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South Korean retail conglomerate Shinsegae Group said on March 19 its luxury concept store BoonTheShop will open at an upscale US department store. The launch of BoonTheShop at Bergdorf Goodman -- a luxury department store chain based in New York City -- is the Korean retailer’s third overseas...
Former Uber CEO Travis Kalanick, who currently heads Los Angeles-based shared service provider City Storage Systems, will enter South Korea with Cloud Kitchens next month, according to industry sources on March 18. The shared kitchen service offers cooking facilities and space for anyone who wants...
Korean e-commerce firm Coupang announced on March 15 that is has appointed Jay Jorgensen as its new Chief Compliance Officer. Jorgensen worked as global retail giant Walmart’s Chief Compliance Officer for seven years and established ethics programs for its over 2 million employees, before joining...
Amid a sex and drug scandal involving talent agency YG Entertainment , its main rival saw its market capitalization soar past others. On March 12, JYP Entertainment’s market value reached 1.6 trillion won ($1.41 billion) on the rising popularity of its girl group Twice and boy band Got7. The ...
Samyang Group on March 12 announced that it would invest up to 2.4 trillion won ($2.12 billion) in new businesses including chemicals and biotechnology to achieve annual sales revenue of 5.5 trillion won by 2020. “Although we have not yet laid out the details, we are aiming to invest more for big...
Cash-strapped E-Land Group has decided to sell around 30 percent stake in its subsidiary China E-land Wish, according to industry sources on March 6. According to sources, the company is currently discussing with some Chinese strategic investors to sell its stake. E-Land is hoping to sell its stak...
K-pop powerhouse YG Entertainment’s stock price plunged following a major scandal that broke last month involving its boy band Big Bang member Lee Seung-hyun, who is better known as Seungri. Executives of local night club Burning Sun, including Seungri who was an inside board director, are bein...
Korean retail giant Shinsegae Group said on March 5 it will introduce electronic voting at this year’s shareholder meetings for its seven listed firms to help boost shareholder interests. The seven subsidiaries, including Korea’s biggest discount store chain E-mart decided to adopt e-voting a...
South Korea logged a record-high balance of payments surplus for Hallyu-related products and services last year, owing to the global success of Korea-made video games and K-pop, statistics from the Bank of Korea showed Sunday. Hallyu, or the Korean Wave, refers to the proliferation of Korean cult...
Korean retail giant Lotte Group’s hypermarket brand announced on Feb. 26 that it has opened a new store in Vietnam at Cau Giay district in Hanoi. The 2,776 square meter sized Cau Giay Lotte Mart branch is located in the urban district, near seven local universities. The firm said its key strategy...
Shinsegae Group, the operator of Korea’s biggest discount store chain E-mart, said on Feb. 26 that it will integrate its online shopping mall operations into SSG.COM from next month to boost sales. The retail conglomerate will launch SSG.COM, an integrated company of two online shopping stores --...
At the outset, it looks like ordinary tteok. A bite into the Korean rice cake immediately brings a surprise, as where one might expect sweet red bean paste, you find a dizzyingly sweet filling of chocolate and almonds. It is just one of many variations that Good Rice Cake Corp., a fusion rice cake...
Hanjin Group’s move to accept some proposals of activist shareholders appears to be lifting market confidence. It has announced a series of measures to improve its business and management -- a move analysts predict will regain investor confidence in the troubled group. “Hanjin’s move appears t...
One of Korea’s oldest iconic footwear maker Hwaseung has filed for court receivership at Seoul Bankruptcy Court, according to industry sources on Feb. 7. The court on Feb. 1 ordered the automatic stay to halt debt collection efforts and other insolvency proceedings. Founded in 1953, Hwaseung ros...
[THE INVESTOR] Lotte Confectionery said on Feb. 1 that it has acquired Myanmar’s bakery firm L&M Mayson. The Lotte Group subsidiary has bought 80 percent stake in the company for 77 billion won (US$68.90 million) as it plans to expand in the country. Established in 1996, L&M Mayson has three fa...
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