Tag: Korea

  • Shilla Duty Free outperforms in Q1 with record-high sales

    Shilla Duty Free outperforms in Q1 with record-high sales

    Hotel Shilla’s airport retailer Shilla Duty Free has posted record-high first-quarter sales of KRW1.14 trillion (US$1 billion).

    Korean-headquartered Shilla Duty Free earned KRW47.6 billion in operating profit in the quarter, mainly because of increased sales at its overseas duty-free shops.

    Sales last year hit KRW600 billion, and the company expects sales to hit KRW1 trillion this year.

    Shilla Duty Free opened its first overseas duty-free shop at Singapore’s Changi Airport in 2013, and in December opened its fifth overseas outlet at Hong Kong International Airport to become the first company to manage duty-free stores in the three largest airports in Asia – Incheon, Singapore and Hong Kong. It also has outlets at airports in Macau, Phuket and Tokyo.

  • Hyundai Department Store offers high-tech make-up

    Hyundai Department Store offers high-tech make-up

    Hyundai Department Store’s online mall has launched an augmented reality (AR) service so its customers can virtually try on make-up products.

    It covers more than 20 products from eight beauty brands, including Benefit, Estee Lauder and Shu Uemura. Using an AR image of their face, customers can try on different colour variations. Hyundai says it plans to expand the number of brands to 20.

    “With the virtual make-up service, customers can simply choose items through our app,” says the retailer.

    On its website or app, cosmetics products offering the virtual service appear with a camera sticker on the product page. One click leads the user to the Makeup Plus app, which uses a live video feed to enable customers to see how the product would look on their face from different angles.

    The Makeup Plus virtual make-up app has been downloaded more than 200 million times since its launch in 2015. In Korea alone, the app is used by 500,000 people each month. It was developed by Chinese tech company Meitu.

    “Customers of online shopping malls want fun services and products rather than making a purchase 100 to 200 won cheaper,” says Hyundai Department Store’s e-commerce executive Lee Hee-jun. “We plan to use thehyundai.com to create new shopping experiences that combine offline retail and IT.”

  • Overseas spending by Korean travellers sets new record in Q1

    Overseas spending by Korean travellers sets new record in Q1

    South Korean travelers’ spending overseas hit a record high in the first quarter this year as people went on trips during winter school breaks and extended holidays, statistics from the central bank showed on 6 May.

    Some 7.43 million South Koreans went abroad in the first three months, up 14.1 percent from the same period last year, setting a new record, according to the Bank of Korea. The period coincided with winter vacation and the extra-long lunar New Year holiday that combined with two weekends and a bridge off-day.

    The travelers spent US$8.5 billion, US$1.12 billion more than in the first quarter of last year. The latest number beats the previous record of US$8.21 billion in the fourth quarter last year. A monthly record was set in January with US$3.24 billion in spending.

    A strong local currency apparently encouraged overseas trips, especially to relatively close destinations such as Japan, Taiwan and Vietnam.

    The travel sector deficit in the first quarter increased from US$1.13 billion in the same quarter last year to US$4.87 billion this year. The level or deficit this year, however, is US$50 million less than the previous quarter, marking the first contraction in five quarters.

    Spending by foreign visitors to Korea contributed to the contraction. They spent US$3.63 billion while in the country in the first quarter this year, an increase of US$340 million from the previous quarter. In March, the incoming visitors spent US$1.4 billion, the biggest amount since December 2016.

    A total of 3.36 million foreigners came to Korea in the first three months, down 9.1 percent from the same period the previous year. The number of Chinese travelers dropped 30.5 percent, but people from Japan increased 2.5 percent.

  • Trump intervening to get ZTE back in business

    Trump intervening to get ZTE back in business

    n an unexpected twist in the ongoing saga over the ban on ZTE importing US components, president Donald Trump has indicated he may throw a lifeline to the Chinese vendor.

    On Sunday, Trump tweeted on his official account that he is working with Chinese president Xi Jinping on a resolution that will allow ZTE to resume operations.

    “President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!,” he wrote.

    ZTE was forced to cease major operations last week as a result of the import ban imposed on the vendor by the US Department of Commerce’s Bureau of Industry (BIS) in April.

    The ban was originally imposed last year but automatically suspended on the condition that ZTE comply with its settlement agreement over the investigation into the vendor’s sale of telecoms equipment including US components to Iran, in violation of US sanctions.

    Trump’s announcement comes as the US and China are conducting trade talks aimed at resolving the disputes between the world’s two largest economies. Chinese vice premier Liu He reportedly met with officials in Washington on Friday, while Xi’s top-ranking economic adviser plans to visit this week to continue the

  • E-Mart rolling out robot concierge

    E-Mart rolling out robot concierge

    South Korean discount store chain owner E-Mart Inc says it has started testing a robot to provide an automated concierge service to shoppers.

    Dubbed “Pepper”, the robot concierge will be stationed at an E-Mart outlet in Seoul for about three weeks, the company says.

