SEOUL, March 21 (Korea Bizwire) — The finance ministry said Friday it will ease restrictions on duty-free alcohol purchases for local tourists visiting the southern resort island of Jeju. Under the revised regulations, the current two-bottle limit will be removed, while the overall allowance remains at up to 2 liters of duty-free alcoholic beverages, with [...]
SEOUL, March 21 (Korea Bizwire) — South Korea’s financial watchdog said Friday it will look into whether Homeplus Co. has violated accounting rules as speculation mounts over the retailer’s controversial short-term debt sale. The Financial Supervisory Service (FSS) said it will inspect to verify whether the retailer, wholly owned by private equity firm MBK Partners [...]
SEOUL, March 20 (Korea Bizwire) — South Korean e-commerce giant Coupang Inc. has been named the world’s second most innovative retail company by the U.S. business magazine Fast Company, the company announced Wednesday. The annual Fast Company list highlights the top 10 most innovative retail companies and features 609 global businesses across 58 categories, including [...]
SEOUL, March 17 (Korea Bizwire) — Swedish furniture giant IKEA said Monday it will open its first outlet in Seoul and fifth in South Korea next month amid efforts to boost its sales in Asia’s fourth-largest economy. IKEA advanced to South Korea with its first outlet in Gwangmyeong, just south of Seoul, in 2014, and [...]
SEOUL, March 17 (Korea Bizwire) — As the global appetite for K-food continues to grow, South Korean food companies are accelerating their overseas expansion, aiming to reduce reliance on the domestic market and tap into high-growth international sectors. Among them, Samyang Foods has emerged as a standout, propelled by the overseas success of its Buldak [...]
SEOUL, March 14 (Korea Bizwire) — South Korea has designated May 29 as “Medical Device Day” and September 7 as “Cosmetics Day” as part of broader legislative reforms aimed at strengthening industry oversight and public awareness. The Ministry of Food and Drug Safety announced on Thursday that the National Assembly passed amendments to six laws, [...]
SEOUL, March 14 (Korea Bizwire) — The president of Homeplus Co., a major discount store chain in South Korea, offered a public apology Friday to retailers and investors affected by the company’s court-led normalization process. “I would like to sincerely apologize to all of our partners, store owners, investors and others who are experiencing inconvenience [...]
SEOUL, March 5 (Korea Bizwire) — A government audit has uncovered a growing black market for discounted goods from military stores, with unauthorized resellers exploiting various loopholes to secure products for resale through online marketplaces. According to a Defense Ministry audit report released by the Board of Audit and Inspection (BAI) on March 4, resellers have increasingly [...]
SEOUL, March 5 (Korea Bizwire) — In a move that has sent shockwaves through South Korea’s retail industry, Homeplus, one of the country’s largest retail chains, filed for court receivership on March 4, citing concerns over potential liquidity issues that could affect vendor payments as early as May. The bankruptcy filing has drawn criticism from industry [...]
SEOUL, March 4 (Korea Bizwire) — South Korea’s Fair Trade Commission (FTC) has imposed a hefty fine on Dunlop Sports Korea for restricting retailers from offering discounts on its golf clubs, a move deemed an illegal restraint of competition. The FTC announced on Monday that Dunlop Sports Korea would face a 1.865 billion won ($1.29 [...]