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Tag: Korea

  • 50 Global Superstars To Compete in Miss SuperTalent of the World 2016

    50 Global Superstars To Compete in Miss SuperTalent of the World 2016

    Mark your social calendars as 50 gorgeous and talented ladies from all over the globe will sashay under the spotlight in the sixth edition of Miss SuperTalent of the World 2016. Pageant producer Sutal Group announced that the highly anticipated event will be held in Seoul, South Korea. The star studded grand finale will showcase the world’s most beautiful and talented contestants in a kick-off on April 27 and will culminate in a coronation night on May 13 at the K-Hotel Convention Center.

    It’s going to be a dazzling coronation night as various performances are lined up—from heart-stopping martial arts, K-pop dance performances by the hottest Korean artists, to a unique spectacle of angels in collaboration with Korean wave stars and the pageant contestants.

    This year, Miss SuperTalent of the World 2016 launches an engaging two-hour television special, to be telecast and live streamed via Internet worldwide, highlighting a different format of beauty pageant or supermodel search.

    The event is widely watched worldwide, especially in Asia, where it is partnered with SGX-listed social commerce company YuuZoo Corporation. Through YuuZoo’s access to 110 million registered users and 800 million TV viewers, Miss SuperTalent of the World enjoys an unprecedented global audience reach.

    It’s no surprise that Miss SuperTalent of the World is recognized today as the definitive platform where outstanding young women enter the exciting world of fashion, music, and entertainment to carve out successful careers. Past winners have risen to become influential icons, such as Egypt’s Meriam George and Ukraine’s Diana Starkova.

    Sutal Group CEO Lawrence Choi remarks, “Unlike traditional beauty pageants and supermodel search contests, Miss SuperTalent of the World has its sights firmly set on superstars; film stars, pop icons, and supermodels. With its unique concept of discovering and nurturing talented beauties to become future stars in the global entertainment industry, it has launched the careers of its winners to become the faces of L’Oreal and Bollywood, among others.”

    Check out more details by visiting www.misssupertalentworld.com, www.missstow.com (social site)

  • Kingsdown launches bedMatch system in South Korea

    Kingsdown launches bedMatch system in South Korea

    Top 15 U.S. bedding producer Kingsdown announced the debut of its bedMatch system here. Kingsdown plans to use the retail launch as a starting point for further distribution of bedMatch systems, Kingsdown, and Sleep to Live bedding products throughout the region.

    Kingsdown licensee Navijam partnered with Rentus, a retailer in Songdo, to launch the first bedMatch system in the country. The majority of the Sleep to Live mattresses on the store’s showroom floor are made in South Korea, with some products being imported from the United States.

    “Looking to grow our brand in Asia, we are confident that South Korea is the right location due to their focus on advancements in technology, product quality and styling,” said Kingsdown President and CEO Frank Hood. “As Kingsdown continues to expand, we have seen great success and growth abroad through our innovations in sleep technology. We have also found a partner that not only believes in our product but also shares our company’s vision of providing retailers and their consumers with high quality products from an internationally respected brand.”

    In addition to this South Korean location, Kingsdown is set to open 60 more bedMatch/My Side locations throughout Asia in 2016, the company said.

    Navijam, founded in 2011, is a leading mattress manufacturer in South Korea, officials said.

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  • Indonesian bank opens branch in Seoul

    Indonesian bank opens branch in Seoul

    An Indonesian bank, Bank Negara Indonesia (BNI) 46, opened a branch office in Seoul, South Korea, in Wise Tower, on Monday. It was inaugurated by the Ambassador of Indonesia to South Korea, John A Prasetio and Manager of BNI46 Seoul, Wan Andi Aryati. “The banking industry in South Korea is already shaken, but BNI46 still sees market potential,” Wan Andi said in a statement received by ANTARA here Monday. The BNI46 targets the domestic trade market according to her. “BNI Seoul wants to be a bridge to establish cooperation between Indonesia and South Korea by providing loans and other related banking services,” Wan Andi said.

    The BNI46 also provides services for South Korean businessmen who want to invest in Indonesia, she added.
    “We are also targeting the Indonesian labor market in South Korea, which now reaches 40 thousand people. We are committed to providing the best service for the Indonesias foreign exchange heroes,” she said.

    Meanwhile, Ambassador Prasetio stated that the world economy is still in a state of collapse. The stock market and the value of currency in some countries against the US dollar continues to decline.

