SEOUL, Sept. 10 (Korea Bizwire) – IoT (Internet of Things) technologies are revitalizing declining industries, such as the camera, clock and apparel businesses. Their success is said to result from winning the hearts of the ‘Millennial‘ generation. A report issued by the KT Economy and Management Research Center explains that by grafting IoT technology to typical [...]
SEOUL, Sept. 10 (Korea Bizwire) – Amore Pacific, South Korea’s top cosmetic maker, said Wednesday it will step up its foray into overseas markets beyond Asia, such as the Middle East and South America, with a focus on the world’s burgeoning megacities. Founded in 1945, Amore Pacific has leveraged the growing popularity of Korean pop [...]
SEOUL, Sept. 8 (Korea Bizwire) — A consortium led by Seoul-based private equity fund MBK Partners clinched a 7.2 trillion won (US$5.98 billion) deal to acquire U.K.-based retail giant Tesco Plc‘s Korean unit, marking the nation’s largest takeover deal. MBK said it struck the stock purchase agreement with Tesco in Hong Kong a week after [...]
SEOUL, Sept. 7 (Korea Bizwire) — South Korean cosmetics exports to China more than tripled in the first seven months of this year on rising popularity of its pop culture to rank second in the Chinese market, data showed Monday. China imported US$378.3 million worth of South Korean cosmetics in the January-July period, up a [...]
SEOUL, Sept. 3 (Korea Bizwire) – Doors and windows that can be installed in a day with one phone call are creating a home shopping craze. The hot products are Z-in Doors and Windows from LG HAUSYS. According to GS Shop, a home shopping channel, LG HAUSYS’ Z:in Doors and Windows reached 50 billion won [...]
SEOUL, Sept. 3 (Korea Bizwire) — South Koreans spent more at duty-free shops this year after the government widened tax breaks last year, while domestic consumption remained in the doldrums, a survey showed Thursday. According to the survey conducted by online travel agency Expedia on 1,000 salaried workers between the ages of 20 and 49 in the [...]
SEOUL, Sep. 1 (Korea Bizwire) – With the rapid supply of high-tech smartphones, expensive costs and a drop in carrier subsidies, the domestic secondhand mobile phone market is estimated to have grown by an average of 10 million phones per year. According to a report issued by Gallup Korea, only 4 out of 10 individuals [...]
SEOUL, Aug. 28 (Korea Bizwire) — South Korean retail giant Lotte Group is set to list its hotel and duty free operator Hotel Lotte, a hidden jewel owned by Japanese shareholders, taking the first critical step to untangling its murky governance structure following a bitter family feud over control of the conglomerate. Local brokerage houses [...]
SEOUL, Aug. 27 (Korea Bizwire) – Coupang (www.coupang.com), the online shopping site, will start a service next month called ‘Market Place’, which connects sellers with consumers. From a consumer’s point of view, nothing much will change. Up until now, Coupang provided a ‘retail service’ or ‘curation service’, in which they select and buy the items [...]
YONGIN, Aug. 25 (Korea Bizwire) – Another Costco store has opened, this time in Yongin, south of Seoul. The store was crowded with customers on its opening day, with nearby streets suffering severe traffic jams as most customers used their own cars to get the store. On August 24, Costco Wholesale, a US-based membership warehouse club, [...]