SEOUL, Sept. 21 (Korea Bizwire) — South Korea’s major department store chains are actively adding more luxury brand shops specializing in men’s wear, women’s wear and shoes amid higher demand for luxury goods. Galleria Department Store, for instance, recently opened a Dior shoe shop at its Luxury Hall in southern Seoul, while Shinsegae Department Store [...]
SEOUL, Sept. 20 (Korea Bizwire) — South Korea’s second-largest chicken franchise by sales, bhc Group, said Tuesday it will open its third store in Malaysia next month as part of its strategy to expand into Southeast Asia. The new restaurant, which is set to open in a shopping complex located inside the capital of Kuala [...]
SEOUL, Sept. 19 (Korea Bizwire) — A steel-cutting ceremony for South Korea’s first eco-friendly mixed fuel offshore demonstration ship was held last Friday at the Sapjin Industrial Complex in Mokpo, South Jeolla Province. As part of a new eco-friendly cluster setup project, the steel-cutting ceremony was held to signify the launch of ship construction. The [...]
SEOUL, Sept. 18 (Korea Bizwire) — Hyundai Engineering & Construction Co., South Korea’s leading builder, said Sunday it has received a 1.9 trillion-won (US$1.4 billion) railway order in the Philippines. Hyundai E&C will build a 56-kilometer railway connecting the capital city of Manila to the southern city of Calamba in the next six years, the [...]
SEOUL, Sept. 16 (Korea Bizwire) — South Korean steelmaker POSCO said Friday it will complete repairs of manufacturing facilities damaged by a recent typhoon within three months and plan to fully normalize operations by December. Earlier this month, Typhoon Hinnamnor hit the country’s southeastern parts and severely flooded POSCO’s facilities in Pohang, about 270 kilometers [...]
SEOUL, Sept. 15 (Korea Bizwire) — RE:harvest Co., a South Korean startup specializing in the fast-growing field of food upcycling, is seeking to make earnest leaps into overseas markets through partnerships in Vietnam, Indonesia and Japan, its CEO Alexander Min has said. RE:harvest is South Korea’s first food upcycling startup that takes leftover byproducts in [...]
GWANGMYEONG, Sept. 14 (Korea Bizwire) — IKEA Korea said Wednesday its sales fell 10 percent in this fiscal year in the first decline after entering South Korea in 2014 as more customers held back spending on home furnishing goods amid eased virus restrictions. The South Korean arm of the Swedish furniture maker said it logged [...]
SEOUL, Sept. 14 (Korea Bizwire) — SK Group, South Korea’s second-largest conglomerate by assets, said Thursday it will spend 73 trillion won (US$52.4 billion) by 2023 to boost its domestic production facilities for chips, green energy and bio. The energy-to-telecom business group will also spend 25 trillion won on research and development (R&D) over the [...]
SEOUL, Sept. 14 (Korea Bizwire) — Companies in South Korea saw their profitability shrink in the second quarter from a year earlier despite a sales jump due mainly to a rise in commodity prices, central bank data showed Wednesday. Their operating profit to sales ratio stood at 7.4 percent in the April-June period, down 0.3 [...]
SEOUL, Sept. 14 (Korea Bizwire) — Hyundai Glovis Co., the logistics unit of Hyundai Motor Group, said Wednesday it has received a record 2.2 trillion-won (US$1.6 billion) vehicle delivery deal from a global carmaker. Under the deal, Hyundai Glovis will deliver the unidentified carmaker’s vehicles to Europe, the United States and Asia for three years [...]