Lotte Duty Free said Wednesday it clinched a 10-year contract to become the new operator of Melbourne Airport duty-free shops, in a bid to make further inroads into the Oceania market. According to the South Korean duty-free goods retailer, starting June 1, Lotte will offer a duty-free experience in the Australian terminal’s existing 3,600 square meter duty-free space, as well as the airport’s online e-commerce platform. The South Korean retailer became the preferred bidder for the O

US fried chicken fast food chain Popeyes is reporting strong sales after its return to the South Korean market. According to Silla Group, the operator of Korean Popeyes outlets, more than 5,000 customers visited its Gangnam branch during the first three days of the chain's relaunch, which took place on Dec. 16. In addition, as of Tuesday, more than 50,000 chicken sandwiches -- the chain's newly launched flagship menu -- were sold during the month after the store's first opening. T

South Koreans’ Seollal gift packages appear to have no limit on what they can contain. Gift packs full of spam, preserved tuna or soap are the most frequently exchanged. However, there are thousands of different Seollal gift sets. South Korean convenience store chain GS25 in December unveiled its Seollal gift catalog with more than 850 kinds of gift sets, which include a 9 million-won ($7,260) bottle of Le Pin wine while another includes a rabbit-carved gold medal for the coming year of th

Hazardous substances were detected in Korean food company Nongshim's flagship ramen products to Taiwan, according to the Taiwan Food and Drug Administration Thursday. Nongshim's exports of Shin Ramyun Black Tofu & Kimchi cup noodles to Taiwan failed to pass the country's customs inspection, the TFDA said. According to the TFDA, 0.075 milligram per kilogram of ethylene oxide, or EO, had been found in soup packets of each instant cup noodle product. EO, which is largely used for

Fashion and cosmetics retailer Shinsegae International said Tuesday it appointed a luxury fashion expert William Kim as its new CEO, in a bid to strengthen the company's luxury fashion business and sharpen the company's digital edge. Kim's previous career includes having served as a chief financial officer at Gucci, where he worked in teams with partners including Stella McCartney, Alexander McQueen and a number of luxury timepiece brands including Bedat & Co. According to Shi

South Korean internet giant Naver on Friday unveiled a slew of new projects aimed at giving Poshmark, the US reselling platform it acquired early this month, a technological edge and returning it to profit. Naver took over Poschmark for $1.31 billion on Jan. 6, in its largest-ever deal. As their first collaboration, called "Posh Lens," Naver will be providing Poshmark with the internet firm's visual search technology to allow users to be able to find products they want by taking p

Orchestra Private Equity, a private equity firm based in Singapore, has signed a stock purchase agreement to acquire chicken franchise KFC Korea, according to industry sources on Friday. Under the deal signed on Thursday, Orchestra PE will purchase a 100 percent stake in KFC Korea from KG Group, a chemical-to-steel company based in Seoul. The transaction has an estimated worth of 60 billion won ($48.3 million) to 70 billion won. KFC Korea has been on sale for a year by KG Group which took ov

In continued efforts to expedite its foray into the global consumer-to-consumer, or C2C, market, e-commerce platform Naver recently became the largest shareholder of Spanish secondhand marketplace Wallapop with an investment worth 75 million euros ($80.7 million), according to industry sources Thursday. Following Naver's investment worth 115 million euros made in last February to acquire 10 percent of Wallapop's stocks, with the additional investment, Naver now stands as the largest sh

LG Electronics on Tuesday launched a new skin care device called Pra.L DermaThera that uses ultrasonic control technology to help the skin produce collagen and improve elasticity. The latest addition to the tech giant’s popular Pra.L beauty device lineup is priced at 1.59 million won ($1,280).

One of South Korean food giant CJ CheilJedang's new year's resolutions appears to be to make an active foray into the global market. The food conglomerate recently said it is slated to accelerate its expansion of "K-Food Global Territory" by making inroads into previously unexplored markets. "We will make a fully fledged entry into countries that we have not tapped yet and achieve growth with seven global strategic products," said Choi Eun-seok, CEO of CJ CheilJedan

South Korea’s imports of party supplies, such as decorations and balloons, hit a record-high through November this year, customs data showed, as the country has lifted social-distancing rules. The combined imports of party supplies over the January-November period came to $64 million, up 31.7 percent from a year earlier, according to the data compiled by the Korea Customs Service. The amount far exceeds $56 million tallied for all of 2021. The growth came as people hosted various parties,

After milestone agreement with Burberry, uniform makers rush to revise check patterns before March semester starts

With China abolishing measures to quarantine its travelers starting 2023, South Korean duty-free shops are expecting a boost in its earnings, according to industry sources Monday. China's National Health Commission announced recently that starting Jan. 8, overseas entrants to China will no longer need to be quarantined or take PCR tests upon returning to the country. This marks the first time in three years since the pandemic broke loose that Chinese tourists will be able to travel abroad w

Smaller rivals – SSG.com, Kurly, Oasis – bracing for stock debuts; fiercer competition among players to spur innovation in logistics

Use-by date, not sell-by date, to be adopted from next year, with milk being the only exception