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Tag: Korea

  • Lotte opens premium outlet in Giheung

    Lotte opens premium outlet in Giheung

    South Korean retail giant Lotte opened this week a new premium outlet in Giheung, Gyeonggi Province – the second-largest among its branches nationwide and the latest addition to large-scale malls launched by retailers here in hopes of raising offline sales. Lotte is pinning hopes on the latest outlet’s location, citing three highways and five major roads passing through Giheung.

    It aims to attract some 25 million shoppers in and around the region including Yongin, Suwon, Dongtan and Bundang in Gyeonggi Province.

    Chung Hoo-sik, an official in charge of the Giheung outlet, said that the shopping mall is geared toward consumers in their 30s and 40s who have children and live in southern Gyeonggi Province.

    “We found that 30- and 40-something customers from those areas have strong spending power. To attract them, we put entertainment facilities like an outdoor playground and entertainment zones for their kids (inside the outlet),” said Chung at a press conference on the launch.

    Built on 150,000 square meters of land, Lotte’s premium outlet in Giheung features 300 brands and is equipped with 3,000 parking lots. It is Lotte’s sixth premium outlet.

    The outlet has an indoor surf shop, Flow House, spanning 490 square meters. Lotte said it also houses Asia’s biggest Nike store in a 1,983-square-meter space.

    With an increasing number of people visiting multiplexes or shopping malls, retail giants like Shinsegae and Lotte have been opening large-scale malls in the outskirts of Seoul.

    Lotte opened a premium outlet in Goyang, Gyeonggi Province, in October last year, two months after Starfield Goyang was launched. Lotte opened its premium outlet in Paju in 2011, nine months after Shinsegae opened its store.

    “We see it as an industry trend to open a mega mall or a premium outlet because there are consumer needs for convenient shopping and enhanced lifestyle,” said Lee Jung-hye, who designed the outlet, adding that Korea’s premium outlet market is valued at 20 trillion won (US$17 billion won).

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  • Jeju Air co-CEO plans to depart

    Jeju Air co-CEO plans to depart

    Jeju Air said on Wednesday that co-CEO Ahn Yong-chan has expressed his intent to step down from his post, leaving the company to operate under the sole leadership of current co-CEO Lee Seok-ju. Ahn leaves Jeju Air after working under the company’s parent Aekyung Group since 1987.

    The co-CEO served in numerous positions at Jeju Air’s group affiliates such as in Aekyung Petrochemical and Aekyung Industry.

    The company said that Ahn served as CEO at the group’s affiliate companies for 23 years, and that he felt it was right to leave the company at a time when it is performing well, along with his original plan to retire at 61-years-old.

    Jeju Air has become a sizeable contender in the low-cost carrier industry in Korea. It reported 349.5 billion won ($311.6 million) in revenue in the third quarter this year, a 31 percent increase from the previous year.

    Ahn is the son-in-law of Aekyung Group’s Chairwoman, Chang Young-shin.

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  • Hyundai Motor rejects renewed Gwangju plan

    Hyundai Motor rejects renewed Gwangju plan

    Hyundai Motor refused a revised plan that removed a restriction on collective wage bargaining at a proposed plant in Gwangju, further complicating plans for the factory. A council with representatives from the local government and area employers, labor unions and citizens on Wednesday agreed to remove a clause from the agreement that would have suspended collective bargaining for about five years at the new joint venture between the Gwangju city government and Hyundai Motor.

    The new company will be hiring workers for a production plant to be built on 628,000 square meters (155 acres) of land in the Bitgreen National Industrial Complex. The venture is the first in Korea to bring government and private industry together in the formation of a new manufacturing facility.

    Union representatives strongly protested the clause, calling it toxic.

    Rather than pushing the clause, the council decided to offer three alternative proposals to Hyundai Motor. The city and the automaker will continue negotiations.

    “Over time, Hyundai Motor and the labor union have retreated in their demands,” said Lee Byung-hoon, Gwangju vice mayor. “But the suspension of the wage bargaining clause was the biggest issue.”

