SEOUL, April 13 (Korea Bizwire) – The operator of Incheon International Airport put up a notice of tender for the licenses to run duty-free shops at South Korea’s main gateway on Friday, it said, after retail giant Lotte decided to pull out following a plunge in the number of Chinese tourists. The business rights will be valid for five years, with the launch of [...]
SEOUL, Apr. 13 (Korea Bizwire) — When Chung Sung-yeop opened a franchise convenience store in a commercial district of northern Seoul in 2015, there was one competing store within a 1-kilometer radius. Since then, three more convenience stores have opened within easy reach of his outlet, squeezing profits and hurting sales. “Literally, the convenience store [...]
SEOUL, Apr. 12 (Korea Bizwire) — Global fashion brand Zara unveiled its augmented reality (AR) technology-based mobile application on Thursday to provide a better shopping experience for consumers amid a growing popularity of online malls. The app, Zara AR, shows models wearing selected clothing items when users hold their mobile phones towards a censor inside [...]
BUSAN, Apr. 12 (Korea Bizwire) — The Busan municipal government said Thursday it will build a fashion business center in the city’s central region to help foster the textile and fashion industry in South Korea’s second-biggest city. The six-story Busan Fashion Business Center will be built on 1,613 square meters of land in Beomil-dong with [...]
SEOUL, Apr. 11 (Korea Bizwire) — South Korean online shopping mall Stylenanda is drawing attention in the e-commerce industry amid rumors French cosmetic giant L’Oreal is bidding to acquire the website. According to investment bank sources on Tuesday, Nanda, which operates the online clothing shop Stylenanda and cosmetics brand 3 Concept Eyes (3CE), is reportedly planning [...]
SEOUL, April 10 (Korea Bizwire) — Nanda Co., one of South Korea’s leading online retailers, has put itself up for sale amid the global popularity of K-pop and K-beauty items, investment bank sources said Tuesday. Nanda, which operates fashion mall Stylenanda and cosmetics brand 3CE, has selected Swiss banking giant UBS as lead manager for [...]
SEOUL, Apr. 6 (Korea Bizwire) — Sales of hand cleansers and laundry detergents for babies have risen sharply amid growing concerns over worsening levels of fine dust in the air, local businesses said Friday. South Korea has been suffering from worsening air pollution caused by fine dust particles emitted both at home and from China, [...]
SEOUL, April 5 (Korea Bizwire) — South Korea’s cosmetics makers expect a rise in sales this year as China moves to lift economic measures implemented in retaliation over the deployment of a U.S. anti-missile defense system here, industry sources said Thursday. South Korea’s makeup industry have enjoyed robust growth in recent years helped by “hallyu,” [...]
SEOUL, Apr. 5 (Korea Bizwire) — South Korean retail giant Lotte said Thursday it will open an outlet dedicated to game products in Seoul this week amid a rapid growth of the country’s game industry. Lotte Shopping Co. said it has remodeled el Cube in Hongdae, western Seoul, into a shop exclusively for games and [...]
SEOUL, Apr. 4 (Korea Bizwire) — South Korean retail giant Lotte said Wednesday it will unify the management of its scattered fashion businesses under the group’s apparel affiliate to improve its competitiveness in the local market. Lotte Shopping Co., the operator of the conglomerate’s department store chain, has decided to transfer its global fashion business [...]