French cosmetics giant L’Oreal has acquired a 100 percent stake in Style Nanda, marking its first acquisition of a Korean company, according to the fashion and makeup manufacturer Thursday.The exact transaction price for the deal was not disclosed. Last month, Style Nanda’s CEO and founder Kim So-hee had initially planned to sell off 70 percent of the company’s shares for 400 billion won ($37 billion) and to keep a 30 percent stake. However, she had changed her mind. Kim started Style Nanda as a

Cho Hyun-min, a former senior vice president of Korean Air, returned home after 15 hours of police questioning during which she reportedly denied allegations of assaulting an employee of an advertisement agency in March. Korean Air heiress Cho Hyun-min walks out of the Seoul Gangseo Police Station on Wednesday after being questioned. (Yonhap)Cho was called in on Tuesday on charges including business obstruction and assault.Cho reportedly told police that she threw an empty glass cup toward a wal

Some employees of South Korean national carrier Korean Air are planning to stage a candlelight protest to call for the resignation of Hanjin Group Chairman Cho Yang-ho, who has come under intense scrutiny after the allegedly unruly behavior of his daughter and wife prompted police questioning and a customs probe. Korean Air employees hold placards during a protest in front of the Korean Air headquarters in Gangseo-gu, Seoul, Friday. (Yonhap)Some 960 Korean Air employees had joined an anonymous c

While all eyes were on the two leaders of the Koreas for the historic summit held at the border village of Panmunjeom on Friday, North Korean leader Kim Jong-un’s taste for finer things has also grabbed attention. Although it was not aired how Kim travelled 210 kilometers from the capital city of Pyongyang to the truce village of Panmunjeom for the summit, Kim returned to the North for lunch in one of his all-black armored Mercedes-Benz S600 Pullman Guard luxury limousine.North Korean leader Kim

Five major discount store chains in South Korea on Thursday joined the Environment Ministry’s nationwide move to reduce plastic waste. From left: Mega Mart’s Merchandise Director Kang Sung-tae, Korea National Council of Consumer Organization Vice President Moon Mi-ran, Nonghyup Hanaro Market CEO Kim Sung-kwang, Environment Minister Kim Eun-kyung, E-Mart’s Business Management division Director Lee Joo-hee, Homeplus Operation Management chief Jeon Hwa-soo and Lotte Mart Merchandise Director Nam Ch

E-commerce platform Cafe24 said Thursday that it has recorded at least 1.83 trillion won ($160 million) of gross merchandise volume in the first quarter, about a 22 percent jump on-year.Cafe24Influenced by the continued expansion of e-commerce platforms, Cafe24 said its quarterly gross merchandise volume has been showing an average of 20 percent growth for the last three years. “Given that such an upward trend continues, Cafe24’s 2018 yearly gross merchandise volume is projected to reach about 8

The Seoul Central District Court ruled Wednesday in favor of LG Electronics in a case regarding its cordless vacuum cleaner advertisement, denying UK home appliance maker Dyson’s claim that LG exaggerated a characteristic of its product.  A screenshot of LG Electronics’ advertisement for its cordless vacuum cleaner. (Youtube)“LG’s advertisement is considered to have cited test results conducted by objective means,” the court said, adding there is no evidence that LG had sought to mislead consume

With hopes of becoming a global bio center on par with those in San Francisco and Singapore, the Incheon Free Economic Zone Authority unveiled its plans to expand a bio cluster in Songdo to attract global biopharmaceuticals.  Incheon Free Economic Zone Commissioner Kim Jin-yong speaks at the Global Bio Hub Symposium held at the Songdo Convensia in Incheon on April 11. (IFEZ)Kim Jin-yong, commissioner of IFEZ said during a Global Bio Hub Symposium held earlier this month that IFEZ will make use o

ROME -- South Korean companies will take the lead in the development of augmented and virtual reality technology although it may still be a niche market, an executive at a German consumer market research institute said during a preview of IFA, held in Rome, Saturday. “While Korea has emerged as a digitally mature country, we see Koreans willing to spend money for premium devices, like gadgets for VR contents. If you look at AR, VR and also artificial intelligence, I think these are the technolog

ROME -- This year’s IFA, Europe’s biggest exhibition of consumer electronics, will see smart and connected devices for home appliances as well as artificial intelligence-incorporated consumer electronics take center stage, including those from South Korean tech giants Samsung and LG.“While AI is a key for the connected world, I see Samsung and LG leading the market. Korean companies are building huge research centers overseas and from what I see so far, I think they are doing it in an excellent

