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

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

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

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

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

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

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

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

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

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

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

Seoul Mayor Oh Se-hoon vowed to support South Korean beauty firms making a foray into Japan, the third-biggest market for cosmetics in the world, during his official visit to the neighbor country, the city government said Tuesday. According to the Seoul Metropolitan Government, Seoul Business Agency, an investment agency under the city government, and eBay Japan signed a memorandum of understanding to foster the online growth of small and medium-sized Korean cosmetics companies in the Japanese b

Consumer June 27, 2023

Vietnam is seeing exponential growth in demands for South Korean cosmetics, marking it as a potential replacement market for Korean beauty companies suffering from their recently spluttering performances in the major market of China, according to data Monday. According to the Korea Cosmetics Association's data, Korean cosmetics exports to Vietnam from January to May this year surged 43.4 percent compared to the same period a year earlier, logging $187.5 million in exports. Korea's cosm

Consumer June 26, 2023

South Korean airlines have decided to downsize the number of routes between Korea and China during the summer peak season, following less-than-expected passenger demand for traveling between the two countries, according to industry sources on Sunday. National carrier Korean Air said it will stop the operation of routes between Gimpo International Airport and Beijing from Aug. 1 to Oct. 28, while its routes connecting Incheon Airport and Xian will also be suspended from Aug. 9 to Oct. 28. The nat

Mobility June 25, 2023

Tennis is the new black, and the sport is giving golf a run for its money in South Korea. Koreans' expenditure on tennis-related commodities rose by 440 percent compared to 2019, according to BC Card's analysis of the credit card spending of its some 42 million users. Data compiled by the big data center at credit card firm Shinhan Card also showed the amount of spending at tennis courts jumped by 336 percent, compared to the same period in 2019. And companies have been swift to jump o

weekender June 24, 2023