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Seven Korean companies, including Coupang and LG Chem, have narrowed their revenue gap with global No. 1 companies over the past five years, data showed on August 5. Local corporate tracker CEOScore surveyed revenues of the world’s No. 1 companies and No. 1 firms in Korea in their respecti...
Korea’s antitrust watchdog has decided to impose a fine of 64.7 billion won ($54.1 million) on food giant SPC for violation of antitrust laws, officials said on July 29. The Fair Trade Commission is also set to report Chairman Hur Young-in, former group CEO Cho Sang-ho and former Paris Cro...
The National Tax Service has launched a special probe into allegations of tax evasion by Starbucks Korea, according to local media outlets on June 4. The Seoul office of the NTS has conducted an irregular tax investigation into allegations the US coffee chain rigged prices of raw materials and pr...
Apple will reopen its Seoul store on April 18, the company said on April 16. The branch, located in Garosugil in Gangnam-gu, will be the first store outside of China to reopen. Apple previously closed all stores outside of China amid the viral COVID-19 pandemic, and hundreds of Apple Stores arou...
SM Entertainment and Naver are teaming up to launch a new concert streaming service, Beyond Live. The premiere, featuring SuperM, is to air April 26. The two companies have signed a memorandum of understanding in an effort to expand their presence in the global entertainment industry, SM said i...
British American Tobacco, the world’s second-largest tobacco maker, unveiled on March 30 a new corporate strategy and 1 billion pounds ($1.24 billion) cost-saving and investment plan. The announcement came with a new corporate goal to build “A better Tomorrow” by reducing the hea...
The Oscar-winning Korean film “Parasite” has topped 300 billion won (US$245 million) in worldwide ticket sales, industry data showed on March 13. According to the data by Box Office Mojo, a U.S. film revenues tracker, the black comedy film earned $253.5 million in the world, inc...
Cosmetics giant Amorepacific will sell its office building in Nonhyun-dong, within Seoul’s Gangnam district, for 160 billion won ($131.25 million), according to the company’s regulatory filing Wednesday. The company decided to sell the building to secure liquidity and to improve solve...
California-based coffee chain Blue Bottle Coffee will open its fifth store in South Korea near Gwanghwamun Square in central Seoul, according to industry sources on Jan. 22. After making a hit in opening its first store in Seongsu, Seoul in May 2019, the coffee chain has since increased its outlet...
Sales at South Korean duty-free stores hit a new monthly high in November, industry data showed Dec. 30. The combined sales of local duty-free shops reached 2.29 trillion won ($1.98 billion) last month, compared with the previous monthly record of 2.24 trillion won in September, according to the da...
Korean beauty giant Amorepacific announced on Dec. 17 that it has signed a strategic partnership deal with US-based cosmetics company Milk Makeup.Established in 2015, Milk Makeup is known for its “clean-beauty” products, which are cruelty-free and vegan. The products are currently sold a...
Japan is threatening to overtake South Korea’s No. 1 status in China’s imported cosmetics market this year, industry data showed Dec. 12, mainly on the back of the growing popularity of low- to mid-priced products. Japanese companies accounted for 25.2 percent of China’s importe...
Korean cosmetics startup MBX, which recently switched the company’s name and branding from Memebox, announced on Dec. 6 that it would launch a new skincare brand with US-based multi-brand cosmetics store operator Sephora.“We were able to stay tight with Sephora as we understand the deman...
China’s import value of South Korean instant noodles jumped fivefold last year compared to 2014, industry data showed on Dec. 1.According to the Korea Trade-Investment Promotion Agency, China imported $100 million (118 billion won) worth of South Korean instant noodles last year, up from $15.1...
The number of foreigners visiting local duty-free shops surpassed 1.8 million last month, hitting the highest monthly mark since late 2016, industry data showed Nov. 28. Statistics provided by the Korean Duty Free Association said more than 1.8 million foreigners visited duty-free stores in the cou...
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