    After the announcement was made, it was Hyundai that refused the proposal.

    “We cannot help but to point out the repeated revisions and backtracking [done by the Gwangju government],” Hyundai said through a statement.

    In the first meeting held at 10:30 a.m., all nine labor representatives, including Yoon Jong-hae, head of the Federation of Korean Trade Union’s Gwangju office, refused to attend in protest of the wage bargaining ban.

    The agreement between Gwangju city and the Korean automaker had included a clause in which wage negotiations were to be suspended until the cumulative production of compact SUVs reached 350,000 units. As Hyundai Motor guaranteed a minimum of 70,000 units a year, the labor union estimated that it would take about five years before the employees at the new plant would be able to negotiate.

    The meeting resumed at 3 p.m., and Yoon joined, raising the number of attendees to 22 out of a possible 28.

    The plant proposal has been under a tight deadline as an agreement needs to be reached before the National Assembly passes the budget. The ruling Democratic Party has announced that it plans to pass next year’s budget soon.

    Meeting the budget deadline is crucial as the city needs government funding to build the necessary infrastructure, including housing that will cost roughly 300 billion won ($269 million).

    The Gwangju plant project, first proposed in June 2014, has generated significant public interest as it could keep manufacturing jobs in Korea and contribute to the revitalization of the regional economy. It would also help ease the burden of high labor costs.

    The plan is for the Gwangju government and Hyundai Motor to create a new joint-venture company. The new Hyundai Motor plant will have the capacity to produce 100,000 compact SUVs a year.

    One of the key factors in this new job creation model is that employees will receive an annual salary of 35 million won, 38 percent of the 92 million won average salaries of Hyundai Motor workers.

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  • Samsung to support the Olympics through 2028

    Samsung to support the Olympics through 2028

    Samsung Electronics announced on Tuesday it will extend its partnership with the International Olympic Committee (IOC) through 2028, from the original 2020 end date of the collaboration. The two parties signed an agreement at a ceremony at the Hotel Shilla in central Seoul in the presence of IOC President Thomas Bach and Samsung Electronics Vice Chairman Lee Jae-yong, as well as other executives from the company and officials from the committee.

    Samsung said it will continue as a Worldwide Olympic Partner in the wireless communications equipment and computing equipment category and promote the artificial intelligence (AI), virtual reality (VR), augmented reality (AR) and 5G features of the supplied equipment. Samsung will continue the support beyond the Olympic Games in Tokyo in 2020 through to the Los Angeles 2028 Olympics. The agreement also covers the Youth Olympic Games through 2028.

    Samsung will continue to support the IOC, the national Olympic Committee and the teams, the technology company added. The company will remain a Worldwide Partner of the International Paralympic Committee, extending a relationship that began in 2006.

    In collaboration with the IOC and the Organizing Committees, Samsung plans to continue its Athlete Phone Program. Under this program, it provides Olympic Edition Galaxy phones to all participating Olympic and Paralympic athletes.

    “As part of the agreement, the IOC and Samsung will further develop their strategic digital collaboration to engage young generations around the world in order to promote the power of sport and the values of Olympism,” Samsung said in a statement.

    “As a Worldwide Olympic Partner for the last 22 years, Samsung has been inspired by the spirit of hope, friendship and unity,” said Koh Dong-jin, president and CEO of the IT and mobile communications division at Samsung Electronics. “Through our innovative wireless and computing equipment, which supports AI, VR, AR and 5G technology, we hope to spread the excitement of the games so that fans and athletes around the world can stay connected and share in the journey to achieve greatness at the highest level of sportsmanship.”

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  • Korea’s brand Tonymoly inked partnership with Moschino

    Korea’s brand Tonymoly inked partnership with Moschino

    Italian fashion design house Moschino has released a collaboration with South Korean cosmetics brand Tonymoly on a collection of makeup and skincare products. The collection includes a cosmetics line and a few skincare items in sleek black, white, gold and rainbow packaging. The full range will be available from Tonymoly’s US web store throughout December.

