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British American Tobacco, the world’s second-largest tobacco maker, unveiled on March 30 a new corporate strategy and 1 billion pounds ($1.24 billion) cost-saving and investment plan. The announcement came with a new corporate goal to build “A better Tomorrow” by reducing the health impact of i...
The Oscar-winning Korean film “Parasite” has topped 300 billion won (US$245 million) in worldwide ticket sales, industry data showed on March 13. According to the data by Box Office Mojo, a U.S. film revenues tracker, the black comedy film earned $253.5 million in the world, including $72.6 mil...
Cosmetics giant Amorepacific will sell its office building in Nonhyun-dong, within Seoul’s Gangnam district, for 160 billion won ($131.25 million), according to the company’s regulatory filing Wednesday. The company decided to sell the building to secure liquidity and to improve solvency, the r...
California-based coffee chain Blue Bottle Coffee will open its fifth store in South Korea near Gwanghwamun Square in central Seoul, according to industry sources on Jan. 22. After making a hit in opening its first store in Seongsu, Seoul in May 2019, the coffee chain has since increased its outle...
Sales at South Korean duty-free stores hit a new monthly high in November, industry data showed Dec. 30. The combined sales of local duty-free shops reached 2.29 trillion won ($1.98 billion) last month, compared with the previous monthly record of 2.24 trillion won in September, according to th...
Korean beauty giant Amorepacific announced on Dec. 17 that it has signed a strategic partnership deal with US-based cosmetics company Milk Makeup. Established in 2015, Milk Makeup is known for its “clean-beauty” products, which are cruelty-free and vegan. The products are currently sold at US-ba...
Japan is threatening to overtake South Korea’s No. 1 status in China’s imported cosmetics market this year, industry data showed Dec. 12, mainly on the back of the growing popularity of low- to mid-priced products. Japanese companies accounted for 25.2 percent of China’s imported cosmetic...
Korean cosmetics startup MBX, which recently switched the company’s name and branding from Memebox, announced on Dec. 6 that it would launch a new skincare brand with US-based multi-brand cosmetics store operator Sephora. “We were able to stay tight with Sephora as we understand the demands of t...
China’s import value of South Korean instant noodles jumped fivefold last year compared to 2014, industry data showed on Dec. 1. According to the Korea Trade-Investment Promotion Agency, China imported $100 million (118 billion won) worth of South Korean instant noodles last year, up from $15.1 m...
The number of foreigners visiting local duty-free shops surpassed 1.8 million last month, hitting the highest monthly mark since late 2016, industry data showed Nov. 28. Statistics provided by the Korean Duty Free Association said more than 1.8 million foreigners visited duty-free stores in the...
Private equity firm Unison Capital announced on Nov. 21 that it will buy a 60 percent stake in local online shoe shopping mall operator Sappun for 35 billion won ($29.7 million). Sappun’s corporate value is estimated to be around 60 billion won. The two companies will sign a stock purchase agree...
South Korean fashion giant LF announced on Nov. 19 that it has opened an additional Hazzys outlet in Vietnam. The new 130-square-meter outlet is located on the second floor of the Diamond Plaza Department Store in Ho Chi Minh City, its fourth in Vietnam. The company explained that the new store c...
US-based cosmetics giant Estee Lauder announced on Nov. 19 that it will acquire Korean cosmetics company Have&Be, which is the parent company of popular skin care brand Dr. Jart. Have&Be’s corporate value is expected to total around $1.7 billion, according to industry insiders. Estee Lauder and ...
An affiliate of South Korea’s leading furniture maker Hanssem Group opened a new flagship store in Seoul on Nov. 19. Spread across 3,300 square feet, Nexus Flagship Seoul is located in Nonhyun-dong, southern Seoul, where many upscale furniture stores are concentrated. The new space will displa...
South Korean battery developer Iljin Materials announced Nov. 13 that it has received 600 billion won ($512.47 million) in funding from local private equity firm STIC Investment through its unit in Malaysia. The PEF directly funded Iljn Materials Malaysia through a “STIC special situation fund 2,...
HS Hyosung to showcase advanced carbon fiber in US
US’ new export controls to have little impact on Korean businesses: ministry
[HIT Forum] AmCham chief highlights Korea-US ties in shifting dynamics
[HIT Forum] 'Government, companies should team up to brace for US policy changes'
[HIT Forum] Korean CEOs urged to adopt long-term perspective on lobbying
[HIT Forum] Strategic lobbying critical for Corporate Korea: top Washington lobbyist