    “This shows that the global sentiment has not been encouraging. Uniquely, the Indonesian economy is relatively solid in the middle of the uncertainty shocks,” the ambassador said.

    Cooperation in trade and investment between Indonesia and South Korea are still positive. The demand for Indonesian products and South Koreas investment in the country are progressive, according to him.

    “They respond positively on the economic policies of President Jokowi (Joko Widodo). I believe that the presence of BNI46 in Korea is very important to bridge cooperation between the two countries,” the ambassador said.

    Data from the Investment Coordinating Board (BKPM) shows that South Koreas direct investment in the country in the last five years is ranked fourth with a value of more than US$7 billion. Currently, there are 2,700 South Korean companies in Indonesia.

  • Korean Manufacturers Witnessing More and More Idle Production Facilities

    Korean Manufacturers Witnessing More and More Idle Production Facilities

    It has been found that Korean manufacturing companies’ rate of operation reached a record low since the IMF bailout in 1998 due to the sluggish exports and domestic consumption.

    Under the circumstances, the manufacturers’ investment is forecast to decline to cause an increase in unemployment and the slowdown of the national economy as a whole.

    The Statistics Korea announced on February 11 that Korean manufacturers posted an average rate of operation of 74.2% last year, down 1.9 percentage points from a year ago, with their exports showing no signs of recovery amid the global economic recession. The percentage of 2015 was the lowest since 1998.

    According to the Bank of Korea, Korea’s total exports decreased by no less than 10.5% year-on-year to US$548.93 billion last year. Besides, Korea’s exports to the emerging markets including China, which account for 60% of the total exports, showed a decline of 7.9% in 2015.

    Sluggish domestic consumption is another reason for the low operating ratio of the manufacturing firms. According to the Statistics Korea’s report that was released on January 29, Korea’s retail sales index fell 1% from a month ago in November last year and 0.1% in the following month.

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  • Korean department stores offer instant tax refunds to tourist

    Korean department stores offer instant tax refunds to tourist

    South Korean department stores will start offering instant tax refund services to foreign customers from this month as part of an effort to boost sales.

    Under the new program, foreigners can buy products without paying the mandatory 10 per cent value-added tax (VAT) if the item costs 30,000-200,000 won (US$25-166), observers said. Each person can be exempt from VAT for up to the first 1 million won in purchases. Products that cost more than 200,000 won require the buyer to pay the VAT and get a refund later on.

    Seoul announced last year that it would implement changes to the way all local tax-free shops operate in 2016 by making it easier for tourists to spend in the country without the need to hold onto purchase receipts that must be shown at departure to get tax refunds.

    Lotte Department Store, South Korea’s No. 1 luxury retailer, said the instant tax refund will be given at its main Sogong-dong flagship store in downtown Seoul.

    Shinsegae Department Store said its main store in Jung-gu will offer the service to customers, while Hyundai Department Store plans to give immediate tax refunds at its main Apgujeong store and its Coex outlet in southern Seoul.

    Department stores said they picked the stores because they are the most frequented by foreign visitors, with more stores to be added later.

    “Foreign shoppers can buy products minus the 10 per cent VAT so there is no need to keep tabs on receipts or show the product they purchased at the airport when they leave the country,” a Lotte official said. “This can greatly reduce the hassle at airports and should fuel sales at our store.”

    In addition, local department stores said they will kick off promotion sales to attract Chinese tourists who are expected to arrive in large numbers during the Chinese Lunar New Year holiday. The traditional holiday runs from February 3 through February 13 this year.

    Lotte said it will give 50,000 won discounts for purchases exceeding 1 million won, with gift cards equal to 5 per cent of the purchase of the total to be given if the total tops 10 million won. Shinsegae said it too will give upwards of 30 per cent discounts and gifts to foreign tourists that buy items at its stores in February. The retailers said that to get the benefits the shopper needs to show his or her passport when making the purchase.

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  • Lotte launches smartphone app for Chinese tourists

    Lotte launches smartphone app for Chinese tourists

    Lotte Group has launched a smartphone app for Chinese tourists visiting Korea.

    The application is called ‘TianTianLeTian’, and provides visitors with information on shopping, tourism, and other services offered by Lotte companies.

    Department stores and large discount stores have already launched mobile solutions for Chinese tourists, but Lotte Group’s new software marks the first time an app was developed by an entire group.

    In addition to tourism information, TianTianLeTian also provides users with mobile coupons for Lotte Members, Lotte Duty Free Store, Lotte Department Store, and Lotte World.

