SEOUL, Aug. 19 (Korea Bizwire) – With South Korea’s major duty-free retailers struggling to overcome a prolonged sales slump, they are increasingly turning their attention to an often overlooked demographic: domestic customers. With the summer travel season in full swing, these shops are launching aggressive marketing campaigns, including lavish prize drawings, to capture the wallets of [...]
SEOUL, Aug. 15 (Korea Bizwire) — Nearly 85 percent of the counterfeit goods seized by South Korean customs authorities in the first half of this year originated from China, data showed Thursday. The value of these fake goods, uncovered between January and June, totaled 93.4 billion won (US$68.6 million), with 83.6 percent, or 78.1 billion [...]
SEOUL, Aug. 14 (Korea Bizwire) — Women’s accessories, such as hats and sandals, sold on AliExpress, Temu and Shein, the biggest Chinese online retail platforms, have been found to contain toxic substances at up to 229 times higher than permitted levels, the Seoul city government said Wednesday. The city conducted safety examinations on 144 products [...]
SEOUL, Aug. 14 (Korea Bizwire) — Coupang Inc. said Wednesday it has resumed purchasing CJ CheilJedang Corp.’s products for delivery after a 20-month hiatus due to differences over their deals. CJ CheilJedang stopped selling its products to Coupang in December 2022 as they failed to narrow a gap over CJ’s product supply prices with the [...]
SEOUL, Aug. 13 (Korea Bizwire) – In a strategic shift to combat the migration of shoppers to online platforms, South Korean department stores are engaged in a fierce competition to introduce exclusive international cafes and dessert shops to the local market. Social media platforms are abuzz with posts from eager patrons flocking to newly opened establishments [...]
SEOUL, Aug. 12 (Korea Bizwire) – South Korea’s Fair Trade Commission (FTC) has taken action against four major K-pop merchandise retailers for unfair business practices, highlighting growing concerns over consumer rights in the booming idol goods market. The FTC announced on August 11 that it would issue corrective orders and impose fines totaling 10.5 million won [...]
SEOUL, Aug. 7 (Korea Bizwire) — The government will push to shorten the period of payment settlement for e-commerce platforms to their vendors and require that companies separately manage funds needed for payments in an effort to prevent a recurrence of the crisis involving Qoo10-owned marketplaces, the finance ministry said Wednesday. They are part of [...]
SEJONG, Aug. 2 (Korea Bizwire) – In a significant shift in consumer behavior, South Korea’s overseas direct purchases, commonly known as “jikgu,” surpassed 2 trillion won in the second quarter of this year. This milestone, reached for the first time since record-keeping began in 2014, was largely driven by a dramatic increase in purchases from China. [...]
SEOUL, Aug. 1 (Korea Bizwire) — Finance Minister Choi Sang-mok vowed Thursday to seek measures to extend additional financial support for vendors and customers hit by payment delays on e-commerce platforms of TMON and WeMakePrice, if needed. Choi made the remarks during a macroeconomic meeting, also pledging to swiftly devise policy measures and regulations to [...]
SEOUL, Aug. 1 (Korea Bizwire) — Prosecutors raided the headquarters of TMON and WeMakePrice on Thursday as part of an investigation into the e-commerce platforms’ delayed payments to vendors sparked by a liquidity crisis engulfing the companies. The Seoul Central District Prosecutors Office sent investigators to the two firms’ headquarters, the home of Ku Young-bae, [...]