biggest carrier, said Thursday it received the top marks from a high-rated customer satisfaction index, for ninth consecutive year. According to Asiana, it was ranked No. 1 in the aviation sector of 2023 Korean Customer Satisfaction Index Awards held at Jung-gu, Seoul. This is the 25th time Asiana Airlines has won the category since the customer survey for the aviation sector was first initiated in 1995. Organized by Korea Management Association Consul

Industry Sept. 21, 2023

A recent favorable ruling in the US may have lifted some pressure on South Korea regarding its export of nuclear reactors, but challenges remain as its US partner shows no sign of agreement in their ongoing legal disputes. The District Court for the District of Columbia on Tuesday dismissed Westinghouse Electric Company’s lawsuit against Korea Hydro & Nuclear Power, ruling that the US energy firm -- which lacks the authority to enforce US nuclear technology export control requirements -- d

Industry Sept. 20, 2023

STX Green Logis, the South Korean shipping and logistics company that made its stock debut on Friday, renewed its vision on Monday to become the Korean version of German logistics giant DHL. In August, the company spun off from Korean trading company STX to maximize its specialty in the logistics sector and increase operational efficiency overall. On its first day of trading, shares closed at 32,600 won ($24), a 29.8 percent surge from the initial public offering price. For its plans going forwa

Industry Sept. 18, 2023

Experts gathered at the National Assembly to call for fortifying reshoring policies, or policies that will support high-tech Korean companies to bring outsourced overseas operations back to Korea, as a part of the national agenda, amid increased demand to ramp up domestic economic security. "The United States-China conflict and the consequent supply chain collapse experienced during the COVID-19 pandemic have raised awareness of the notion that reshoring for Korean high-tech industries shou

Industry Sept. 17, 2023

The Korea International Trade Association hosted a reception event for ambassadors from Central Asia, Europe and Latin America to ask for their support in promoting Busan’s bid to host the 2030 World Expo, it said Sunday. Participants of the reception included 70 ambassadors and diplomats from 41 regions in Central Asia, Europe and Latin America, along with 30 executives from KITA. The reception came as Korea's second-largest city Busan is in competition against Saudi Arabia's Ri

Industry Sept. 17, 2023

Bibigo's Seaweed Snack will hit supermarket shelves in the United Kingdom, Korean food giant CJ CheilJedang said Thursday. The product will be sold at popular UK grocery market chains Asda and Ocado, as well as online. “Previously, the product was available in local ethnic sales channels (in the UK), but (by distributing it on major retail channels), more consumers will be able to buy and enjoy Bibigo’s Seaweed Snack,” said an official from CJ CheilJedang, which owns the B

Industry Sept. 14, 2023

Incheon Airport's Terminal 1 will undergo a 1.2 trillion won ($903 million) refurbishment starting from next year, the airport's operator said Wednesday. Separately, it added that it would seek to attract Chinese travelers, whose travel demand is expected to surge amid China’s recent lifting of a group travel ban to South Korea. “After conducting an open survey of Terminal 1’s facilities’ operational status, Incheon Airport will conduct a comprehensive repair of

Mobility Sept. 13, 2023

The South Korean unit of the global sports brand Adidas has been hit with backlash from its franchisees who claim that they have been subjected to years of repeated abuse of power from their parent corporation -- only to have their business contracts terminated via the head office’s unilateral announcement. The Adidas Franchisee Association -- comprising 76 Adidas Korea franchisees out of some 100 across the country -- said Tuesday it reported Adidas Korea to the Federal Trade Commission f

Industry Sept. 12, 2023

South Korean confectionery manufacturer Orion said Friday it will receive a cash dividend of 110 billion won ($82.5 million) from its Vietnamese subsidiary for the first time since its establishment in 2005. According to Orion, the company collected 50 billion won in dividends from Orion Food Vina Co., its wholly owned Vietnamese subsidiary, at the end of August. This marks the first time that Orion has brought dividends into its head office in Korea from its Vietnamese subsidiary. Orion said

Industry Sept. 8, 2023

Lotte Homeshopping, the TV channel of South Korean retail giant Lotte, initiated its first voluntary redundancy program amid spluttering financial performance, according to a company official on Friday. From Thursday to Wednesday, the company will allow employees aged 45 or older who have worked for Lotte Homeshopping for five years or more to apply for the program. The employees who voluntarily resign will be compensated with about two years' annual salary, along with reemployment suppor

Industry Sept. 8, 2023

After recording its best earnings last year, Chanel Korea is under mounting pressure to share more profits with employees in a fairer way, with its unionized workers threatening to go on a full-scale walkout ahead of its peak holiday season later this month. According to the Chanel Korea Union, affiliated with the Korean Federation of Service Workers’ Union, its members working at department stores and duty-free shops already staged a partial walkout over the past weekend. The union said i

Industry Sept. 7, 2023

Incheon Airport unveiled its vision to ramp up its customer services and fortify its partnerships with international airports around the world, during the 2023 ACI CX Global Summit held in Incheon, Wednesday. The 2023 ACI CX Global Summit is a global summit on airport customer experience organized by the Airports Council International. Incheon Airport was selected to host the event as the first South Korean airport to do so after it received a level 5 Customer Experience Accreditation -- the hig

Industry Sept. 6, 2023

DHL Express Korea, the South Korean unit of the international express logistics service provider DHL Express, said Tuesday it started the full-fledged operation of a high-tech logistics terminal in Incheon after completing a three-year expansion project that has boosted cargo handling capacity threefold. The global logistics firm invested 131 million euros ($141 million) to renovate and expand the DHL Incheon Gateway in 2019 in order to transform the facility into the largest logistics gateway i

Industry Sept. 5, 2023