Apple has announced plans to open its fourth retail store in South Korea on 24 September, Yonhap news agency reports. The new store will be dubbed ‘Apple Jamsil’, and will be located at Lotte World Mall in Seoul’s southeastern neighborhood of Jamsil.
Tag: Korea
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% Arabica launches its first store in South Korea
Japanese boutique coffee group % Arabica has made its debut in South Korea with a store in Seoul.
Located at Starfield Library, the store is % Arabica’s 125th location globally following recent first-time launches in Bali and Taiwan in August 2022.
Opening its first store in Kyoto, Japan, in 2014, the boutique coffee group currently operates across 19 countries, with 86 stores in Asia.
According to % Arabica’s website, the group will also soon open stores in Vietnam and the Philippines, as well as Canada, Mexico and Spain.
World Coffee Portal forecasts the South Korean branded coffee shop to exceed 30,000 outlets by 2025. Ediya Coffee is the market leader with approximately 3,500 outlets.
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Ami Paris opens its largest flagship
Ami Paris, the Parisian fashion label, is expanding its Asian footprint with the opening of its first brick-and-mortar store in Seould, South Korea, which it describes as its largest boutique globally.
The store, located in the city’s Garosu-gil area, contains a retail space of 300sqm over four storeys, stocking menswear, womenswear and accessories.
It features a spiral staircase and mirror-decorated objects, as well as lighting throughout the space. Black, beige, and white are the three main colours running throughout the store.
“It’s a major step for us, given the importance of Korea in our business. But, it’s beyond numbers, because of Korea’s soft power,” CEO Nicolas Santi-Weil told Vogue Business.
“We have been looking at the market since the beginning – they are trendsetters.”
Vogue Business reports Ami Paris debuted in South Korea in 2013 with Samsung as its local partner. Since then, it has expanded its presence to include shops-in-shops in upscale malls, wholesale accounts in multi-brand stores, an e-commerce website, and now the new flagship.
The brand has stores in Japan and China in Asia, as well as operations in the US and the UK.
Ami Paris was founded by Alexandre Mattiussi in 2011 to provide stylish and comprehensive wardrobes for men and women, blurring the lines between casual and chic.
Ami’s new Spring-Summer 2023 collection will be showcased during Seoul Fashion Week on October 11. This marks the first time the brand to come back to hosting international fashion shows after the long Covid-19 pandemic.
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Onetime airline Pan Am reimagined in South Korea as a lifestyle brand
South Korean fashion retailer, SJ Group, has brought the famous American airline brand Pan Am into the country as a lifestyle brand, opening its first store inside the Shinsegae Starfield Coex Mall. Featuring Pan Am’s signature blue and white, the Starfield Coex store is home to a selection of Pan Am-branded fashion apparel and accessories, ranging from bucket hats, travel bags, and phone cases to toys. The first Pan Am retail store also introduced The Pan Am AW2022 Collection, which the
Featuring Pan Am’s signature blue and white, the Starfield Coex store is home to a selection of Pan Am-branded fashion apparel and accessories, ranging from bucket hats, travel bags, and phone cases to toys. The first Pan Am retail store also introduced The Pan Am AW2022 Collection, which the brand described as “designed for both fashion and functionality”.
The launch of the Pan Am lifestyle brand’s first store will be followed by the opening of its first flagship location in Seongsu-dong, which is known as ‘The Brooklyn of Seoul’ with hip cafes and restaurants. Set to open its doors to the public on September 2, the 330sqm store will present a series of content collaborations with local artists and labels, such as Nuri Yeon, Playmobil, and Arc.N.Book.
SJ Group aims to further increase Pan Am’s physical presence in the country with plans to open 13 stores in the country, including those in Daejeon Shinsegae Art & Science department store, Hyundai Department Store Pangyo branch, and Lotte Department Store Busan main branch.
SJ currently has a portfolio of five brands, including Kangol, Helen Kaminski, LCDC and Le Conte Des Contes.
Founded in 1927, Pan Am, an abbreviation for Pan American World Airways, was the largest international air carrier and unofficial flag carrier of the US during the 20th Century. An American drama series created by writer Jack Orman was named after the airline in 2011. The brand was also featured in the famous movie ‘Catch Me If You Can’ with Leonardo DiCaprio as a con artist disguising himself as a pilot of Pan Am.
