SEOUL, June 19 (Korea Bizwire) — South Korea’s leading kimchi maker Daesang Corp. said Monday it has acquired U.S. food company Lucky Foods as part of its efforts to expand its kimchi business in the United States. Daesang said it acquired all of the shares and facilities of Lucky Foods after securing a 38 billion [...]
SEOUL, June 19 (Korea Bizwire) — Subscription services that allow users to regularly receive food and alcohol deliveries are gaining popularity. When it comes to agricultural produce, subscription services offer a variety of items, including seasonal fruits, snacks and “makgeolli,” a traditional Korean grain-based alcoholic drink. Nonghyup Economic Holding Co. reported that, within just one [...]
SEOUL, June 18 (Korea Bizwire) – Korea Seven Co., the operator of the 7-Eleven convenience store chain, said Sunday it plans to carry out another test run for robot delivery services in collaboration with a startup. Under the plan, Korea Seven will offer delivery services with self-driving robots developed by Neubility in select areas in [...]
SEOUL, June 16 (Korea Bizwire) — South Korean retail giant Shinsegae Group will build a new all-in-one Starfield shopping complex, which includes a multi-purpose sports stadium, in Incheon, just west of Seoul, by 2027, officials said Friday. Shinsegae and the Incheon Free Economic Zone jointly announced the plan to construct a new Starfield with three [...]
SEOUL, June 16 (Korea Bizwire) — CJ Logistics Corp., a major South Korean logistics company, said Friday it has signed an initial agreement with Taiwanese shipping company Evergreen Marine Corp. to expand its global business. With the memorandum of understanding (MOU), CJ Logistics and Evergreen Marine will operate a joint business for containers to be [...]
SEOUL, June 16 (Korea Bizwire) – Value Creators & Company (VCNC), the operator of ride-hailing service Tada, has decided to reduce its company payroll by half through intensive restructuring, as the company has been unable to find a new growth engine since the “Anti-Tada” bill was passed by the National Assembly in 2020. According to [...]
SEOUL, June 15 (Korea Bizwire) — South Korea’s first Five Guys burger restaurant will open in Gangnam, southern Seoul, later this month, its operator said Thursday. The two-story store with about 150 seats will open in the bustling commercial district near Gangnam Station on June 26, according to FG Korea Inc., a food arm of [...]
SEOUL, June 14 (Korea Bizwire) — Hyundai Vietnam Shipbuilding Co., a unit of South Korean shipbuilding, oil refining and machinery conglomerate HD Hyundai, said Wednesday it has recently clinched an order to build two oil and chemical tankers for an African shipping company. The latest order raises its cumulative orders to 199 vessels, a feat [...]
SEOUL, June 14 (Korea Bizwire) — South Korean retail giant Shinsegae Group has formed partnerships with major retailers to reduce the influence of e-commerce operator Coupang Inc. Gmarket, the group’s online shopping subsidiary, said Tuesday it will carry out a special promotion in collaboration with Auction, CJ Cheiljedang Corp., LG Household & Health Care Ltd., [...]
SEOUL, June 13 (Korea Bizwire) — South Korean companies’ sales growth slowed and their profitability narrowed last year, central bank data showed Tuesday, as higher borrowing costs and increased prices of raw materials ate into their bottom line. Corporate sales increased 16.9 percent last year from a year earlier, slowing from 17.7 percent growth the [...]