Duty-free retailers eye China’s reopening

South Korean duty-free retailers are expected to see a bump in profits this year with the return of Chinese tourists, according to a Bank of Korea report released Tuesday. This year the number of Chinese tourists visiting Korea is estimated to reach 2 million –10 times last year’s 200,000. The Korean government’s lifting of mandated PCR tests for Chinese tourists upon arrival and the recent resumption of short-term visa issuance for Chinese nationals were cited as key driving

Feb. 28, 2023

Iced Americano most popular drink in freezing temperatures: S.Korean coffee chain data

“Eol-juk-a,” a shortened version of the phrase that roughly translates to “iced Americano even if I freeze to death,” has been vindicated as the cold beverage turned out to be the most popular menu in a nationwide coffee franchise during January, the coldest month in South Korea. Hollys Coffee, one of South Korea’s top 10 coffee franchises, on Monday announced sales statistics for January when the average temperature was below zero. The figures, collected from custo

Feb. 27, 2023

China’s duty-free giant joins bid to operate at Incheon Airport

Competition for operational rights for lucrative duty-free shops at Incheon Airport is heating up, with China Duty Free Group, one of the largest duty-free retailers globally, joining the race. According to industry sources on Monday, CDFG offered its bid to join the heated race after participating in a tender briefing session last month. Competing head-on with Korean rivals such as Lotte, Shinsegae and Hotel Shilla, the Chinese duty-free giant aims to win as many as two business licenses to ope

Feb. 27, 2023

Japanese companies back in black amid waning 'No Japan' boycott

Four years since the “No Japan” boycott in South Korea, Japanese goods are making a comeback in the local market. The boycott, which followed Japan's introduction of control on exports of some of its key products to Korea, was one of Korea's biggest economic boycotts conducted on imported goods. Japanese clothing retailer Uniqlo, one of the brands hit the hardest in the nation by the “No Japan” boycott, said through its annual earnings report for 2022 that the b

Feb. 27, 2023

Victorinox launches spring-edition Swiss Army Knife

Swiss premium knife brand Victorinox said Sunday it has released the Alox Limited Edition 2023, a lime-colored spring edition of its popular Swiss Army Knife. The knife made in Switzerland, also widely known as the MacGyver knife, is a timeless design icon frequently featured in contemporary art. The company introduces an Alox edition knife every year with a different theme. Alox is a transparent coating using aluminum oxide that enhances the durability and strength of the knife. This year&rsquo

Feb. 26, 2023

Korea Agro-Fisheries and Food Trade Corp. eyes US military bases for K-food expansion

The Korea Agro-Fisheries and Food Trade Corporation, a quasi-government agency, is seeking ways to expand the presence and consumption of Korean food at US military bases. For the globalization of Korean food products, the agency's CEO Kim Chun-jin met with CEO Jacqueline Kim of the US wholesale trade group Kee World at the aT Center in Seoul. They discussed measures for stocking more Korean food products at commissary stores that provide groceries to military personnel, retirees and their

Feb. 24, 2023

[K-Food] Paris Baguette charms world's taste buds with 'glocalization'

This is the first installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Paris Baguette is a bakery as common in South Korea as Dunkin Donuts is in the United States. The nation’s No. 1 bakery chain, operated by food giant SPC Group, boasts a whopping 3,400 outlets nationwide, which means almost one in five bakeries in Korea is a Paris Baguette store. In recent years, Paris Baguette ha

Feb. 23, 2023

[Photo News] In commemoration of independence fighter

Starbucks Korea said Thursday it will donate a restored handwritten note of Korean independence movement leader Kim Gu, whose pen name is Baekbeom, to the National Trust for Cultural Heritage as part of its social contribution activities. The note, written in classical Chinese, reads “Yoo Ji Pil Seong,” which can be roughly translated to “If there is a will, it will be achieved.” Kim wrote it to honor the death of independence fighter Yun Bong-gil in 1949. In commemoratio

Feb. 23, 2023

Pending price hikes in soju, beer deepen inflation woes in Korea

Prices of soju and beer products in South Korea are expected to rise soon due to increases in tax, as well as higher costs of logistics and raw materials, according to industry sources, Wednesday. According to the Ministry of Economy and Finance, the liquor tax on one liter of beer will increase by 30.5 won ($0.023) to 885.7 won in April. The upcoming increase will be higher than last year's rise of 20.8 won. Just by factoring in the tax increase, the factory price of a 500 milliliter beer

Feb. 22, 2023

CJ Logistics forays into Polish market

CJ Logistics, South Korea’s largest logistics firm, said Tuesday it has opened a regional office in Wroclaw, Poland, in a bid to target the European logistics market. According to CJ Logistics, Wroclaw is the largest industrial city and logistics hub in southern Poland. The company explained that the city functions as an important crossing region for European companies, as it is located right in the middle of Europe. Moreover, CJ Logistics explained that Poland is home to Gdansk port, wh

