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The Korea Herald

Retail & Consumer

March 29, 2019
Lotte Accelerator invests W1.5b in shared kitchen startup

Retail giant Lotte’s startup accelerator arm Lotte Accelerator announced on March 29 that it has invested 1.5 billion won ($ 1.31 milliom) in shared kitchen service startup Simple Project. “We see that an increasing number of people will use food delivery services, instead of going to a restaura...
March 28, 2019
WGSN to launch beauty forecasting platform

Global trend forecasting agency World’s Global Style Network announced plans to launch its new beauty forecasting platform on April 10. The company decided to launch a separate platform, instead of discussing beauty trends and forecasts in the fashion section of WGSN Insight, in response to inc...
March 26, 2019
WGSN holds consumer trend seminar in Seoul

Global trend forecasting agency World’s Global Style Network on March 26 held the “2019 Rising Consumer Trend” seminar in Samseong, an affluent neighborhood in Gangnam, Seoul. During the seminar, Jemma Shin, associate editor of consumer insight at WGSN, presented on new trends, particularly a...
March 25, 2019
Lotte Duty Free enters Australia, New Zealand

Lotte Duty Free said on March 25 that it has opened stores in Australia and New Zealand, making it the first South Korean duty-free operator to make inroads into the Oceanian region. A ceremony to mark the opening of the tax-exempted retail outlet at Brisbane International Airport was held on M...
March 24, 2019
Amorepacific hosts yearly marathon for breast cancer awareness

South Korean cosmetic giant Amorepacific hosted its yearly marathon in Busan on March 24, seeking to raise public awareness on breast cancer. With some 5,000 participants, the event consisted of a three-kilometer course and a 10-kilometer course, as well as breast cancer tests, clinical consulting...
March 22, 2019
E-Land Retail to delay IPO plan, go for share buyback

E-Land Retail, subsidiary of South Korean retail conglomerate E-Land Group, said on March 21 it has decided to delay its plan to go public this year and repurchased its own shares to return investments. “Due to the greater volatility of the stock market recently, we‘ve decided to delay the li...
March 22, 2019
WeMakePrice to start food delivery service

South Korean e-commerce company WeMakePrice will start operating a food delivery platform from April, according to sources on March 22. The company aims to take around 5 percent sales as commission, which is lower than the 7 percent charged by top operator Woowa Brothers. Advertising fees will be ...
March 21, 2019
YG Entertainment shares plunge amid tax probe

Shares of YG Entertainment , the former management company of Seungri who is at the center of a sex bribery and corruption scandal, took a toll on March 21 one day after the National Tax Service raided it over alleged tax evasion. On March 20 after the stock market closed, the tax agency dis...
March 21, 2019
Hotel Shilla hit by drug scandal

Hotel Shilla CEO Lee Boo-jin has been embroiled in a scandal involving the illegal use of propofol, a highly addictive anesthetic drug which could be lethal when overdosed. The latest scandal involving the eldest daughter of bedridden Samsung Group Chairman Lee Kun-hee is likely to become a g...
March 20, 2019
2 operators picked to run duty-free shops at Incheon Int’l Airport

Two local small and medium-sized duty-free operators have been chosen to operate the country’s first arrival duty-free shops at Incheon International Airport, west of Seoul. Incheon International Airport Corp., the airport’s operator, said on March 20 that the two firms -- Entas Duty Free and...
March 19, 2019
Shinsegae’s BoonTheShop to open at Bergdorf Goodman

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...
March 18, 2019
Former Uber CEO enters S. Korea with Cloud Kitchens

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...
March 15, 2019
Coupang appoints ex-Walmart executive as new CCO

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...
March 12, 2019
JYP’s market cap beats competitors on ‘Seungri scandal’

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 ...
March 12, 2019
Samyang aims to reach W5.5tr in sales by 2020

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...

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