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South Korea’s retail sales up 9.7 per cent in July amid eased virus curbs
Retail sales in South Korea rose 9.7 percent on-year in July amid eased COVID-19 curbs and the growth in people’s outdoor activities, the industry ministry said Tuesday.
The combined sales of 25 major offline and online retailers came to 14.17 trillion won ($10.48 billion) last month, compared with 12.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.
It marked the fifth consecutive month of on-year growth.
Sales from offline stores rose 12.1 percent in July, as department stores, in particular, saw their sales surge 31.6 percent on-year. Demand for luxury goods, clothing and other fashion items logged solid growth, according to the data.
Sales of convenience stores also went up 10.4 percent in July on the back of the popularity of food packages and other daily items.
Sales of discount chain stores, such as E-mart and Lotte Mart, inched up 0.2 percent on-year amid the dwindling demand for home appliances, while those of smaller supermarkets fell 3.6 percent, the data showed.
Sales from online platforms jumped 7.3 percent from a year earlier over the continued spread of the contactless shopping trend amid the prolonged pandemic.
Demand for cosmetics via online platforms surged 14 percent on-year as people resumed outdoor activities.
Sales of foodstuff and beverages also grew 14.7 percent, while those of home appliances and other electronic devices logged an on-year fall, the data showed.
Online platforms accounted for 47.63 percent of the total sales in July, according to the ministry.
South Korea has experienced a new virus wave since late July following a monthslong let-up after the worst infections here so far.
But the government decided not to reimpose strict antivirus regulations, such as business curfews and a cap on private gatherings, to support people’s return to normalcy.
All schools resumed in-person classes, and many companies ended their remote working policies.
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South Korean grocery-delivery startup Kurly wins IPO nod
Kurly Corp., the operator of South Korean e-grocery platform Market Kurly, received preliminary approval for its push for an initial public offering (IPO) Monday.
The approval by the Korea Exchange (KRX) came about five months after Kurly filed for a preliminary review of its IPO plan in late March.
Kurly earlier sought to complete its stock listing in the first half, but the review process has been delayed apparently due to worries over its “unstable” ownership structure in which its founder has a small stake, along with continuing losses from its business.
Kurly reportedly included in its IPO plan with the KRX the promises from its financial investors to maintain their holdings in the company for a certain period.
Launched in December 2014, Kurly has appealed to customers by providing early morning deliveries of fresh foods through its e-grocery platform, Market Kurly.
Last year, Kurly posted sales of 1.56 trillion won (US$1.16 billion) and an operating loss of 213.9 billion won. But it reported a net loss of around 1.28 trillion won.
Concerns are high over its IPO process, as the stock market conditions remain unfavorable. Some experts say Kurly could have trouble in the process of setting the IPO price it sees as satisfactory.
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SK Telecom to Help Upgrade Palau’s Communication Infrastructure
SK Telecom (SKT) announced that its Vice Chairman Park Jung-ho and CEO Ryu Young-sang met with Surangel Whipps. Jr., the president of the Republic of Palau, to discuss cooperation to upgrade Palau’s communication infrastructure.
SK Telecom also asked the Palauan government to support Busan’s bid to host the “World Expo 2030”. At the meeting, Vice Chairman Park Jung-ho said, “The World Expo 2030 Busan highlights the seriousness of the global climate change and the need for each country to take an active response. It will also serve as a great opportunity for Palau to experience Korea’s innovative technologies and methodologies to respond to climate change.”
SKT CEO Ryu Young-sang also suggested cooperation with the Palauan government to upgrade Palau’s current 4G LTE infrastructure to 5G. “Based on SKT’s technologies and experience accumulated through the world’s first commercialization of 5G, we can work together to build 5G infrastructure in Palau,” said Ryu Young-sang.
According to SK’s press release, President Whipps showed great interest in SKT’s formidable 5G infrastructure built across Korea as well as other advanced technologies including AI, metaverse, IoT and cloud services. There was also discussion about renewable energy, another industry that SKT has much experience in.
Meanwhile, in June this year, SKT has become the first Korean mobile operator to provide LTE roaming service to customers traveling to Palau, a popular tourist destination for Koreans.
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Emart plans 20 more hypermarkets in Vietnam
Emart Vietnam is planning to open two more supermarkets in Ho Chi Minh City – one in Sala Thu Thiem and another in Go Vap District – part of a plan to launch 20 hypermarkets by 2026.