    The app also provides suggestions for places to dine, popular tourist spots, the latest travel information and content from Hallyu stars. Maps are provided in Chinese, and translation services are also provided.

    In collaboration with Zai Seoul, a startup company specialising in travel information targeting Chinese tourists, the location and information of 1800 small shops are listed.

    Lotte will provide small businesses who subscribe to its service with big data related to keywords frequently used in searches by Chinese tourists, human traffic, and shopping habits, helping companies develop marketing strategies to attract Chinese tourists.

    Lotte’s decision to develop a new app was the result of a change in travel habits for Chinese tourists, and a move towards independent travel instead of group packages.

    According to data from the Korea Tourism Organization, the number of Chinese tourists visiting Korea individually nearly doubled in 2015 to 3.5 million compared to the 1.64 million visitors in 2013. The organisation expects 5.5 million individual Chinese tourists to visit this year.

    To target individual travelers who get most of their information through mobile devices while traveling, Lotte started development of the application in April 2015. The beta version was released on January 6, and the number of downloads has already reached 40,000.

  • First Shipment of Hemp Food Products for Korean Company Shipped from Naturally Splendid Facility

    First Shipment of Hemp Food Products for Korean Company Shipped from Naturally Splendid Facility

    Naturally Splendid Enterprises Ltd. is pleased to announce that the first shipment of 20 metric tonnes of hulled hemp seeds destined for the Port of Busan in South Korea, was shipped from the Naturally Splendid distribution centre in Burnaby, BC to the Port of Vancouver on schedule this morning.

    Naturally Splendid VP of Operations Bryan Carson states, “Having shipped the first container to Korea Beauty & Health Care in South Korea on schedule, we now look forward to fulfilling the balance of this $924,000 CDN purchase order”.

    Korea Beauty & Health Care Co., Ltd. (KBH) was established in 2003 and has a successful track record bringing a variety of products to the South Korean marketplace in the area of cosmetics, household items, functional foods, and medical equipment. KBH was certified as a food manufacturer and cosmetic manufacturer in 2015 and is also a product developer with its own R&D facility. The Company currently employs 62 people and generated revenue of approximately 12,000,000,000 Won ($14,000,000 CDN) in 2015 via online shopping, offline shopping, traditional retail and TV shopping channels. KBH will be marketing the NATERA(R)brand through online shopping, offline shopping, traditional retail and TV shopping channels.

    Naturally Splendid is a multifaceted biotechnology company that is developing, producing, commercializing, and licensing an entirely new generation of plant-derived, bioactive ingredients, nutrient-dense foods, and related products. Naturally Splendid is building an expanding portfolio of patents (issued and pending) and proprietary intellectual property focused on the commercial uses of industrial hemp and non-psychoactive cannabinoid compounds in a broad spectrum of applications.

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  • Lotte launches Paul & Shark in Korea

    Lotte launches Paul & Shark in Korea

    Italian lifestyle brand, Paul & Shark, has opened its first boutique in South Korea, at Incheon International Airport (ICN) in partnership with Lotte Duty Free – with a further two on the way.

    Commenting on the mid- December opening: Catherine Bonelli, Global Travel Retail Director at the brand, says: “This store makes a wonderful first step into the South Korean travel retail market for Paul & Shark.”

    “In the first quarter of 2016 another two openings are planned in Seoul, which will truly cement Paul & Shark’s presence in Korean travel retail. I would like to thank Lotte Duty Free for their support with the opening of this new store, which looks amazing.”

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  • Shinsegae Group in massive expansion plan

    Shinsegae Group in massive expansion plan

    Shinsegae Group says it will invest 4.1 trillion won ($3.4 billion) this year and hire 14,400 new staff to expand its retail business and revitalise the “sagging domestic economy”.

    “The overall retail sector has been struggling to deal with continued sluggish domestic consumption,” a Shinsegae Group official said. “But we decided to invest more and hire more workers to find new growth engines and help inject vigor into the stagnant domestic market.”

    Shinsegae, Korea’s largest retail group, will open 10 shopping centres across the country in 2016, including the massive Hanam Union Square southeast of Seoul, built on a 117,000 sqm site and employing 5000 staff. That project is worth 1 trillion won alone,  (US$832 million).

    The company’s discount arm E-Mart, is building a logistics centre in Gimpo, in the Gyeonggi province, to support an expanded online business as it ramps up competition with rivals including Coupang. It also plans to increase the size of many of its existing stores as well as opening new shops in Vietnam and other Southeast asian markets.