    Moschino also collaborated on a reportedly fast-selling fashion line with H&M earlier this year. South Korean cosmetics brand Tonymoly sees the US as a key market in its plan to accelerate international growth.

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  • Kia’s sporty K3 GT balances speed and safety

    Kia’s sporty K3 GT balances speed and safety

    Kia Motors’ compact K3 GT hatchback stays true to its GT moniker with its impressive driving experience, but sacrifices comfort in search of a sportier style. Across an 80 km (50 mile) drive from Namyangju to Paju in Gyeonggi on Nov. 22, the K3 GT zipped across a course that mostly covered highways.

    Its driving performance was a far cry from the original commuter version as the vehicle’s acceleration responded instantaneously thanks to its 1.6 liter turbocharged engine. The GT responded to even the slightest pressure on the pedal, zooming to 180 kilometers per hour (112 miles per hour) with ease. Along with fast acceleration, the K3 GT rumbled when accelerating as the car’s electronic sound generator (ESG) added to the real sound from its new tuned dual mufflers, similar to the ESG included in Kia’s sports sedan, the Stinger.

    Petrol heads will also appreciate the sporty D-cut steering wheel on the front-wheel drive, which produced accurate steering as the vehicle entered and exited corners and a natural feel when switching lanes.

    While the fast GT may please driving enthusiasts with its performance, it doesn’t provide for the most comfortable ride.

    At high speeds of 150 km per hour, the hatchback model produced some road and tire noise that soon became distracting. The sound from the ESG and the unwanted cacophony of warning beeps from its various safety features didn’t help with the situation either.

    The vehicle also comes with tubular seats, which emphasize its racing theme and hold the driver in place during quick acceleration, but feel quite stiff on the passenger’s side.

    The interior has a clean, simple look with red stitching on the front seats that accentuates the sporty aesthetic. But the car will likely tire passengers during long-hour drives due to its tough and hardy feel.

    The sporty vehicle, however, maintains a competitive edge in safety as it comes loaded with a variety of smart features including forward collision warning and lane keeping assist in all its trims.

    While the various beeps that come in a range of pitches may be obtrusive, the lane keeping and changing features worked perfectly during the drive, as the steering wheel shifted on its own to steady the vehicle and issued alerts whenever a car was nearby when switching lanes.

    As for its exterior, the GT is a familiar offshoot of the original K3. It retains much of the original front design, but adds a touch of flair with subtle red accents in its signature Kia tiger-nose grille and 18-inch alloy wheels with an option of Michelin summer tires.

    The vehicle also keeps in touch with the utilitarian side of the original model, marking a return to foldable back seats that provide spacious room for storage.

    The original K3 has sold 37,125 units in the domestic market until October this year, 63 percent more than during the same period last year. The GT, offered either as a sedan or a hatchback, adds a sporty edge to Kia’s compact lineup, competing with Hyundai Motor’s high-performance offerings, such as the Avante Sport and the hatchback i30 N Line.

    “The K3 GT incorporates a powerful engine and technology optimized for high-speed driving to strengthen the driving performance,” said Kwon Hyug-ho, head of domestic sales at Kia Motors.

    The K3 GT starts at 19.93 million won ($17,800) and the entry hatchback version at 22.24 million won, compared to the 15.71 million won entry version of the 2019 K3 model.

    The competitive pricing puts pressure on Hyundai’s Avante Sport, which starts at 19.64 million won and the i30 N Line at 23.79 million won.

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  • Troubled Mr. Pizza heads for Kosdaq delisting

    Troubled Mr. Pizza heads for Kosdaq delisting

    Troubled pizza company MP Group may soon be delisted from the Kosdaq after nine years on the exchange. Korea Exchange announced Monday that a committee on corporate evaluation agreed to delist the company, which operates pizza franchise Mr. Pizza, from the secondary board. Another committee, which is specifically responsible for Kosdaq listings, will reach a final decision by Dec. 24 on whether to delist MP Group or grant it time to its improve performance.

    Chances are high that the MP Group will face delisting by the end of this month. The company had already been given 12 months last October to address issues of concern, but was unable to turn its finances around.

