SEOUL, Aug. 27 (Korea Bizwire) – Shin Dong-bin, CEO of Lotte Group, the leading food and shopping mall operator, highlighted on August 25 that the company should focus on “omni-channel retailing strategies” which allow customers to shop with the same retailer through different channels including mobile Internet devices, computers and brick-and-mortar stores. “In order to [...]
SEOUL, Aug. 22 (Korea Bizwire) – In order to escape from the saturated domestic retail market and government’s regulations on large-scale retailers, Lotte Mart opened its first supermarket in Indonesia as a novel approach to expand its overseas sales. Lotte’s first supermarket in Indonesia is located in Kemang, a residential area heavily populated by middle- and [...]
SEOUL, Aug. 16 (Korea Bizwire) – Many Koreans admire China for its stern stance against high pricing policies by multinational companies doing business in China, according to an analysis on the local opinion regarding the news of the Chinese government’s penalty against Audi for violations of anti-monopoly laws. Upon hearing the news that the Chinese [...]
SEOUL, Aug. 14 (Korea Bizwire) — The size of Korea’s market for finished drugs was 45 trillion won (US$43.7 billion) last year. According to the 2013 Yearbook for Finished Drug Sales” published by the Health Insurance Review & Assessment Service on August 12, the total amount of drugs sold in 2013 was 45,621.0 billion won, up 1.6 percent [...]
SEOUL, Aug. 14 (Korea Bizwire) — Beginning January of next year, the government will exempt taxes on perfume, deer velvet antler, and royal jelly for purchases less than 150,000 won (US$145.60). With the new measure, it is expected more consumers to make online purchases of perfumes from overseas shopping sites. According to the Ministry of Strategy & [...]
RICHARDSON, Texas, Aug. 12 (Korea Bizwire) — Fossil Group, Inc. (Nasdaq:FOSL) (the “Company”) announced today that it has extended a global watch licensing agreement with Giorgio Armani S.p.A through 2023. The Armani Group, a leading fashion and luxury goods group, first partnered with Fossil Group, a global design, marketing and distribution company specializing in fashion [...]
SEOUL, Aug. 12 (Korea Bizwire) — Samsung Electronics launched on August 11 a new refrigerator “Slim Style” customized to the lifestyle of single families. In consideration of the fact that singles reside in smaller homes and are keenly interested in interior design, the company came up with a design slimmer in width and depth but taller in height [...]
SEOUL, Aug. 12 (Korea Bizwire) — Hyundai Department Store won a bid to acquire WiniaMando Inc., the company better known as its kimchi refrigerator brand “Dimchae.” With the acquisition of the kimchi fridge manufacturer, the department store operator could add electronics manufacturing in its business portfolio. On August 10, the department store announced that it signed [...]
SEOUL, Aug. 10 (Korea Bizwire) – Lee Seung-han, chairman of HomePlus, the Korean arm of British supermarket Tesco and Korea’s second-largest retailer after E-Mart, will leave the company for good after stepping down in May last year as CEO for 14 years of service, the longest among leaders in the retail industry. Since then, he has retained his [...]
SEOUL, Aug. 8 (Korea Bizwire) – CJ O Shopping, Korea’s major home shopping operator, has begun promoting “K-fashion” to American consumers. The company said on August 7 that it would set up booth in the upcoming “KCON 2014″ event to be held for two days from the 9th to 10th at Los Angeles Memorial Sports Arena in [...]