    Three new Shinsegae department stores will open their doors – in Hanam, Gimhae (in South Gyeongsang Province) and in Daegu. Stores in southern Seoul and downtown Busan will be expanded.

    And the company’s Shinsegae Duty Free operation is putting the finishing touches on an upmarket duty free store inside its downtown Seoul department store. That shop is scheduled to open in May.

    “Business conditions at home and abroad have largely been unfavorable for us,” said Shinsegae Group vice chairman Chung Yong-jin.

    “We expect to bear fruits this year from our investments in multipurpose shopping centers, duty free shops and department stores. We will continue to invest and hire workers as a leading retailer to help bolster the domestic economy,” he said.

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  • South Korean home shopping channel to launch in Thai market

    South Korean home shopping channel to launch in Thai market

    South Korean High Shopping Co, a joint venture between InTouch Media and Hyundai Home Shopping, is set to become the third South Korean home shopping operator to enter the Thai market, with a launch in Vietnam slated for the second quarter of 2016.

    High Shopping’s goal is to be among the top three players in Thailand’s 20-billion-baht home shopping market by 2020, according to the Bangkok Post. “Thailand’s home shopping market has a lot of potential, with annual 20 percent growth to reach 20 billion baht in 2020, double the revenue last year,” explained Lee Hae-seung, High Shopping’s Chief Executive.

    Home Shopping currently represents just 0.5 percent of Thailand’s retail industry, compared to 4 percent in South Korea. High Shopping is predicting that, of the 2,500 products it will offer for sale by mid-2016, cosmetics and kitchenware will be the best-sellers.

    The inventory will initially be made up of premium Korean brands, with international brands once the channel is established. The shopping channel is hoping to achieve sales of THB4.5 billion by 2020, with a 25 percent market share.

    The company is planning to broadcast on satellite TV platforms initially before expanding to cable and mobile devices.

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  • Drones manufacturer DJI to open flagship retail store in Korea

    Drones manufacturer DJI to open flagship retail store in Korea

    DJI, a manufacturer unmanned aerial vehicle technology, is set to open a flagship store in Seoul’s Hongdae district in March.

    Frank Wang, DJI Founder and CEO, said the location was chosen as Hongdae is a vibrant district that combines urban arts, indie music and pop culture.

    DJI korea inside

    “DJI is also creating a cool new culture for aerial enthusiasts, allowing people to experience and see the world from a new perspective,” he said.

    The five-story, 870-square-meter store will feature a full range of DJI’s consumer products, including the Phantom 3 series, the Inspire 1 and Spreading Wings series, Matrice 100, Guidance, the Ronin handheld three-axis camera gimbal line, as well as the company’s latest integrated stabilized 4K handheld camera, the Osmo.

    The store will have a lounge area for visitors to relax and enjoy aerial footage and content from around the world; a customer experience zone where DJI pilots will perform demos for different products; and customer support.

    The Seoul store is DJI’s second foray into retail after the December opening of its OCT Harbour shop near the company’s headquarters in Shenzhen, China.

  • “IKEA Effect” Hits South Korea with Boom in Furniture Retail Market in 2015

    “IKEA Effect” Hits South Korea with Boom in Furniture Retail Market in 2015

    The furniture market in South Korea has seen a surge in sales since IKEA entered the retail sector last year, stimulating consumer tastes for trendy home furnishings and competing with local retailers, South Korean news agency Yonhap reported on Monday.“The rising interest in home interior items has boosted demand for new furniture, driving up sales of furniture makers,” said Kim Kwang-seop, an official at Statistics Korea.

    According to Statistics Korea, retail furniture sales have jumped 7 percent since 2014 – the highest growth rate since almost a decade ago – with five trillion won ($4.15 billion) in earnings in 2015.

    Though local South Korean furniture retailers initially voiced concerns about losing business to the Swedish-headquartered furniture conglomerate that set up base in the outskirts of suburban Seoul in January 2015, the healthy competition has been a boom for the industry, according to Yonhap, which terms the industry’s revival the “IKEA effect.”

    The five largest home furnishing retailers – including Hanssem, Hyundai Livart and Enex – reported a 20 percent upsurge in sales in 2015, with experts also attributing the consumer boom to aggressive advertising by retailers through showrooms in major cities as well as the rising popularity of home renovation TV shows.