    MP Group recorded 11.14 billion won ($10.07 million) in net losses last year, according to the Financial Supervisory Service (FSS). The situation only improved somewhat this year, with the company reporting 1.04 billion won of net losses in the first three quarters of 2018.

    At the height of its popularity, Mr. Pizza was Korea’s largest pizza chain, with around 433 franchisees in 2014. Though the Mr. Pizza brand started off in Japan, it was in Korea where it became a huge success, riding a wave in the domestic pizza market.

    Jung Woo-hyun, a former chairman, introduced the first Mr. Pizza store in Korea in 1990 and eventually bought the Japanese parent in 1996. By August 2009, MP Group was listed on the Kosdaq.

    The pizza company’s affairs took a dramatic turn for the worse in 2016 when Jung made headlines for a series of alleged offenses, ranging from the physical assault of a security guard to fair-trade violations.

    As accusations continued to surface of Jung and the MP Group’s gapjil, or abuse of power, consumers turned their backs on the franchise. The reaction took a toll on MP Group’s profits, and the number of Mr. Pizza stores quickly dropped.

    The biggest blow came last July when Jung was arrested for embezzlement and breach of trust.

  • Hyundai’s Genesis G70 named Motor Trend’s Car of the Year

    Hyundai’s Genesis G70 named Motor Trend’s Car of the Year

    Hyundai Motor’s luxury Genesis G70 sedan was selected as the Car of the Year by U.S. auto magazine Motor Trend, firmly establishing it as a legitimate alternative to BMW’s long-reigning 3 Series. The G70’s victory was proclaimed in Motor Trend’s January issue with the headline “A Star is Born.” The vehicle competed with 20 other models including the Audi A6, Mercedes-Benz CLS and Lexus ES.

    It is the first time a Korean car has won the award since the media outlet began the Car of the Year award in 1949. Last year, the winner was the Alfa Romeo Giulia, while in 2016, it was the Chevrolet Bolt EV.

    The magazine praised the rapid development that Hyundai Motor has achieved in its quality and brand awareness in such a short time, pointing out that the Korean brand first entered the U.S. market in 1985 selling a “Giugiaro-designed hatchback for the low, low price of $4,995.

    “Fast-forward to the present. How beyond belief is that the same cheap and cheerful automaker – Hyundai – not only has launched a luxury brand but has also built a better BMW 3 Series fighter right out the gate than the Japanese luxury brands have in numerous attempts?” the article read.

    The judging panel, made up of the magazine’s editors and engineering experts from top car brands, praised the sedan’s performance, particularly when equipped with a 3.3-liter engine. Its cousin, Kia Motors’ Stinger, which shares the same platform as the G70, missed the spot last year due to its lack of a sporty suspension.

    As an all-rounder, the Genesis G70 “pulls to infinity and beyond,” said Chris Theodore, a guest judge.

    Hyundai Motor expects its triumph to continue next year with the North American Car of the Year award, which will be announced at the North American International Auto Show in Detroit in January.

    “The Motor Trend’s Car of the Year award is expected to have positive effect in Genesis sales,” a Hyundai Motor spokesman said.

    The Genesis G70 was the first model to be released under Genesis after it was launched independently of the Hyundai brand. Other models – the G90 and G80 – were just partially revamped and renamed versions of existing models under Hyundai.

    The model ranked No. 1 in this year’s J.D. Power survey in quality, pushing aside long-running luxury brands like Porsche and BMW.

    The accolades didn’t translate to sales, however, as it continues to struggle in the U.S. market. The Genesis G70 sold 51 units in October in the United States.

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  • Factories, tractors and robots benefit from 5G in Korea

    Factories, tractors and robots benefit from 5G in Korea

    All three of Korea’s mobile carriers launched their 5G networks on Saturday, the first day of December, officially kicking off an era of the high-speed network. SK Telecom started transmissions from its Bundang network management center in Seongnam, Gyeonggi; KT from its Gwacheon network control center in Gyeonggi; and LG U+ from Magok Science Park in western Seoul. All of the 5G networks operate on a 3.5-gigahertz (GHz) frequency band.

