Feb 13, 2020

Lotteria rolls out first veggie burger from burger chain in South Korea

Lotteria, retail giant Lotte’s fast-food chain, rolled out its “Miracle Burger,” the first veggie burger from a burger chain in South Korea, Thursday. According to the burger chain, the new burger, introduced under the slogan “Not beef, but veef,” features a plant-based patty with a meat-like texture that comes from a combination of proteins from wheat and beans. The company said it used soybeans instead of eggs for the taste of the Korean-style barbecue rib sa

Feb 11, 2020

Ikea Korea opens 4th store in Busan

Ikea Korea said Tuesday it will open its fourth store in South Korea in Busan on Thursday, marking the first store outside Seoul and the surrounding region. According to the company, Ikea DongBusan, located at Gijang-gun, will feature showrooms, the Ikea Restaurant and Bistro, and Smaland, a play area for kids, across 42,316 square meters, with one basement floor and four floors above ground. Under the vision of creating a “better everyday life,” Ikea DongBusan aims to reach peopl

Feb 11, 2020

[Newsmaker] Nongshim ups promotion of ‘ram-don’ from ‘Parasite’

In light of Korean filmmaker Bong joon-ho’s historical victory at the Oscars with his film “Parasite,” the Korean manufacturer of instant noodles featured in the film is riding high on the bandwagon. Jjapaguri -- translated as “ram-don” in the English subtitles -- is a mixture of Chapaghetti black bean instant noodles and soup-based Neoguri ramen. Having aroused the curiosity of cinemagoers around the world, the recipe quickly spread via social media, with Bong&rs

Feb 11, 2020

New coronavirus fuels 1,236% jump in overseas purchases of masks, hand sanitizers

Since the outbreak of the new coronavirus, more and more South Koreans are shopping online for protective items from overseas sites. According to the Korean branch of the international shopping support site Malltail, orders for sanitary products from overseas sites jumped 1,236 percent in the period between Jan. 20 to Thursday, compared with the same period last year. The most popular item was hand sanitizer, with sales surging 6,243 percent during the cited period. Face masks and hand soap

Feb 7, 2020

Lotte Department Store's main outlet in Seoul to close temporarily over coronavirus fears

Lotte Department Store, one of the country's major department store chain operators, said Friday that one of its outlets in downtown Seoul will be temporarily closed starting late Friday for a cleanup following a recent visit there by a patient diagnosed with the new coronavirus. The store in the downtown Myeongdong area, the most bustling shopping district, will be shut down for sterilization, it said. The move follows confirmation that a female Chinese tourist from China's Wuhan, the epicen

Feb 5, 2020

Orion records highest operating profit of W327b in 2019

Korean confectionary firm Orion said Wednesday it recorded operating profit of 327.3 billion won ($275.9 million) in 2019, marking the highest figure in company history. According to the company, it saw its net profit increase 54.1 percent on-year to post 220.3 billion won, and its annual revenue hit 2.02 trillion won, up 5 percent from the year before. The company’s operating profit in the fourth quarter last year was 97.8 billion won, up 39.2 percent in the same period on-year, and t

Feb 5, 2020

Call me ‘Bae Ha-jun’: OB CEO from Belgium gets Korean name

Ben Verhaert, CEO of the South Korea-based Oriental Brewery, has chosen a new Korean name to foster friendly communication with his Korean employees and customers, the company said Wednesday. The Belgian national now goes by Bae Ha-jun. The CEO took up his current post in November last year. Belgian brewing giant Anheuser-Busch InBev acquired OB in 2014. The name Ha-jun consists of the Chinese characters “ha,” referring to water, and “jun,” meaning height, the company

Feb 3, 2020

Coupang CEO freezes price of masks amid coronavirus outbreak

The outbreak of the Wuhan coronavirus has led to controversy about whether it is right for face mask manufacturers to raise the prices of their highly sought-after products. While overall prices of such masks appear to be on the rise, the CEO of Coupang said the South Korean e-commerce firm will freeze the prices of face masks being sold on its platform. “Although the market price of masks rose as demand increased, we have frozen our prices for retail masks,” Coupang CEO Kim Bom-

Feb 3, 2020

Amorepacific partners with top Indonesian retailer, expands presence in region

Korea’s top cosmetics maker Amorepacific Group said Monday it confirmed a business partnership with PT Mitra Adiperkasa (MAP), a leading retailer in Indonesia, strengthening its position as global beauty brand in the region. According to the company, Amorepacific President Bae Dong-hyun and MAP Group CEO Virendra Sharma inked the agreement at the MAP headquarters in Jakarta, Indonesia, on Wednesday. Under the partnership, Amorepacific will present its cosmetics brands, Sulwhasoo, Lanei

Feb 3, 2020

[Herald Interview] Homeplus eyes market expansion with private brand, global sourcing

Top executive of retailer has aggressive plans for expanding market share in South Korea

Jan 29, 2020

Lotte Chilsung rolls out eco-friendly water product with no plastic labels

Lotte Chilsung Beverage said Wednesday it has rolled out bottled mineral water without plastic labels. The new product, 1.5-liter Icis 8.0 Eco, has its brand name engraved on the plastic bottle, taking away the hassle of having to remove the label before recycling it. The exclusion of the label will save about 4.3 tons of packing materials, the company said. The product will be released on Lotte Chilsung’s official shopping site and other online channels, in two bundles, each consist

Jan 29, 2020

Rivals join hands for global heated tobacco market

KT&G partners with Phillip Morris International to distribute heat-not-burn lil cigarettes worldwide

Jan 29, 2020

McDonald’s Korea names Martinez as new chief

McDonald’s Korea announced Wednesday the appointment of Antoni Martinez as the new managing director. He replaces Melanie Joh who resigned last month. Martinez has been market director for the southern region of Australia since January 2016. He joined McDonald’s in Victoria, Australia, in 2000 as a crew member. “McDonald’s has a strong track record in Korea thanks to the team’s innovative approach over the years.” Martinez said in a statement. “We h

Jan 28, 2020

Samyang sells more overseas than domestically on spicy noodle hit

Samyang Foods, the manufacturer of the globally popular Buldak Spicy Chicken noodles, saw its revenue from overseas surpass domestic sales last year, industry sources said Tuesday. Last year, Samyang Foods recorded total sales of 535 billion won ($455 million), and exports surpassed domestic sales by 5 billion won. It is the second time a South Korean food manufacturer has sold more of its products overseas than in the domestic market, the first being Choco Pie from Orion Corp. The food manufact