The fate of Kumho Tire, the nation’s second-largest tiremaker, hangs in the balance as Kumho Asiana Chairman Park Sam-koo has prepared a management plan to be submitted to creditors on Tuesday to persuade them to keep him on board as top brass, and to open another opportunity to buy back the beleaguered tire company.Creditors of the tire company led by Korea Development Bank have asked Park to submit a proposal to revive the flailing finances of the tire company, which saw a 50.7 billion won ($4

E-commerce firms are seeking strategies such as linking up with artificial intelligence and exclusive products to increase profitability, as consumers continue to shift their shopping tendencies to mobile platforms. According to numbers from Statistics Korea, in July mobile shopping transactions reached over 4 trillion won ($3.53 billion) for the first time, rising 35.1 percent on-year. Mobile shopping made up 62 percent of all online shopping.The rise in sales transactions has not been accompan

Downtown duty-free operators are preparing to open boutiques for in-demand luxury brands in the hope of restoring sales that have fallen with a drop in the number of Chinese tourists visiting Korea.Shinsegae DF, which opened up Cartier and Fendi stores in August, is preparing to open stores for Louis Vuitton and Dior later this month. Shoppers in the fashion section of HDC Shilla Duty Free in IPark Mall (HDC Hyundai IPark Mall)HDC Shilla Duty Free is also preparing a Louis Vuitton boutique at it

The chief executive of McDonald’s Korea on Thursday sent out an official statement expressing regret over panic caused by suspected links between health dangers and McDonald’s burgers.“I deeply regret that customers who visited our restaurants may have experienced any related illness,” McDonald’s Korea Managing Director Melanie Joh said in the statement. This is the first time that the company’s leadership has officially expressed regret over the issue.A consumer walks by a McDonald's store in S

Complaints about unexpected side effects from using sanitary pads have spiked since mid-August when information regarding the materials used in these products were released, according to the Food and Drug Safety Ministry on Wednesday.Since Aug. 21, a total of 74 complaints have been lodged with the Korea Institute of Drug Safety and Risk Management concerning the use of menstrual care products. There were no complaints regarding menstrual care products reported before Aug. 20. The complaints mos

South Korea saw its greatest deficit ever in tourism balance in July this year, with the imbalance expected to continue amid tensions with China and North Korea, and the upcoming Chuseok holiday luring Koreans to travel abroad.According to numbers from the Bank of Korea on Tuesday, the travel trade balance hit a $1.79 billion deficit in July this year, representing the lowest point ever. The balance fell by 40.8 percent compared to July last year.Travelers leaving Korea wait to check-in at Inche

Cigarette maker KT&G is offering 3 billion won ($2.65 million) to help fund young entrepreneurs creating social enterprises, according to the company Tuesday. From left: KT&G chief of sustainability management HQ Lee Sang-hak, Social Solidarity Bank CEO Kim Yong-deog and Underdogs CEO Kim Jeong-heon sign the KT&G SangSang Startup Camp memorandum of understanding at Seoul Innovation Park on Tuesday. (KT&G)KT&G signed an agreement Tuesday with Social Sustainability Bank and Underdogs to start the

Personal care products company Yuhan-Kimberly on Monday released an official statement questioning the validity of a study conducted last year on the toxicity of sanitary pads being sold in Korea.“The Food and Drug Safety Ministry has stated that the scientific validity of the study is questionable, which is why we are waiting for the results of the government’s ongoing study instead before making any definitive claims,” a spokesperson for the company said. The statement came after news reports

Lotte Duty Free is considering pulling its duty-free business out of Incheon Airport’s Terminal 1 in the wake of falling sales, according to an official with the company Monday.“We are in the midst of negotiations with the airport to adjust rent costs, but closing our outlet at the airport is a serious consideration,” the official said. Korea’s largest duty-free operator has seen sales numbers decrease sharply, following tensions between China and Korea due to the latter’s decision to deploy an

Audiophiles in Korea are shelling out for high-end headphones as technology for audio players continues to improve and headphones are marketed as accessories.“Once you hear a song through expensive headphones, it never really sounds the same after that,” said a 38-year-old businessman surnamed Kim, who was trying out a different headphones at the Sony store in the upscale Apgujeong area.“At first I thought that it was ridiculous to spend more than 100,000 won on a pair of headphones. But after t