    5G boasts a 20 times faster data transmission speed than the currently prevailing fourth-generation long-term evolution (LTE). Its competitive edge lies in ultra-wide bandwidth, ultra-low latency and ultra-fast connectivity. Data transmission speed of 5G is more than 20 gigabytes per second (Gbps), meaning a 2.5-gigabyte ultra high-definition video can be downloaded in just one second.

    The network can currently only be accessed by corporate clients, not individual users. Businesses can use the card-shaped mobile routers to pick up the 5G network and convert it into super-fast Wi-Fi.

    Individual subscribers are expected to be able to start using 5G from March, when smartphone devices supporting the new network will become available. Samsung Electronics is expected to unveil its Galaxy S10 smartphone as early as February and may come up with two different versions: one supporting LTE and one that works on 5G.

    SK Telecom’s first 5G customer was Myunghwa, a product quality assessment firm in Banwol Industrial Complex in Ansan, Gyeonggi. The company is using the network to process ultra-high definition photos of auto components taken from different perspectives as the products are being moved on a conveyer belt. The images are transmitted using the 5G mobile router to a cloud server, where a high-performance artificial intelligence interface can instantly tell whether a product is faulty.

    SK Telecom also began test operations of its 5G autopilot vehicles in Hwaseong and Siheung, both in Gyeonggi. The vehicles are able to exchange information about their status while on the road with a control center and traffic lights dozens of times per second.

    KT celebrated the launch of its 5G network by having a robot as its first subscriber. The robot, called Lota, will be guiding visitors to the Seoul Sky observatory at Lotte World Tower in Songpa District, eastern Seoul.

    “We chose Lota to show that 5G doesn’t simply mean a generational shift, but will become a platform that will innovate our overall lives and industry,” said KT in a statement.

    KT plans to prioritize 24 major cities nationwide as well as key public transportation routes and university areas, where traffic demand is expected to be high, for 5G installation in the near future.

    LG U+’s first corporate customer is LS Mtron, an industrial machine developer based in Anyang, Gyeonggi. The two companies have jointly developed a 5G remote-controlled tractor, the first in Korea. LG U+ said 5G-based remote-controlled technologies may minimize human engagement in risky working environments, such as the removal of mines and industrial waste disposal.

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  • FTC Korea approves convenience stores’ voluntary rules to curb competition

    FTC Korea approves convenience stores’ voluntary rules to curb competition

    South Korean convenience store operators have agreed not to engage in cut-throat competition in the latest move to better protect struggling franchisees. A key centerpiece of the voluntary deal calls for CU, GS25 and 7-Eleven and three other convenience store brands to decide “carefully” over whether to open a new convenience store near an area where a rival convenience store is already located.

    The deal said that convenience stores of rival brands should be at least 50 metres away from each other. Currently, convenience stores of the same brand should be located at least 250 metres away from each other to make sure that they do not compete against each other.

    The latest move came as South Korea has been struggling to protect franchisees in a country where chaebol, or family-controlled conglomerates, have dominated the economy for decades.

    “The voluntary regulation, if implemented in good faith, could help ease saturation and improve management conditions of franchisees of convenience stores,” Kim Sang-jo, chairman of the Fair Trade Commission, said in a signing ceremony of the voluntary deal in Seoul today.

    Last week, President Moon Jae-in instructed the antitrust chief to support a voluntary deal among South Korean convenience store operators so as to address the saturation of the market.

    Convenience stores have sprung up in commercial areas in Seoul and other major cities in recent years, driven by growth of single-member households.

    Last year, the number of convenience stores surpassed 40,000, a dramatic increase from 1989 when the first convenience store opened in eastern Seoul.

    Kim said the voluntary deal could prevent convenience store operators from recklessly opening new outlets in areas where there are already many convenience stores.

  • Samsung is still top smartphone producer

    Samsung is still top smartphone producer

    Samsung Electronics managed to retain its position as the No. 1 smartphone maker in the world in the third quarter, but it may have a fight on its hands in the fourth quarter as Apple is expected to lower prices and increase production, according to a recent report from TrendForce.