    Developed by Japan’s Softbank Robotics Corp., the 1.2m-tall robot provides product information, introduces sale items and answers frequently asked questions, E-Mart says.

    This follows E-Mart unveiling an autonomous shopping cart, Eli, for a test run at its warehouse-style supermarket Traders in Hanam, just southeast of Seoul.

    This week, the company signed a memorandum of understanding with Seoul National University to carry out joint research on the implementation of auto-driving robots in the retail sector.

  • SK Telecom, Macquarie to buy security firm ADT Caps for $1.2b

    SK Telecom, Macquarie to buy security firm ADT Caps for $1.2b

    SK Telecom has partnered with Macquarie to fully acquire domestic security service firm ADT Caps for 1.276 trillion won ($1.18 billion), the South Korean mobile giant announced.

    SK Telecom will buy 55% stake in Siren Holdings Korea, the company that holds 100% stake in ADT Caps, for 702 billion won ($650.7 million), while Macquarie will buy 45% stake for 574 billion won ($532 million).

    The pair plans to sign a deal with seller Carlyle Group and complete the transaction as early as in the third quarter of this year, SK Telecom said in a statement.

    Through the acquisition, SK Telecom aims to build new business models by introducing technologies such as AI, IoT and big data to the country’s fast-growing security services industry and turns ADT Caps into “a next-generation security services provider” with these technologies.

    ADT Caps is the country’s second-largest security services provider with 570,000 subscribers. The company mainly provides physical security services, including access control and facilities management, and accounts for roughly 30% of the local physical security services market.

    In 2017, ADT Caps recorded revenue of 721.7 billion won and operating income of 143.5 billion won.

  • South Korea to hold 5G auction June 15

    South Korea to hold 5G auction June 15

    The South Korean government has announced plans to hold an auction for 3.5-GHz and 28-GHz 5G spectrum on June 15.

    The government has also decided to go with its first proposed option of distributing the spectrum evenly among the nation’s three operators – SK Telecom, KT and LG U+ – rather than allocating the largest portion of spectrum to the highest bidder.

    Likewise, the government plans to limit bid amounts to stop the auction from being overly competitive and burdening the winners with high spectrum costs.

    With the move, the ICT ministry hopes to set the stage for the commercialization of 5G technology in South Korea.

    South Korean operators are expected to be among the earliest adopters of 5G technology. Currently KT has announced plans to launch commercial 5G services in March, and is expected to be the first South Korean operator to go live with the technology. But both KT and LG U+ have significant 5G rollout plans of their own. The operators already trialed 5G during the recent PyeongChang Winter Olympics.

  • Korean telcos object to universal fare plan

    Korean telcos object to universal fare plan

    South Korean operators are protesting the government’s proposed introduction of a “universal fare plan” that would require the market’s top operator to provide a low-cost plan to help households reduce mobile costs.

    The government is planning to revise the Telecommunications Business Act to require the top ranked operator to offer a plan including 200 minutes of voice calls and 1GB of data for around 20,000 won ($19).

    While the regulation would technically only impact incumbent SK Telecom, rivals KT and LG U+ have complained they would have no choice but to release similar plans to remain competitive.

    The three operators are protesting the government’s plans on the basis that it could be devastating to their profitability – SK Telecom estimates that operating profits for the three companies could be reduced by up to 60% as a result of the move – and that it imposes too much state intervention into their businesses.

    This would be coming at a time when operators will need to make huge investments in 5G infrastructure to support their goals of launching 5G services in early 2019.

    Government and SK Telecom officials failed to reach a consensus during a meeting to discuss the proposed change by the Regulatory Reform Committee late last month, the report states. The committee plans to hold a new meeting next week to continue the discussion.

    Under the proposal, the universal fare plan would be revised every two years. But SK Telecom has argued that the plan would effectively force operators not to conduct marketing activities and eliminate the incentive to compete with each other.

  • Lotte Shopping closing down

    Lotte Shopping closing down

    Lotte Shopping is trying to offload its department store annexed to Anyang train station, 20km from Seoul.

    It is said to be in the final stage of closing a deal with shopping mall group Enter Six to either sell or transfer its lease rights on the store, reports Pulse.

    With nine floors above ground and one below, Lotte Department Store Anyang is connected to the Anyang station and is within walking distance of an intercity bus terminal.

    After opening in 2002, the branch was the only major shopping mall in the area, but sales nosedived after Lotte Department Store’s Pyeongchon branch opened in March 2012. The two Lotte department stores are only 2.8km apart. The retailer still has nearly half of its 30-year lease term left on the Anyang building.

    Lotte Shopping is shutting down its poor-performing stores. Meanwhile, E-mart, the big-box store chain of Shinsegae, also has been scaling back.

  • Sulbing dessert about to open new shops in Canada

    Sulbing dessert about to open new shops in Canada

    Korean dessert chain Sulbing will expand into Canada via franchising.

    The chain has signed a deal with a Canadian firm to open the first store in Vancouver by the first half of this year, followed by more stores in major Canadian cities.

