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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...
Private equity firm Unison Capital announced on Nov. 21 that it will buy a 60 percent stake in local online shoe shopping mall operator Sappun for 35 billion won ($29.7 million). Sappun’s corporate value is estimated to be around 60 billion won. The two companies will sign a stock purchase agree...
South Korean fashion giant LF announced on Nov. 19 that it has opened an additional Hazzys outlet in Vietnam. The new 130-square-meter outlet is located on the second floor of the Diamond Plaza Department Store in Ho Chi Minh City, its fourth in Vietnam. The company explained that the new store c...
US-based cosmetics giant Estee Lauder announced on Nov. 19 that it will acquire Korean cosmetics company Have&Be, which is the parent company of popular skin care brand Dr. Jart. Have&Be’s corporate value is expected to total around $1.7 billion, according to industry insiders. Estee Lauder and ...
An affiliate of South Korea’s leading furniture maker Hanssem Group opened a new flagship store in Seoul on Nov. 19. Spread across 3,300 square feet, Nexus Flagship Seoul is located in Nonhyun-dong, southern Seoul, where many upscale furniture stores are concentrated. The new space will displa...
South Korean battery developer Iljin Materials announced Nov. 13 that it has received 600 billion won ($512.47 million) in funding from local private equity firm STIC Investment through its unit in Malaysia. The PEF directly funded Iljn Materials Malaysia through a “STIC special situation fund 2,...
The National Pension Service of Korea said on Nov. 14 it will vote in favor of Fila Korea ’s plan to turn into an intermediate holding company and split off its Korean operation under its umbrella. NPS, the world’s third-largest pension fund by assets under management, is Fila Korea’s second-...
Korean cosmetics giant and private equity firms are considering acquiring global cosmetics brand Physiogel, which is known for its moisturizers, according to industry sources Nov. 13. In June, global pharmaceutical company GlaxoSmithKline decided to sell Physiogel as part of its plan to restructur...
China’s Singles’ Day, the country’s biggest shopping blitz created by e-commerce giant Alibaba, hit another record on Nov. 11, selling goods worth 84 billion yuan ($12 billion) in the first hour, jumping 22 percent from the same period a year ago. In the first 10 hours, it sold goods amounting ...
South Korean cable TV operator D’Live is hoping to sell Cube Entertainment, the agency behind K-pop signers BTOB and (G)I-dle, according to industry sources Nov. 11. The company has picked EY Han Young to organize its sale. According to sources, Korean cosmetics company VT GMP, a Chinese enterta...
Haimarrow Food Service, a local hamburger franchise operator, announced on Nov. 5 that is has decided to sell 57.85 percent stake held by its Chairman Jung Hyun-sik. The PEF will also acquire 1,283,949 shares of convertible bonds after conducting due diligence over the next few weeks, according to...
Philip Morris Korea announced Nov. 4 that it has launched a project to push forward its vision of a smoke-free future in Daegu City and Gyeongbuk region. The ‘Smoke-Free City’ project will last until the end of this year. “Smoke-free future is not just simply a motto of our company’s vision,”...
The total value of goods purchased via online shopping in South Korea rose 22.3 percent in September from a year earlier, government data showed Nov. 4. The total value of online transactions reached 11.18 trillion won ($9.6 billion) in September, the highest level for any October since Statist...
South Korea’s once-lucrative duty-free industry revealed poverty in the midst of plenty last week when Doosan said it was shutting down its duty-free stores, following in the footsteps of Hanwha Group. The combined sales of all duty-free shops reached 2.24 trillion won ($1.93 billion) in Septembe...
A top executive of tobacco giant Philip Morris International said the company plans to continue leading the heat-not-burn cigarette market and ultimately realize its vision for a smoke-free future. “We are trying to lead continuous innovation with more than 400 scientists and research and develop...
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