Emart Vietnam was acquired by Thiso International Commerce and Services Corporation (Thiso), a subsidiary of Thaco Group, last year after the South Korean-born chain experienced difficulties with its expansion ambitions in Vietnam.
The plans were revealed at an Emart Partners Day earlier this month. Chun Byung Ki, general director of Thiso Retail, reports that by 2026, the chain wants to have 20 locations nationwide and generate US$1 billion in sales, becoming the hypermarket chain with the largest market share in the country.
The Emart Sala Thu Thiem, which will occupy more than 6000 sqm, will be located in Thu Duc city’s Thiso Mall, while Thiso Retail Hypermarket, Trading and Service Center will house the new Emart Go Vap, which the company describes as the largest supermarket in HCM City.
Chun said Thaco’s real estate fund and multi-industry ecosystem will enable Emart to expand into other provinces, including Hanoi. An automated pick-up system will debut in Vietnam for the first time, allowing customers to pick up orders efficiently, and a one-hour delivery promise will be guaranteed to customers within a 5km radius.
Emart is one of the largest retailers in South Korea with locations across the globe. It was founded in 1993 by Shinsegae as the first low-cost retailer in the country. The company opened its first store in 2015 at Phan Van Tri in Go Vap District.
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Kering Eyewear opens first South Korea store, its largest yet in Asia
Luxury brand Kering Eyewear has launched its first store in South Korea, located on the eighth floor of Lotte Duty Free’s store in Busan.
A collaboration between Kering Group and Lotte, the brand claims the new boutique is its largest store in Asia to date.
Center stage in the store is a giant media wall showcasing new products. A virtual fitting service for Kering eyewear is provided by Lotte Internet Duty Free using augmented reality (AR) technology. Lotte Internet Duty Free plans to implement a virtual reality (VR) tool allowing customers to view the boutique in 360 degrees without physically visiting the store.
Kering Group wants to expand its presence in Asia and deepen its commitment to sustainability. The group has also revealed plans to strengthen its Gucci brand’s presence in China, where it aims to become the market leader by 2025.
Kering wants to cut its carbon footprint by 40 per cent by 2025. It also emphasizes its efforts in sustainable sourcing, buying 30 per cent of organic cotton, 100 per cent of gold, and 73 per cent of sustainable leather from suppliers who source their materials ethically.
Last March, Kering Eyewear bought luxury eyewear company Maui Jim as part of its expansion strategy.
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Vestiaire Collective launches in South Korea
Online fashion resale platform Vestiaire Collective said on Wednesday it is expanding into South Korea, choosing the fast-growing luxury market as a springboard for a deeper push into Asia.
The expansion of the Paris-based tech start-up that hit unicorn status last year comes as pre-owned fashion sales continue to grow quickly, fuelled by young, environmentally conscious shoppers seeking bargains for second-hand clothing.
The platform will be available in Korean and the company is adding an authentication site to its operations in Seoul.
While luxury labels have traditionally been wary of secondhand sellers, an increasing number are exploring ways of getting involved in the market, partly as a way to engage with younger consumers or to provide an extra service to high-spending shoppers.
Investors in Vestiaire Collective include French luxury group Kering SA which took a 5% stake last year, as well as private equity firm Eurazeo SE, Japan’s SoftBank Group, U.S. investment firm Tiger Global Management and Vogue publisher Conde Nast.
Founded in Paris in 2009, the platform sells fashion and leather accessories from luxury labels such as Louis Vuitton, Gucci, Prada and Dior, and in May marked its highest transaction – a Birkin handbag from Hermes that sold for 158,000 euros
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SK Telecom to Spearhead Global Standardization of Quantum Cryptography Technologies
SK Telecom announced that its two technologies related to the control and interworking of quantum cryptography communication networks were adopted as new work items at the ITU-T meeting held in Geneva, Switzerland.
The South Korean telecom service provider said in a press release that these latest solutions will be given international certification standards through its talks among member countries of the ITU-T. SK Telecom’s two technologies chosen as work items are: Quantum Key Distribution Network Interworking – Software Defined Networking Control; and Framework of Quantum Key Distribution Network Federation.
The company said these latest innovations serve as an important tool for the popularization of quantum cryptography communication technologies.
One of these technologies, the Software Defined Networking Control System for Interworking of Quantum Key Distribution Networks, enables telecommunication operators to run their existing communication networks and QKD networks holistically and efficiently.
