SEOUL, Jun. 17 (Korea Bizwire) – In a bold move that has sparked speculation in South Korea’s e-commerce industry, Coupang, the country’s largest online retailer, has hinted at the possibility of suspending its much-lauded “Rocket Delivery” service. This threat comes in the wake of the company being slapped with a record 140 billion won fine by [...]
SEOUL, June 14 (Korea Bizwire) – Lotte Home Shopping, a major South Korean home shopping channel, has achieved remarkable sales through its innovative “300 Second Bargain” TV segment, marking a first for the industry. In a pioneering move, Lotte Home Shopping introduced the “short-form” format to its live TV broadcasts in March, offering daily essentials at [...]
SEOUL, Jun. 13 (Korea Bizwire) – In an unprecedented move, South Korea’s antitrust regulator, the Fair Trade Commission, has levied a record fine of 140 billion won against Coupang, the country’s largest e-commerce company, on allegations of unfairly favoring its own products over those of third-party sellers. The staggering penalty, the highest ever imposed [...]
SEOUL, Jun. 13 (Korea Bizwire) — The antitrust regulator said Thursday it has decided to fine e-commerce giant Coupang Inc. 140 billion won (US$12.44 million) for using unfair search algorithms and uploading false product reviews to boost sales of its own private-label items. The Fair Trade Commission (FTC) also referred the company, as well as [...]
SEOUL, Jun. 13 (Korea Bizwire) — GS Caltex Corp., South Korea’s second-biggest refiner by sales, said Thursday it has signed an initial pact to supply a cosmetics ingredient to a Japanese company in its business diversification strategy. GS Caltex has signed a memorandum of understanding (MOU) with Summit Cosmetics Corp. to provide 2,3-Butanediol under the [...]
SEOUL, Jun. 12 (Korea Bizwire) – The South Korean Ministry of Science and ICT has convened a special task force to bolster the flagging competitiveness of the nation’s home shopping industry, it announced on June 11. The move comes as the industry has stagnated amid the rapid growth of domestic and international e-commerce platforms and shifts [...]
SEOUL, Jun. 10 (Korea Bizwire) – As the early summer heat sets in, the demand for watermelons is rising in earnest. While customers seeking large watermelons weighing over 6 kilograms, with the adage “the bigger, the better,” remain steady, mini watermelons and pre-cut watermelon slices are gaining immense popularity due to the increasing number of single [...]
SEOUL, Jun. 8 (Korea Bizwire) –As South Korean consumers increasingly pursue value amid high inflation, convenience store chains are rolling out a wave of ultra-low-cost products priced below 1,000 won. With the “lunchhflation” of soaring midday meal costs straining office workers, these inexpensive food items have found particular appeal as affordable lunch options. The popular [...]
SEOUL, Jun. 4 (Korea Bizwire) – Park, a 30-year-old office worker, recently made an uncharacteristic choice while shopping online: Instead of her usual environmentally friendly detergent, she added a regular brand to her virtual cart. Since starting to live independently in 2021, Park had used biodegradable sponges, shampoo bars and other eco-friendly products. But with prices [...]
SEOUL, Jun. 3 (Korea Bizwire) — Private equity firm MBK Partners is set to sell the supermarket business unit of Homeplus Co., a discount store chain in South Korea, according to financial sources on Monday. MBK Partners, which owns 100 percent of Homeplus, has put Homeplus Express up for sale, appointing Morgan Stanley to manage [...]