    The report said Samsung was the top smartphone vendor in the third quarter with quarterly shipments of 74.5 million units, or almost 20 percent of the market.

    “While Samsung grew its sales by releasing its flagship Galaxy Note 9 ahead of schedule, the device was not a significant upgrade from last year’s Note 8 and made limited contribution to the brand’s total volume in Q3,” said the report.

    The Galaxy J series, on the other hand, was still instrumental in sustaining the brand’s overall production, the report noted. Samsung has also been promoting the Galaxy A devices, emphasizing their improved cost-to-performance ratios and cameras since the beginning of the fourth quarter.

    In the fourth quarter, however, iPhone production is estimated to reach around 76 million units, which would see it surpass Huawei and compete with Samsung for the top position, the report noted. Samsung’s volume in the last quarter is estimated to reach around 75 million units, in line with the company’s target for the period.

    Huawei was the world’s second largest smartphone producer in the third quarter, beating Apple for the second consecutive quarter. The firm’s production volume stood at a new high of 55.5 million units. iPhone production for the third quarter totaled 47.1 million units.

    “Huawei’s in-house research and development capabilities and extensive product lines across all market segments have benefitted its expansions in overseas markets during the recent years,” the report said.

  • Innisfree lands in the Philippines

    Innisfree lands in the Philippines

    Innisfree Corp., budget cosmetics manufacturer under South Korea’s beauty powerhouse Amorepacific Group opened its first store in the Philippines with hopes to expand its presence in the bourgeoning Southeast Asian market. According to the company, the 148-square-meter store opened at SM Mall of Asia, the largest shopping mall in Manila.

    The naturalism-oriented brand plans to introduce skin-care products made of natural ingredients from Jeju Island such as green tea and volcanic pine mushroom and their effectiveness to consumers in the Philippines to satisfy beauty demand and experience.

    The Philippines is considered a potential market due to the high ratio of young people in their 20s and 30s interested in hallyu, or Korean wave, and Korean beauty.

    An unnamed official from Innisfree said that the company will introduce not only its flagship beauty items but also pore- and oil-treatment mask and powder products tailored for humid and hot climate. The official added that the company will also pursue its environmentally-friendly green life campaign in the Southeast Asian country.

    Innisfree, meanwhile, manages 655 outlets overseas including the latest store in the Philippines.

    The skin-care brand, which opened its first overseas store in China in 2012, has outlets in Hong Kong, Taiwan, Singapore, India, Thailand, the United States, and Japan.

    Innisfree also plans to open stores at three major shopping malls in Metropolitan Manila next year and launch online channel

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  • LG Electronics supports Ethiopian entrepreneurs

    LG Electronics supports Ethiopian entrepreneurs

    LG Electronics announced on Thursday that it has opened an entrepreneurship center for young people at an existing technical and vocational education center run jointly by LG and the Korea International Cooperation Agency (Koica) in Addis Ababa, Ethiopia.

    The existing job training center, the LG-Koica Hope TVET (Technical and Vocational Education and Training) College, was established in Addis Ababa in 2014 to help Ethiopia achieve economic growth by offering quality education to young Ethiopians and helping them acquire the foundations of financial independence.

    The new center has been named the LG Social Campus Business Incubator Center. It provides graduation candidates of LG-Koica Hope TVET with the opportunity to receive help building a business model and launching their own company. The center will offer office and co-working spaces, as well as training in law, marketing, leadership and business administration.

    “We hope that a socially-recognized company will be born in Ethiopia with the support of the LG Social Campus,” said Yoon Dae-sik, president of the government relations division at LG Electronics.

    “We will keep up with efforts to help Ethiopian youngsters step up their competitive edge and independence.”

    The Korea International Cooperation Agency is a state-run organization devoted to supporting socio-economic development in developing countries.

