SEOUL, Dec. 30 (Korea Bizwire) — Industries including tobacco, beer and sugar that have been monopolizing the market for decades are very stingy with investments such as research and development (R&D), due to lack of pressure from foreign countries to compete due to high concentration in the domestic market. According to the results of the [...]
SEOUL, Dec. 27 (Korea Bizwire) — South Korean industries ranging from beverages and cosmetics to hotels are scrambling to cope with a tightened recycling law, industry officials said Friday. Under revised legislation implemented on Wednesday, producers and importers of polyethylene terephthalate (PET), glass and other materials such as drink bottles, food containers and cosmetics packaging [...]
SEOUL, Dec. 27 (Korea Bizwire) — The South Korean unit of Japanese conglomerate Fast Retailing Co. said Thursday its net profit fell 9.9 percent in the January-September period from a year earlier due to local sentiment against Japanese products. The company, which sells Uniqlo and GU brand products, said in a regulatory filing that its [...]
SEJONG, Dec. 26 (Korea Bizwire) — South Korea’s finance ministry said Thursday it will allow arrival duty-free shops to sell cigarettes from March, in a move to promote businesses of arrival shops. The nation’s first on-arrival duty-free shops opened at Incheon International Airport, the country’s main gateway, in May, but the shops had been banned [...]
SEOUL, Dec. 24 (Korea Bizwire) – The number of Chinese visitors to South Korea is expected to jump more than 25 percent in 2019, boding well for duty-free business operators here, data showed Tuesday. According to the data jointly compiled by the state-run Korea Tourism Organization and Shinhan Financial Investment, the number of Chinese travelers [...]
SEOUL, Dec. 23 (Korea Bizwire) — Christmas is just around the corner, a season when children are looking forward to receiving gifts or toys, but so too are ‘kidults’ (a compound word of kid and adult), adults who seek a child’s sensibility. According to major online shopping malls, the sales growth rate of items favored [...]
SEOUL, Dec. 17 (Korea Bizwire) — South Korea’s annual wintertime shopping festival will kick off its 45-day run next month nationwide to attract foreign tourists to the country, a government committee said Tuesday. Next year’s festival, Korea Grand Sale 2020, is scheduled to run from Jan. 16 till Feb. 29. The festival will be a [...]
SEOUL, Dec. 17 (Korea Bizwire) — China was the biggest buyer of South Korean beauty products last year, accounting for more than 60 percent, a report showed Tuesday. The report compiled by the Korea International Trade Association (KITA) showed that 65.6 percent of outbound shipments of locally made cosmetics products headed to China, Hong Kong [...]
SEOUL, Dec. 16 (Korea Bizwire) — Controversy is rising over ‘high heels for children’ and other fashion goods aimed at children as the children’s beauty market is expanding. 11st, an online shopping mall, reported that sales of cosmetics for children have surged by 360 percent since last year. Following the success of Walt Disney’s sensational [...]
SEOUL, Dec. 16 (Korea Bizwire) — Visiting traditional brick-and-mortar stores for furnishing shopping still remains mainstream as consumers tend to prefer a tactile experience when purchasing big furniture. As an increasing number of people are making purchases using the internet and mobile devices, furniture retailers have beefed up their e-commerce businesses so that customers can [...]