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Tag: Korea

  • Starbucks opens largest store yet in Korea

    Starbucks opens largest store yet in Korea

    Starbucks Korea opened its largest store yet in Seoul’s Jongno district today, in a move to solidify the brand’s already strong presence in an increasingly competitive market.

    The coffee shop, at Jongno Tower, covers 1097sqm on the first and second floors of the building – making it four times bigger than the chain’s typical 264sqm store size.

    The latest move by the US coffeehouse chain comes on the heels of low-cost coffeehouse Ediya Coffee’s decision to open a flagship store of a similar size last year in Gangnam District.

    A wide range of menu items and premium services to differentiate from other locations will be on offer, such as herbal teas ‘Teavana Blueberry Bliss’ and ‘Teavana Citrus Lavender Sage’, which will be available at four of the Teavana-inspired stores across the country including the Jongno location.

    Some 100 beverages and 60 bakery products will be available at the new location, 30 per cent more than the average number of items available at other stores.

    Siphon coffee makers will be used to brew some of the drinks at the new coffee shop, while an exclusive trial program available at the store’s community room will introduce some completely new offerings such as Origin Flight and Brew Comparison.

    In addition, seven types of rice products made in South Korea using Starbucks coffee grounds as a fertiliser will also be on sale, including beans & sweet potato rice chips.

    A large-scale artwork installed on one side of the store uses traditional Korean fabric to recreate the coffee chain’s signature Siren logo with a Korean touch, a fitting addition for Jongno District, a neighborhood boasting traditional venues such as Gyeongbokgung Palace and Insadong.

    Starbucks currently operates about 1100 stores across South Korea.

    Earlier this month, the American coffeehouse opened its largest store in the world in Shanghai, China

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  • Japanese kidult toy brands to open Korean stores

    Japanese kidult toy brands to open Korean stores

    Several popular Japanese kidult toy brands catering to adult consumers are set to open their first stores in South Korea.

    According to Hyundai I-Park Mall, the renovated kidult select shop Toys & Hobby at its Yongsan location will reopen tomorrow with some of the most representative Japanese toy brands including Tamashii Nations, Animate, Nintendo, and Good Smile Company.

    Tamashii Nations is a high-end line from famous toy brand Bandai, which produces action figures modeled after well-known characters from anime series such as Gundam, Dragon Ball, and Doraemon.

    Most of the items sold by Tamashii Nations are known for being limited editions, and many of the high-end models including super alloy collectible action figures have been sold out in the past, signaling noteworthy support from a devoted anime fan base in South Korea.

    In the past, South Korean fans were only able to get ahold of a narrow range of items at Gundam Base stores. However, with the introduction of Tamashii Nations, fans will now have access to a much wider range of action figures without having to travel to Japan.

    Animate, which is Japan’s biggest anime products retailer with over 150 stores across the country, will open its very store in South Korea.

    Animate stores have been hailed as must-visit places in Japan for South Korea anime fans, and the first South Korea store will hope to live up to expectations by offering products inspired by a variety of both game and anime characters.

    Hyundai I-Park Mall has also said that other ‘kidult’ Japanese brands such as Nintendo, Good Smile Company, and King Kong Studio will open boutiques at the renovated Toys & Hobby store, which will host a total of 18 brands in its spacious 1650sqm.

    In addition, K-pop brand WithDrama, German toy brand Playmobil, drone shop Helsel, and popup store Dotorisup, which specialises in Studio Ghibli characters like My Neighbor Totoro, will welcome fans of all stripes and cultures.

    “Despite having a market nearly 10 times larger, it seems Japan still couldn’t overlook the potential and the growth of the South Korean kidult market in recent years,” said Han Hee-kwon, an official at Hyundai I-Park Mall, commenting on the Japanese companies’ foray into South Korea.

    “With the rise of single-person households and the strong purchasing power of consumers in their 30s and 40s, the kidult market is expected to continue its growth for some time,” Han added.

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  • North Korea’s sole 3G player Koryolink said to shut down

    North Korea’s sole 3G player Koryolink said to shut down

    North Korea’s sole 3G operator Koryolink may have shut down operations as a result of international sanctions over the nation’s ongoing nuclear testing.