South Korean cosmetics giant Amorepacific has kick-started a lavish company event under the lead of Chairman Suh Kyung-bae from Thursday, with the participation of some 600 employees, according to industry sources.AmorepacificExecutives and rank-and-file members of the company are participating in the three-day event that includes hiking in Pyeongchang, Gangwon Province, with a budget of some 1 billion won ($940,000), according to one source.The five-hour hiking program was Suh’s idea to help aw

When South Korean versions of drugstores were first introduced here in the 2000s, it took time for people locally to grasp what they actually were.They sold makeup, over-the-counter medicine and even snacks, a product lineup that at first seemed random, with items people were used to buying separately in specialty stores -- pharmacies, department stores and convenience stores.It took little time for the concept of health and beauty stores, or H&B, to become common among consumers here, boosted b

E-mart, a South Korean discount chain operator under retail giant Shinsegae, unveiled an autonomous shopping cart Tuesday for a test operation, amid the company’s efforts to solidify its offline distribution base.  A model tries out E-mart’s autonomous shopping cart Eli at E-mart Traders in Hanam, Gyeonggi Province, Tuesday. (E-mart)For the first time in Korea, an autonomous cart will be showcased at E-mart’s warehouse-style supermarket Traders in Hanam, Gyeonggi Province, from Tuesday to Friday

South Korean low cost carrier Air Busan, a subsidiary of Asiana Airlines, came under fire Tuesday after a flight attendant uploaded a photo to her social media allegedly mocking passengers.  A screen capture of an Air Busan flight attendant’s Instagram (Instagram)A flight attendant aboard a plane heading for Busan from Jeju Island three months ago uploaded a photo of passengers to her Instagram account on Saturday. She added a caption reading, “All same permed hair (feat. Omegi rice-cake 400 box

A legal battle lies ahead for Korean Air Senior Vice President Cho Hyun-min, who appointed an attorney Monday and said that she had actually “pushed” -- not thrown -- a cup of water toward an advertising agency manager during a meeting last month.  (A screen capture from MBC news)According to Korean Air, the company has appointed lawyer Kim Sang-hyuk from the law firm Sejong to “cooperate with the police probe that is currently under way.” “We want to truly apologize for what went wrong. We will

Finding the cheapest flights for a trip overseas can be a painstaking process. Many have experienced the agony of seeing the price of an airline ticket fall after purchasing it. Browsing online for the best travel deals can also be exhausting.With Koreans traveling more frequently than before, demand has risen for the most efficient way to land the cheapest tickets at the right time. Government statistics showed that at least 26 million people here traveled abroad in 2017, meaning that 50 percen

Annual sales of South Korean e-commerce company Coupang jumped 40 percent last year to 2.68 trillion ($2.49 billion), amid its move to strengthen direct buying of foreign goods and solidify its signature Rocket Delivery service.  CoupangThe increase in profit has been attributed to reducing the rate of operating loss, calculated by net loss divided by turnover, improving from 30 percent in 2016 to 24 percent last year. It logged 638 billion won in losses as of last year. The company’s gross prof

South Korean pharmaceutical firm Hanmi Pharmaceutical is expected to cease development of Olita, a lung cancer treatment, following its slow progress in clinical trials and cancellation of licensing deals with foreign drug makers. According to the Ministry of Food and Drug Safety, Hanmi submitted a plan to end the development of Olita 200 mg and 400 mg. The ministry has given a green light for sales of Olita in 2016, on condition that phase 3 clinical trials data are submitted. Olita, until rece

Police said Friday they would look into the heiress of Korean Air’s alleged assault at a company meeting, where she is suspected of throwing a cup of water at an employee of an advertisement company last month. Cho Hyun-min, executive director of Korean Air (Korean Air)Seoul’s Gangseo Police Station launched a preliminary investigation to determine whether there are enough grounds for violations of laws subject to formal investigation. The incident surfaced online Thursday after an anonymous wri

Social network platforms were abuzz with the news of South Korea’s fashion and beauty brand Style Nanda deciding to sell its 70 percent stake to L’Oreal for 400 billion won ($37 billion) on Tuesday.  Style Nanda CEO and Founder Kim So-hee (Kim So-hee instagram)Industry insiders said it is a representative case of the global beauty giant recognizing the brand power of a Korean label, particularly in the Chinese market.According to Swiss financial services company UBS, Style Nanda’s deal partner,