    IKEA, which has earned $308 million since its launch and has had over 6.7 million visitors, now plans to open up five more stores by 2020, according to Yonhap.

  • Korea retail sales slide

    Korea retail sales slide

    Korea retail sales took a surprise turn for the worst in December after three consecutive months of solid growth.

    Reported sales by department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co show a 5.7 per cent fall year-on-year, according to figures released by the the Ministry of Trade, Industry and Energy on Tuesday.

    For the whole 2015 year, department store sales fell a modest 1.2 per cent, mainly due to the outbreak of Mers mid-year, and a rise in online shopping.

    The government attributed the December fall to warmer weather compared with the previous year, which may prompt one to speculate on January’s figures given the unusual cold snap hitting the country this month. The warmer climate meant fewer sales of winter clothing.

    Sales of luxury watches, jewellery and household electronics also fell.

    The December fall was the largest monthly year-on-year drop since 6.5 per cent last August. Sales rose by 1 per cent in November.

    Sales at South Korea’s major discount department stores fell 5.1 per cent, the third consecutive monthly decline and the largest since August.

    For the whole of 2015, discount department store sales fell 2.1 per cent.

    The Ministry said discounters’ December performance was affected by the warm weather and softening demand for food products.

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  • Korean, Singaporean investors also want to buy Big C Vietnam

    Korean, Singaporean investors also want to buy Big C Vietnam

    The analysts said that the auction is a unique opportunity for foreign corporations to pour capital into the two retail markets of the highest profit in Southeast Asia.

    Both the two new potential investors are appreciated for financial strength. Dairy Farm Group is the 2nd largest retailer in Singapore and Hong Kong, which owns a series brands like 7-Eleven, Cold Storage, Guardian, Wellcome Giant, Hero … Its revenue in 2014 is about $13 billion.

    Meanwhile, Lotte Shopping is Korea’s largest mall chain with turnover of $23 billion and $509 million of profit in 2014.

    Another source said that Japanese retail group Aeon Co Ltd is also considering to join the race.

    Earlier, the two retail giants of Thailand – Berli Jucker and Central Group – said they wanted to buy the property.

    Central Group, the largest retailer of Thailand, owned by billionaire Tos Chirathivat is said to have upper advantage because it holds a 25% stake of Big C Thailand.

    This group wants to buy an additional 58.6% of shares, equivalent to $3.1 billion. In addition, Central Group also expects to pay from $800 million to $1 billion to own the whole Big C Vietnam system.

  • Lotte founder appears in court to prove his health

    Lotte founder appears in court to prove his health

    The 93-year-old founder of South Korean retail giant Lotte Group walked into a court hearing on Wednesday to prove that he still remains healthy, which has emerged as a critical factor in the bitter family feud between his two sons.

    Shin Kyuk-ho appeared at the Seoul Family Court after his younger sister claimed her aging brother is no longer capable of making consistent decisions, requesting the court to pick her as his legal guardian.

    The gaunt tycoon claimed his mental competency is the same as in his 50s during an hour-long hearing and exited the court in a wheelchair, his lawyer told reporters, without elaborating on details.

    Shin Kyuk-ho, a 93-year-old founder of South Korean retail giant Lotte Group, enters a Seoul court on Feb. 3, 2015, for a hearing on his legal guardian. (Yonhap)

    Shin Kyuk-ho, a 93-year-old founder of South Korean retail giant Lotte Group, enters a Seoul court on Feb. 3, 2015, for a hearing on his legal guardian. (Yonhap)

    His lawyer said Shin will go through physical check-ups and ask for the court’s decision on whether he needs a legal guardian.

    After a months-long succession feud, Shin’s second son, Dong-bin, took control of the nation’s fifth-largest conglomerate last year. His older brother, Dong-joo, was stripped from the company’s senior posts, but he has claimed that his father chose himself as the legitimate successor for the group.

    Dong-bin has claimed that his father is unable to make reasonable judgments due to mental health problems.

    The founder and his family members have come under fire for exerting uncontrolled power over the business empire with a meager stake, tarnishing the corporate image with the nasty succession fight.

    South Korea’s antitrust watchdog said Monday that the founder and immediate family members of Lotte Group own just 2.4 percent of a stake in the businesses they run, which include food, leisure, construction and chemical businesses.

    The group initially began as a small confectionery business in Japan before it built up operations in South Korea. At present, the bulk of the group’s business comes from South Korea, with Shin and key family members all holding South Korean citizenship.

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