    Koryolink’s owner, Egypt’s Orascom Telecom is preparing to withdraw from the company as it faces mounting pressure from the US and UN Security Council to comply with the sanctions, according to a UPI report.

    The report itself cites a Japanese article that cites Japanese intelligence officials and unnamed industry sources. The sources say that Koryolink’s customers have been transferred to state-run GSM operator Byol.

    Orascom holds a 75% stake in Koryolink with the remaining 25% owned by the North Korean government. The operator reportedly racked up around 3.5 million customers. Orascom has revealed it invested around $250 million in its North Korean operations.

    While Orascom had hoped to continue its operations in North Korea within the framework of the international sanctions, the Japanese report suggests that the company has given up on these ambitions as a result of international pressure.

    But it adds that Orascom has yet to officially announce its withdrawal from the market due to needing more time to smoothly handle exit procedures.

    Orascom first entered the North Korean market in 2008, but has reportedly faced difficulty withdrawing its earnings from the operations as a result of the sanctions.

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  • Shinhan Bank completes acquisition of ANZ’s retail biz in Vietnam

    Shinhan Bank completes acquisition of ANZ’s retail biz in Vietnam

    South Korea’s Shinhan Bank said Monday it has completed the acquisition of Australia & New Zealand (ANZ) Banking Group’s retail business in Vietnam.

    The acquisition helps Shinhan Bank increase its assets in Vietnam to US$3.3 billion and its number of Vietnamese customers to about 900,000, the bank said.

    Financial terms of the acquisition were not disclosed.

    In April, ANZ, Australia’s third-largest bank, agreed to sell its retail business in Vietnam to Shinhan Bank as part of its strategy to streamline its businesses in Asia.

     

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  • Lotte Group boss facing jail terms

    Lotte Group boss facing jail terms

    In a new headache for South Korean retail giant Lotte Group, its boss faces jail terms over bribery and other charges.

    Chairman Shin Dong-bin has been accused of giving KW7 billion (US$6.4 million) in bribes to a foundation run by former President Park Geun-hye’s friend Choi Soon-il while seeking favours to win a government licence to run a duty-free business in Seoul.

    Prosecutors demanded a four-year jail term for Shin for the alleged bribery, while his lawyers have denied the accusation.

    Separately, prosecutors asked a court to hand down a 25-year prison term for Choi, who was at the centre of the corruption scandal that led to impeachment and arrest of Park.

    Seoul Central District Court will hand down its judgment on Shin on January 26. The court is also set to issue a separate sentence on Shin next Friday on charges of embezzlement and breach of trust.

    Prosecutors suspect Shin paid KW50 billion in wages to people who had never worked for its affiliates, and inflicted KW130 billion in losses on the business group’s subsidiaries by forcing them to cover the losses of other units. Prosecutors have demanded a 10-year jail term.

    “We will go through the remaining court procedures in a sincere manner,” says a Lotte official.

    Two months ago Lotte established the holding company Lotte Corp in a bid to solidify Shin’s leadership.

    Meanwhile, the group is said to have incurred about KW2 trillion in damages in recent months amid the Seoul-Beijing diplomatic spat over the deployment of a US missile defence system in South Korea.

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  • Louis Vuitton adopts a new strategy in Korea

    Louis Vuitton adopts a new strategy in Korea

    Louis Vuitton has recently begun separating its men’s stores from women’s at major department stores in Korea.

    According to the French luxury brand on 11 December 2017, a Louis Vuitton store specializing in men’s fashion items was opened on the sixth floor of Shinsegae Department Store‘s main branch in Seoul last week. The department store will accommodate a renovated store featuring women’s collections as well on the ground floor next week.

    The international fashion house will also open a brand new store focusing on men’s collections at Galleria Department Store’s East Wing and a renewed women’s store in the store’s West Wing this month.

    Its Korean subsidiary said it divided the stores to offer clients a unique and personalized shopping experience.

    According to the company, separated Louis Vuitton stores can only be found at Saks Fifth Avenue in New York, Harrods in London, and Shin Kong Place in Beijing, as well as Shinsegae Department Store’s Gangnam branch having stores for women’s collections on its second floor, women’s shoes collections on the fourth floor and men’s collections on the sixth floor.