Meanwhile, the company compares the Quantum Key Distribution Network Federation to international roaming between mobile operators. This technology enables the delivery of quantum-safe communication services no matter whose QKD network they are on by “supporting interworking/federation between QKD networks of different service providers.”
SKT’s Chief Development Officer Ha Min-yong, said, “The approval of these two items by ITU-T carries a significant meaning as they will serve a pivotal role in accelerating the adoption of quantum cryptography communication throughout the globe.”
He added, “We will continue to drive the growth of the quantum ecosystem by taking an active part in the international standardization of quantum technologies and developing attractive services and business cases.”
Furthermore, SKT has also employed projects for the Ministry of Science and ICT, in partnership with the SK Broadband consortium and Swiss-based firm ID Quantique. These projects focus on creating pilot QKD infrastructure and advancing application services for 17 different institutions from the public, medical and industrial sectors.
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World’s first Nike Style store opens in Seoul
Nike has introduced its latest retail concept, Nike Style, with the first store opened in South Korea, to be followed by more across multiple international markets.
The Nike Style concept store is located in the bustling Hongdae neighbourhood, which is known for its art and fashion culture. Gender-agnostic zones are featured throughout the store for fleece, tops, footwear, accessories, and other style-led collections. The new retail concept is expected to “expand the definition of sport” that blurs the line between physical and digital.
The store houses a content studio with customisable backdrops for local creatives, product experts and shoppers to create content for social media. Customers can scan QR codes for AR experiences related to product innovation and even the surrounding art installations. The store also offers Nike By You workshops and Snkrs Lounge events for its members.
“The Hongdae neighbourhood holds a strong relationship with the sneaker and neighbourhood-retail community,” the company said in a statement. “With the Style retail concept, Nike helps broaden the aperture of sports retail culture by continuing to blend physical and digital experiences.”
A second Nike Style store is set to open its doors in Shanghai later this year, with the concept to be expanded into other countries in the future. Nike Style is the latest Nike’s concept, following the House of Innovation, Nike Live and recently Nike Rise.
The launch of Nike Style in Seoul follows the opening of a 24,000sqft Nike Rise store in Seoul last year, the first of its kind in South Korea.
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Samsung starts building 3nm smartphone chips in Korea
We’re slowly moving toward the size limitations of our Universe but before we reach that Planck volume, there’s still some wiggle room. This means smaller, faster, and more efficient chips in our smartphones of tomorrow.
Let’s leave quantum physics behind, and go straight to the news (feel free to discuss Planck constants in the comment section below). After TSMC published its roadmap, shedding light on when we can expect 3nm and 2nm chips, now Samsung has announced the production start of its 3nm semiconductor chips in Hwaseong factory in South Korea.
Samsung is moving to a new architecture, swapping FinFET (fin field-effect transistor) for GAA (Gate All Around). And if you’re worried that more physics is coming your way, just breathe. GAA offers several advantages over FinFET – the main one being higher power efficiency.
Another new technology involved in Samsung’s 3nm manufacturing node is the nanosheet transistor manufacturing. It replaces the nanowire technology, again boosting efficiency and also performance in this case. Using nanosheets gives the ability to very easily adjust this efficiency and performance parameters by simply altering the size of the nanosheet.
Samsung is quoting some impressive numbers, comparing the new 3nm node with the old 5nm manufacturing process. The new chips should come with 23% improved performance, a 45% reduction in power usage, and an area reduction of 16%, and this is just the first generation of 3nm silicon.
The second generation will bring a hefty 50% increase in power efficiency, 30% better performance, and 35% less area. Here’s a little inspirational quote from Dr. Siyoung Choi, President and Head of Foundry Business at Samsung Electronics:
“Samsung has grown rapidly as we continue to demonstrate leadership in applying next-generation technologies to manufacturing, such as foundry industry’s first High-K Metal Gate, FinFET, as well as EUV. We seek to continue this leadership with the world’s first 3nm process with the MBCFETTM. We will continue active innovation in competitive technology development and build processes that help expedite achieving maturity of technology.”