    The chain is also planning expansion into Australia, Cambodia and the Philippines.

    Founded in 2013, Sulbing started franchising in China in 2015, followed by Japan and Thailand.

  • Korean police question KT chair in donation probe

    Korean police question KT chair in donation probe

    South Korean police are reportedly questioning KT chairman Hwang Chang-gyu over suspicions that the operator made illegal political donations in exchange for favorable legislation.

    Police believe that KT made donations to lawmakers sitting on the parliamentary committee in charge of telecommunications in return for policies favorable to KT’s newest business, its internet banking service.

    South Korean law bars registered companies from donating any funds to lawmakers as well as donations made with company money.

    The police suspect that former and current KT executives may have paid around 90 legislators a combined 430 million won ($401.8 million) in illegal donations between 2014 and 2017.

    According to the report, police have already raided the offices of KT and its affiliates on suspicion that KT executives used company funds to buy large amounts of gift vouchers and then cashed these vouchers out for donation money.

    Authorities believe that Hwang may have either instructed these executives to do so or was briefed about the plan.

    Hwang, who was appointed chairman of the company in 2014 and last year renewed his term for a further three years, has been asked to come in for questioning today, the report adds. Depending on the outcome he may be interrogated for a second time.

  • Exclusive Ambush fashion booth at Joyce

    Exclusive Ambush fashion booth at Joyce

    Fashion retailer Joyce has joined forces with innovative Japanese design label Ambush for an exclusive capsule collection.

    The Ambush fashion label was founded by Japanese/Korean hip-hop artist Verbal and his graphic artist wife Yoon, with its clothing collection for Joyce presenting a new take on sportswear.

    Largely inspired by the track jacket, the collaborative drop comprises designs with a palette of yellow and navy. Along with classic tracksuit pieces, there is also a reinterpretation of the classic silhouette as a dress. Rounding off the offering is a white t-shirt with punk-influenced writing scrawled across the front.

    The Ambush fashion capsule is available at Joyce locations in Hong Kong and Shanghai.

  • Innisfree Vietnam pop-up boosts brand

    Innisfree Vietnam pop-up boosts brand

    Korean cosmetics brand Innisfree has opened its first pop-up store, inside Saigon Center in Ho Chi Minh City, from now until Sunday.

    Called New Hydration Station, the Innisfree Vietnam pop-up introduces the brand’s new green tea range through different sections such as Hydration Station, Hydration Wash Zone, Beauty Wash, Green Tea Store, Green Tea Zone.

     

    After the pop-up, the brand will open new store at Crescent Mall in District 7, in the hub of the city’s Korean community.

    During the first two days, customers will get the chance to receive Innisfree tumblers, eco bags, and masks with bills over VND300,000.

    After arriving in Vietnam in 2016, Innisfree has opened four stores, all in Ho Chi Minh City.

  • Samsung to debut MicroLED TVs this year

    Samsung to debut MicroLED TVs this year

    Samsung Electronics will launch televisions using MicroLED next-generation display technology by the end of the year, with price tags that could reach $300,000.

    Samsung will be able to work flexibly with customers on screen size, thanks to the modular design of its MicroLED panels, design chief Lee Don-tae told.

    Although details have not been settled, the TVs due out this year could be even larger than the 88-inchers leading Samsung’s current lineup. Samsung plans to market them as a high-end offering in the U.S. and the Middle East, and as a potential replacement for computer projectors.

    MicroLED, which uses massive numbers of tiny light-emitting diodes per screen, is seen as the next big thing in display technology. Unlike LCD and many OLED TVs on the market, it does not rely on color filters, using elements that emit red, green and blue light instead. It is also believed to offer better images with a wider viewing angle. Competition is already heating up. Apple has begun developing its own MicroLED displays, according to American reports.

    Samsung itself has pulled out of OLED TVs, which take their name from the organic LEDs they employ. But the company remains critical of rivals’ products, most of which use white OLEDs simply as a light source rather than to produce color. Samsung employs OLEDs that emit their own colors in smartphone displays that it makes.

    Meanwhile, the LG group has emerged as a key player in displays based on white OLEDs. In addition to using them in its own TVs, it is also now supplying the panels to 13 TV manufacturers, including Sony.

    OLED TVs are rapidly becoming a fixture in luxury markets. The global market for them nearly quintupled between 2015 and 2017 to roughly 1.33 million units, according to Euromonitor International. Samsung is struggling to remain a leading player in high-end TVs with its lack of OLED models and wants to gain a head start in next-generation MicroLEDs.

  • MSGM China opens a new Beijing boutique

    MSGM China opens a new Beijing boutique

    MSGM China has opened its second store, a boutique in SKP Beijing.

    The Italian fashion label’s 15th store, it offers menswear, womenswear and accessories. The 100sqm space features flexible iron display structures, geometric neon lighting and Carrara and black Marquina marble surfaces interrupted by a fluorescent yellow stripe, a hallmark of the brand.

    MSGM China’s first store opened in Shanghai last year, when the brand also opened a space in Seoul.