    Some observers regarded the company’s recent decision as a strategy to recover from its declining sales here by attracting male customers, who have emerged as big players in the nation’s luxury market.

    According to Reebonz Korea, a local subsidiary of the Singaporean-based online platform for luxury products, sales of men’s items rose 96 percent year-on-year in the first half. Sales of men’s luxury products have also increased in other online market places, such as Auction, Gmarket and 11st.

    Louis Vuitton and other global luxury brands are therefore making every effort to satisfy demand, so as to overcome slumps in sales. According to industry officials, Louis Vuitton’s sales growth has been decreasing at major department stores in Korea for years.

    Fendi, an Italian luxury fashion brand, also opened a store specializing in men’s items for the first time in Korea in September at Men’s Salon on the sixth floor of Shinsegae’s Gangnam store. Christian Louboutin, an international luxury brand known for high heels, revamped the first basement of a flagship store in Cheongdam-dong to sell men’s products.

    Given that Louis Vuitton has not unveiled its business performance in Korea, it is unknown exactly what its sales growth was after the latest renewal.

    However, sales of men’s items at Shinsegae’s Gangnam branch doubled after the renewal of Men’s Salon consisting of several luxury brands, such as Louis Vuitton, Berluti and Lardini. Among the brands, Louis Vuitton has maintained the top spot in terms of sales, according to industry officials.

    Thierry Marty, the CEO of Louis Vuitton Korea, said the luxury brand will push ahead with renewals at its nationwide stores to provide personalized services for customers, so the number of separated Louis Vuitton stores is expected to increase.

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  • BAIC Motor looks to phase out conventional fuel cars by 2025

    BAIC Motor looks to phase out conventional fuel cars by 2025

    Chinese carmaker BAIC Motor Corp aims to stop selling own-branded conventional fuel-powered cars by 2025, said on Tuesday, amid a major push by Beijing to shift automakers toward electric and plug-in hybrid cars.

    BAIC, which also makes vehicles in partnership with South Korean carmaker Hyundai Motor Co and Germany’s Daimler AG, plans to stop sales of conventional petrol engine cars first in Beijing and then nationwide.

    “Our goal is to stop sales of self-developed conventional fuel-powered cars in Beijing by 2020 and stop their production and sales nationwide by 2025,” the newspaper quoted BAIC Chairman Xu Heyi as saying at a launch event for a new energy car innovation center in Beijing.

    China has set strict quotas for electric and plug-in hybrid cars that come into play by 2019, shaking up domestic and international carmakers in the world’s largest auto market.

    Beijing wants so-called new-energy vehicles (NEVs) to make up at least a fifth of Chinese auto sales by 2025 to reduce air pollution and close a competitive gap between its newer domestic automakers and their global rivals.

    In October, domestic rival Chongqing Changan Automobile Co Ltd said it aimed to stop selling conventional combustion-engine cars from 2025, making it one of the first Chinese firms to commit to a total shift to NEVs.

    Earlier this year, China’s vice industry minister said the country had begun studying when to ban the production and sale of cars using traditional fuels, and predicted “turbulent times” for automakers as they were forced to adapt.

    BAIC Chairman Xu said in October the move to ban traditional petrol engine cars was “challenging” for the firm.

  • Handsome by Hyundai heading for China

    Handsome by Hyundai heading for China

    Handsome, the fashion unit of South Korean retailer Hyundai Department Store Group, has signed a deal to help accelerate its move into the Chinese consumer market.

    An agreement between its fashion label The Cashmere with Hong Kong’s retail/brand-management/distribution firm ImagineX Group involves supplying five coat styles to Club Monaco outlets in China.

    ImagineX represents such brands as DKNY, Jo Malone and Salvatore Ferragamo, and has more than 250 points of sale throughout Asia including Singapore and Taiwan.

    Thehandsome.com

    Handsome has previously taken its System and System Homme brands abroad. It has also clinched a deal with Artifacts, a boutique store in Taiwan that has six outlets in Taipei and Taichung. Earlier this year, the two clothing labels were picked up by department stores and shopping malls in China as well as the Galeries Lafayette department store in Paris.

