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The Korea Herald

Retail & Consumer

January 22, 2021
Coupang stresses sound work environment

South Korean e-commerce giant Coupang said Friday that it has strived to lower the work intensity of staff at its fulfillment centers through large-scale recruitment and investment in automation technology, amid criticism that its harsh work environment led to death of employees. According to Coup...
September 17, 2020
Korean Air injects W1.1tr into Hanjin International to keep hotel business afloat

Korean Air announced on Sept. 17 it was injecting 1.1 trillion won into its subsidiary company Hanjin International to help pay off its debts and keep the latter’s hotel business afloat. The decision was made during a board of directors meeting on Sept. 16, which will help pay back HIC’s debt w...
September 09, 2020
[Herald Interview] Beverages legend bets on health drinks, overseas markets

“I’m very excited about this year, which will be the first year our beverage has truly made a foray into the US market,” Jo Un-ho, CEO of Hite Jinro Beverage, said in a recent interview. Hite Jinro Beverage is a subsidiary of Korea’s leading liquor conglomerate Hite Jinro and produces the grou...
August 19, 2020
Food companies see massive growth in wake of COVID-19

South Korean food companies scored massive sales growth in the wake of the COVID-19 pandemic, as the demands increased for products that can be consumed at homes, in both domestic and overseas markets. In the second quarter this year, CJ CheilJedang recorded an operating profit of 384.9 billion w...
August 13, 2020
Big Hit posts estimated record sales in Q2

Big Hit Entertainment, the label-management agency of K-pop giants BTS, announced on August 14 that its estimated sales revenue during the first half of 2020 reached a record 294 billion won (US$244.8 million) on the back of strong album sales and paid online concert revenues. In a biannual co...
August 05, 2020
Coupang, LG Chem narrow gap with global No. 1 firms

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 respective fie...
July 29, 2020
Antitrust watchdog fines SPC W65b, reports chairman to prosecutors

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 Croissant...
June 04, 2020
NTS launches tax evasion probe into Starbucks Korea

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...
April 17, 2020
Apple to reopen Seoul store on April 18

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 aroun...
April 14, 2020
SM Entertainment, Naver team up to launch concert streaming service

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 ...
March 30, 2020
BAT unveils new corporate strategy

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 health impact of i...
March 13, 2020
‘Parasite’ tops 300 bln won in worldwide revenues

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, including $72.6 mil...
February 26, 2020
Amorepacific to sell Gangnam building for W160b

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 solvency, the r...
January 22, 2020
Blue Bottle Coffee to open 5th store in Gwanghwamun

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 outle...
December 30, 2019
Duty-free sales hit new monthly high in Nov.

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 th...

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