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The US Food and Drug Administration's recent approval of its first new sunscreen ingredient in decades is like a flashing green light for South Korea, long practiced in the art of sunscreen, though it may not be quite as green as it seems. The agency approved bemotrizinol, or BEMT, the first new sunscreen active ingredient since the late 1990s, by amending the existing sunscreen monograph, with the new rules to take effect Aug. 9. In the US, sunscreens are regulated as over-the-counter drugs, an
Orion is ramping up its global snack business ahead of the peak summer season, targeting 1 trillion won ($690 million) in annual potato snack sales, the company said Thursday. The company said the business has posted average annual growth of 9 percent over the past three years, driven by localized products and expanded production capacity. In Korea, Orion introduced fresh-harvest versions of its Pocachip and Swing Chip snacks in June for the summer. Production capacity at its Cheongju plant will
Korea's two largest cosmetics companies, Amorepacific and LG Household & Health Care, posted double-digit second-quarter growth, much of it a story of waning reliance on China and waxing sales in North America. Amorepacific Group on Thursday reported 1.25 trillion won ($873 million) in revenue and 122.8 billion won in operating profit, up 14.6 percent and 53.3 percent from a year earlier. Its main affiliate, Amorepacific, saw profit surge 59 percent. The bulk of that gain came from abroad, where
Samyang Foods is teaming up with South Korea’s Culture Ministry to translate the global popularity of its Buldak spicy noodles into visits to the country, combining the brand’s overseas reach with government tourism campaigns. The company said Friday it signed a memorandum of understanding with the Ministry of Culture, Sports and Tourism to jointly promote Korea to international travelers. A signing ceremony was held at Seoul’s National Museum of Modern and Contemporary Art, where both parties a
Kolmar Korea said Friday its Wuxi plant in China has received Cosmetic Good Manufacturing Practice recognition from South Korea’s Ministry of Food and Drug Safety, becoming the first overseas cosmetics factory operated by a Korean manufacturer to earn the designation. CGMP is a set of cosmetics manufacturing and quality-control standards administered by the ministry and aligned with the International Organization for Standardization’s cosmetics GMP guidelines. The evaluation covered the entire p
CJ CheilJedang is reportedly weighing a sale of its starch-based sweetener business, the latest step in a broader effort to divest low-growth operations since overhauling its corporate structure earlier this month. According to industry sources on Wednesday, the South Korean food conglomerate is in talks with financial investors about a potential carve-out sale of the unit, with a local accounting firm advising on the process. Industry estimates put its value at around 300 billion won ($207 mill
Korean burger chain Mom’s Touch said Wednesday it is entering Singapore through a master franchise agreement with FairPrice Group, the country’s largest retailer, as it seeks a springboard into Southeast Asia and the global halal market. Under the agreement, Mom’s Touch will provide its brand, menu and store-operating expertise, while FairPrice will oversee local development, operations and marketing. The partners plan to open more than 25 restaurants across Singapore over the next decade, focus
Embattled hypermarket chain Homeplus is pinning its revival on a new type of store modeled on US grocery chain Trader Joe's, a leap of faith that has stirred both hope for a business remade and skepticism that a company on the edge of bankruptcy has the footing to pull it off. Homeplus laid out the plan last week, after the Seoul Bankruptcy Court extended its rehabilitation deadline to Sept. 4. Once 200 billion won ($136.8 million) in debtor-in-possession financing arrives, the retailer intends
Carlyle’s 1 trillion won ($683 million) bet on Chungho Nais has put fresh attention on an unlikely Korean export success: subscription-based water purifiers. South Korea has spent decades turning water purification into a recurring-service business. Monthly rental fees, scheduled filter replacements and regular technician visits have made clean drinking water an ongoing service rather than a one-time appliance purchase. Now, with the domestic market nearing saturation, Korean purifier makers are
Chipotle bets on Korea for first bite of Asia
Samsung vs. LG battle for AI cooling heats up
Musinsa posts record earnings on offline, global expansion
One purchase every 0.9 second: Olive Young foreign sales top W1tr
Samsung, SK hynix tax payments surge 167% on chip boom
SK Chemicals eyes European can-coating market
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