The Korean company is also working to allow clients to design their chips faster and easier. Samsung’s SAFE ((Samsung Advanced Foundry Ecosystem) will be taking care of partners who want to design their 3nm chips using the new technology.The first 3nm smartphone processor leaving the factory will most likely be the next generation Exynos 2300 (S5E9935 codename Quadra). The jump to GAA and 3nm could rehabilitate the Exynos processors, which are not very popular among smartphone enthusiasts, and are lagging behind their Qualcomm counterparts. Samsung teamed up with AMD to try and turn things around (the Exynos 2200 is armed with the new Xclipse GPU based on AMD RDNA 2 architecture) but this partnership has yielded mixed results so far.With TSMC hiking the prices of its manufacturing processes, it’s also very interesting to see how would Samsung play its cards on that front. If the new 3nm node turns out to be cheaper at Samsung’s factories, it can swing the pendulum once again. On the other hand, don’t expect the next Galaxy S23 with Exynos onboard to be cheaper than the Qualcomm variant, as it won’t make any marketing sense. -
McDonald’s eyes selling its South Korea unit
McDonald’s Korea, the local unit wholly owned by the US fast-food giant, is seeking a new owner — joining the latest burger chain sales rush here.
The company confirmed Friday that its US headquarters is selling its entire stake in the Korean unit as well as its business license after its first failed attempt six years ago.
According to news reports, Mirae Asset Securities, the deal’s lead manager, plans to send letters as early as next month to invite potential bidders.
With the addition of McDonald’s Korea, the largest fast-food chain by revenue here, four out of six major burger franchises — including Burger King, KFC and Mom’s Touch — are looking for new owners.
Hong Kong-based Affinity Equity Partners is selling Burger King Korea, along with the burger chain’s Japanese unit. Meanwhile, Korean chemicals conglomerate KG Group is seeking an exit after its five-year ownership of KFC Korea. Mom’s Touch, a home-grown chicken burger chain owned by private equity firm Korea F&B Holding, recently delisted from the nation’s second bourse Kosdaq in a move to search for a new owner.
Unlike the four, the remaining Lotteria and No Brand Burger are subsidiaries under retail giants Lotte and Shinsegae, respectively.
The valuation of McDonald’s Korea is yet to be estimated, but market forecasts put it much higher than 2016’s 300 billion-500 billion won ($234 million-$469 million). Crosstown rival Burger King is currently valued at around 1 trillion won.
US private equity giant Carlyle Group is cited as one of the potential buyers of McDonald’s Korea. In 2016, when the company was put up for sale, Carlyle created a consortium with Maeil Dairies — the nation’s leading dairy company — but later backed out from the deal. After its failed attempt to take over the Korean unit, it acquired the Chinese and Hong Kong branches in 2017.
Along with the deal price, the US headquarters’ push to maintain its control over the Korean unit even after an exit could become a key factor in the acquisition talks. In 2016, the US head office insisted that it resume quality control of burger products and receive royalty payments from McDonald’s Korea, which evidently became another deal breaker.
According to data from the Financial Supervisory Service, the Korean unit has paid 54.3 billion won in 2021 and 50.1 billion won in 2020 in commission payments for the US headquarters.
Industry watchers say growing demand for premium burgers has led to heated competition in the market and an influx of newcomers. The food unit of Daewoo Development recently launched Good Stuff Eatery, a handcrafted burger chain frequented by former US President Barack Obama. BHC Group and Hanwha Solutions are poised to open Korean branches of Super Duper Burgers and Five Guys this year.
As of 2021, McDonald’s Korea operates 404 stores nationwide. It posted 867 billion won in sales, up 9.7 percent from a year earlier, while logging 34.9 billion won in net losses.
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Korean chicken chain Mom’s Touch seeks investors
South Korean chicken chain, Mom’s Touch, is seeking a new owner after voluntarily delisting from the Kosdaq stock market, according to The Korea Herald.
KL & Partners’ investment arm, Korea F&B Holdings, which is the chain’s largest shareholder, proposed to purchase shares for the next six months in order to protect minority investors.
As of the first quarter of this year, Mom’s Touch has 1352 stores across its home country. The company’s value is estimated at about US$804 million – nearly three times the amount Korea F&B Holdings invested to acquire the chain in 2019.
The chain expanded to the US late last year with the ambition to open 100 stores in the country by 2025. On the other hand, Mom’s Touch Singapore, operated by No Signboard Holdings’ wholly-owned subsidiary Hawker QSR, ceased its operations at all outlets last February.
Meanwhile, its rival, Popeyes, is making a return to South Korea through an exclusive master franchise agreement with Silla Group, after exiting the country in 2020. The chain will open its first store by the end of this year.