Duty-free operators in South Korea are reducing their organizations and store sizes as sales struggle to rebound in the face of falling numbers of tourist shoppers from China. The once highly lucrative industry had been heavily dependent on group tourists from China, who swept Korean cosmetics and other products off store shelves. However, these groups sharply fell off earlier this year when Beijing imposed an unofficial travel ban on Korea following Korea‘s decision to install an American anti-

Lotte has decided to borrow another $300 million to support Lotte Mart in China, according to the company on Thursday, as the discount chain continues to struggle amid negative Chinese consumer sentiment toward Korea.The funds will come through Lotte Shopping Holdings in Hong Kong, which owns the Lotte Mart China corporation. This the second loan made to Lotte Mart China, following an initial loan in March of a similar amount. A consumer passes by a closed Lotte Mart in China. (Yonhap)In March,

American food company Yum! Brands has sold its 100 percent stake in Pizza Hut Korea to a Korean investment firm, according to Pizza Hut Korea on Thursday.The stake was sold to Orchard One Inc., a corporation set up by an investment firm called KHI for this deal. An official speaking for Pizza Hut Korea declined to comment on the sale price, citing a non-disclosure agreement.The company said through a statement that the sale aimed to create a “more flexible organization and streamlined decision-m

Food group SPC plans to expand its Paris Baguette bakery chain to 300 stores in the United States by 2020, according to the company Wednesday.SPC Chairman Hur Young-in said that he would pursue this expansion and create 10,000 jobs by 2020 during a meeting with members of the US House of Representatives on Tuesday at SPC’s headquarters in Seoul. SPC Group Chairman Hur Young-in (right) and Republican Rep. Ed Royce of California meet at the SPC headquarters in Seoul on Tuesday. (SPC)Reps. Ed Royce

Shareholders of four Lotte companies approved a plan to set up a holding company Tuesday, in a move that is expected to tighten the grip of Chairman Shin Dong-bin as the group faces increasing internal and external difficulties.Lotte Confectionery, Lotte Shopping, Lotte Chilsung Beverage and Lotte Food held respective shareholder meetings Tuesday morning to vote on merging the four companies’ investment entities into one holding company.All four companies agreed to the plan, with 86.5 percent, 8

Ikea Korea‘s second store in Korea will open in Goyang, Gyeonggi Province on Oct. 19, the company said on Tuesday. Ikea Korea Country Retail Manager Andre Schmidtgall gives a press presentation at Bread Comma Café in Seoul on Tuesday. (Ikea)“We had heard from customers that they wanted us to come closer to them, and that sometimes our (existing) store is too crowded,” Ikea Korea Country Retail Manager Andre Schmidtgall told reporters at the Bread Comma Cafe in Seoul.According to Schmidtgall, the

Oriental Brewery is targeting young consumers who enjoy drinking at home with canned cocktails called MixxTail Ice, according to the company Monday.MixxTail Ice, which comes in two flavors, is the second product in the MixxTail line launched in May last year in bottled form. MixxTail Ice (OB)With an alcohol content of just 3 percent and convenient packaging, MixxTail Ice is an easy way to enjoy high-quality cocktails, according to the company. The canned cocktails have a lower alcohol content th

The five private brands operated by Lotte Department Store will be rebranded under the umbrella brand Eliden, according to the retailer Sunday. An image of the new Eliden Home store to open in Lotte Department Store Jamsil Thursday. (Lotte Department Store)Since 2005, Lotte has been operating five private brands targeting various consumer sectors including young womenswear, contemporary womenswear, accessories, menswear and home design.Eliden, the first private brand launched by Lotte, will keep

Women are seeking out toxin-free alternatives to disposable sanitary pads and tampons, as the government continues to struggle in providing clear answers about potential health risks associated with compounds found in existing products.The Ministry of Food and Drug Safety said Sunday that it had started conducting a study as of Friday on “all sanitary pads produced or imported in the past three years,” focusing on determining levels of volatile organic compounds.“Volatile organic compounds” is a

The chief of GS Group on Friday urged the group‘s top executives to pursue "agility" in managing their teams in a rapidly changing business climate during a two-day meeting, officials said Sunday. GS Group Chairman Huh Chang-soo (GS)“GS must be able to pull forth its employees’ creativity and talent using stable and efficient processes,” GS Group Chairman Huh Chang-soo said at the 13th annual GS CEO Strategy Meeting held at the Elysian Gangchon in Gangwon Province on Friday.“Our organization mus