Feb. 21, 2023

Korea targets drone, bot deliveries by 2027

The Ministry of Land, Infrastructure and Transport on Monday unveiled a slew of long-term plans to establish smart logistics infrastructure across the country, which will enable one-hour delivery services using drones and artificial intelligence. The government said it first plans on commercializing robot deliveries by 2026 and drone deliveries by 2027. "We will support the development of technologies to commercialize unmanned deliveries, and create a test bed made exclusively for the pract

Feb. 20, 2023

LG H&H to debut portable tattoo printer at MWC

LG Household & Health Care said Monday that it will be unveiling its own portable temporary tattoo printer, dubbed Imprintu, at the upcoming Mobile World Congress that is slated to kick off next week in Barcelona, Spain. The company will be the first South Korean beauty firm to participate in MWC, one of the largest trade shows for telecommunications and mobility technologies. A combination of "impromptu" and "print," the tattoo printer connects with mobile devices to all

Feb. 20, 2023

Food companies log record sales, but profits lag

South Korean food companies reported robust sales last year, but high raw material prices weighed down their profit growth. In 2022, Korean food companies Lotte Confectionery, SPC Samlip, Ottogi and Nongshim newly joined the short list of Korean food companies who posted annual sales of 3 trillion won ($2.3 billion) or more -- a feat achieved by only four Korean food companies so far. The top four food companies leading the country in terms of sales, which include CJ CheilJedang, Dongwon F&B

Feb. 19, 2023

Retail industries rush to cut ties with Yoo Ah-in

The Korean retail industry is busy preparing measures to erase actor Yoo Ah-in from their brands' promotions, after the actor tested positive for marijuana use and became embroiled in an open drug test investigation for the illegal use of propofol. Musinsa, the largest online fashion platform in Korea by sales, told The Korea Herald that the company is currently reviewing the termination of its brand model contracts with the actor. "With the investigation currently underway, we first d

Feb. 15, 2023

Direct overseas shopping up 60% over 5 years

The value of overseas direct shopping exceeded $4.7 billion last year, significantly up from $2.7 billion in 2018, according to the latest data from the Korea Customs Service released Wednesday. The number of users also tripled over the past five years from 5.19 million to 15.57 million last year. It is the first time the figure has exceeded 15 million, coming to more than 1 in 4 people here. The most popular category for purchases was health-related foods, on which buyers spent a whopping $862

Feb. 15, 2023

[Photo News] Brew with a view

Starbucks Korea on Wednesday opened a new “The Bukhansan” store near an entrance to Bukhansan National Park in Seoul. The two-story building, with almost 1,000 square meters of floor space, aims to give visitors a special experience to interact with nature with a cup of coffee and enjoy the mountain view in the city center. Special features include a photo zone on the rooftop terrace and a walking trail surrounding the store building.

Feb. 15, 2023

BAT launches new Glo to take on KT&G, PMI

British American Tobacco’s South Korean branch announced Tuesday that the company will launch a new tobacco heating product, Glo Hyper X2, this month, in a bid to increase its share in the South Korean market. According to BAT Rothmans, the Korean arm of BAT, Glo Hyper X2 will be available on Feb. 27 at convenience stores and online e-commerce platforms. The new device is priced at 40,000 won ($31.56). “South Korea is making a significant contribution to BAT,” said BAT Rothmans

Feb. 14, 2023

[Graphic News] S. Korea’s kimchi imports hit new high in 2022

South Korea’s imports of kimchi touched an all-time high in 2022 amid galloping consumer inflation in the country, government data showed. Inbound shipments of the spicy Korean traditional side dish came to $169.4 million last year, up 20.4 percent from a year earlier, according to data from the Korea Customs Service. The on-year growth rate was the highest since the 53.8 percent surge recorded in 2010. Kimchi is a traditional Korean side dish normally made of fermented cabbage, salt and h

Feb. 10, 2023

Philip Morris bets big on low-priced Iqos

The South Korean unit of international tobacco company Philip Morris Korea said on Wednesday it will release Iqos Iluma One in Korea this month, amid the tobacco companies' heated competition for market share in Korea. "The newly released Iqos Iluma One, which is the latest addition to our flagship heat-not-burn electronic cigarette brand Iqos, is most characterized by its all-in-one design," said PMK managing director Paik Young-jay during a press conference. According to Paik, u

Feb. 8, 2023

Pulmuone pushes for ready-meal vending machines in Korea

Korean food giant Pulmuone is in talks with US food-tech company Yokai Express to sign a deal before July for the launch of vending machines that can cook instant meals, the firm said Tuesday. "Pulmuone is in due process of securing exclusive rights to distributing and installing Yokai Expresss' vending machines that will sell Pulmuone's products in Korea," a Pulmuone official told The Korea Herald. "We aim for the contract to be signed during the first half of this year

Feb. 7, 2023