  • Hyundai’s Palisade premiers at LA Auto Show

    Hyundai’s Palisade premiers at LA Auto Show

    The Palisade, Hyundai Motor’s latest effort to rework its lineup in the direction of globally-popular SUVs, was premiered at the 2019 LA Auto Show on Wednesday. Chung Eui-sun, Hyundai Motor’s executive vice chairman, was in attendance. The eight-seat vehicle is the biggest model in Hyundai Motor’s SUV lineup, which includes the small Kona, the midsize Tucson and the Santa Fe.

    The vehicle “looks good,” Chung said after the introduction at the LA Convention Center.

    When asked if the Palisade will boost sales in the U.S. market, Chung replied “it remains to be seen” and estimated the carmaker’s sales target next year to be “similar to this year’s or a little more than that.”

    Hyundai Motor, with its sedan-oriented lineup, is seen as being behind the curve with its a-bit-too-late SUV launches. In attending the event in LA, Chung missed the launch of the Genesis G90 in Korea, suggesting that the priority lies with the Palisade.

    With a spacious interior and convenient features throughout the three rows in the back, the Palisade has been developed to suit families.

    “From the driver’s seat to the third row in the back, [the Palisade] suits contemporary customers who have a desire for individual space while also providing comfortable space just like home,” Brian Smith, chief operating officer of Hyundai Motor America, said at the press event Wednesday.

    The car is equipped with a roof air ventilation system, which circulates the air inside the car from the first row to the third row to enhance the air quality. It enables passengers in each row to control the air conditioning on their own. There are USB ports for charging electronic devices in each row as well.

    Two engine types are available: the 2.2-liter diesel and 3.8-liter gasoline. Hyundai Motor started taking preorders in Korea on Thursday and will launch the vehicle officially in December. It will launch in the United States next year.

    The diesel version price starts at 36.2 million won ($32,300) and the gasoline model 34.7 million won.

    Kia Motors, an affiliate of Hyundai Motor, premiered the fully-revamped version of its Soul at the LA Auto Show. It unveiled the electric version of the car as well as the Niro EV.

    The new Soul and the Soul EV will launch in Korea and in global markets in the first quarter of next year.

    Some hefty SUV models from global carmakers were on display at the LA Auto Show. BMW premiered the X7 SUV and Mercedes-Benz unveiled the Maybach GLS, the first SUV model under the premium Maybach label.

    Lincoln, a premium Ford brand, unveiled the seven-seater, three-row Aviator SUV, and Jeep showcased the Gladiator, a midsize pick-up truck.

  • Big success for Korean retailers during shopping festivals

    Big success for Korean retailers during shopping festivals

    South Korean retailers enjoyed a big sales boost from annual shopping extravaganza they launched in November to join the world’s major shopping events like Black Friday in the U.S. or Single’s Day in China. According to industry sources on December 2, Lotte Department Store, one of the country’s retail majors saw its sales from Nov. 1 to 29 grow 1.1 percent against the same period last year. Sales of its hypermarket affiliate Lotte Mart also gained 1.7 percent over the same period.

    Home appliance sold especially well during the big sales period, recording a 12.5 percent jump in revenue compared to the same period last year. High-end products were also showed sharp growth – sales of expensive hanwoo or Korean beef soared 25.8 percent on year and luxury fashion items up 9 percent.

    E-Mart., another leading big-box store chain also held a mega sales event in November, slashing prices of nearly 2,000 items worth 300 billion won (US$267.4 million). It sold 180 tons of hanwoo in just four days, doubling sales against the same period last year.

    Online retailers enjoyed even bigger growth in sales through major discount events. G Market and Auction hosted Big Smile Day sales event from Nov. 1 to 11 and their sales transaction amount more than doubled compared to the same period a month earlier.

    11st.com that runs its biggest sales event on Nov. 11 every year said its daily transaction amount on this year’s big sales day reached a record high of 102 billion won. Last year, it recorded 64 billion won through the same event.

    WeMakePrice Inc. also held bargain sales from Nov 1 to 11 this year. It said the transaction amount over the period jumped 77 percent to 230 billion won compared to the same period last year. By volume, it was up 15 percent on year. The company estimated transaction amount to hit a record high of 600 billion won in November.