    Handsome entered the Chinese market early this year by partnering with Hangzhou Zhiheng Industrial.

    Founded in 1987, Handsome was bought by Hyundai Home Shopping Network in 2012. It owns a string of fashion labels including Mine, System and Time.

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  • Line Friends to open Pop-Up stores in Seoul City

    Line Friends to open Pop-Up stores in Seoul City

    A Line Friends pop-up will open at luxury speciality store BoonTheShop in Seoul on Saturday.

    Running until January 14, the Korean character brand’s outlet will introduce its latest merchandise, BT21. The range includes dolls, cushions, fashion items, limited-edition postcards, posters and bag charms – all based on a set of characters created by K-pop boyband BTS and the Line Friends team.

    LINE FRIENDS

    The same line will also start selling at Line Friends’ New York flagship on the same day via a “BT21 Zone”, and at other stores in Hong Kong, Japan, Taiwan and Thailand, as well as online early next year.

    BT21 was initially launched as stickers on Line App with more than 17 million downloads and 200 million Twitter exposures. The first Line Friends’ collaboration with artists, the BT21 range joins signature characters such as Brown, Choco and Cony.

    LINE FRIENDS Unveils BT21 Merchandise at Its Flagship Store in New York (PRNewsfoto/LINE FRIENDS)

    Line Friends has 91 stores in 11 international markets.

  • More Chanel Flagship for Asian Shoppers

    More Chanel Flagship for Asian Shoppers

    Seoul will have one of six Chanel flagship stores being launched next year, with the brand also about to open in Beijing’s China World mall.

    “These will be either brand new stores or major re-openings, which will be very impactful,” says Chanel fashion and accessories divisions president Bruno Pavlovsky.

    On December 1, Chanel opened a second Tokyo flagship in Ginza following a three-year renovation by architect Peter Marino.

    Just before that, designer Karl Lagerfeld was in Chengdu, where Chanel reprised its Ancient Greek Goddess cruise collection, originally shown in Paris in May.

    “We scored 698 million hits from that show on WeChat and Weibo and so on,” says Pavlovsky. “That impact allows us to create an accessible dream: a chance to see and touch and understand what the brand is all about. That has nothing to do with customers – we don’t have 500 million customers in our boutiques.”

    He believes the key equation in luxury is balancing accessibility to the dream with exclusivity inside boutiques. This is why Chanel’s e-commerce is essentially limited to beauty and eyewear.

    “Chanel is not a click,” says Pavlovsky. “But when you think of a $5000 jacket or a $10,000 dress, the customer experience has to be more than just a click.”

    He says business in China has been boosted by the policy of global price harmonisation he started introducing in 2015. “We see more and more Chinese in China coming to our boutiques regularly.

    They don’t need to travel to Paris, New York or London to buy Chanel, and this is very important.”

    One vehicle to boost sales in China will be harnessing influencers, says Pavlovsky. “What is interesting about influencers in China is their point of view of the brand. Some are followed by 20 or 25 million people, which is quite impressive. And they are very clear that what their followers want from them is a point of view. We have to work with them not to dilute this kind of positioning.”

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  • Espoir introduced new concept store ‘Make-up Pub’ in Seoul

    Espoir introduced new concept store ‘Make-up Pub’ in Seoul

    The cosmetics brand ‘Espoir’ introduced a new concept store ‘Make-up Pub’ reminiscent of draft beer house.

    Eespoir, a professional makeup brand, opened the first make-up pub concept store in Hongdae in November under the concept of Lively, Free like a lounge pub.

    The newly launched ‘ Espoir Makeup Pub’ Concept Store is the first concept store designed for the millennial generation that pursues an enjoyable makeup experience.

    In this concept store, Espoir’ has provided special services that can only be experienced at the Hongdae Makeup Pub, as well as the best products that have been recognized for its superior product quality.

    Espoir to introduce new concept store 'Make-up Pub' in Seoul 2

    The make-up pub, which opened in Donggyo-dong, Mapo-gu, Seoul, is filled with a variety of ll items commonly found in draft beer, just like its name suggests.

    There are many different colors of foundation on the nozzles where cool draft beer comes out and a variety of color cosmetics on the cutting board.
    On the other hand, staffs with color charts like menus will find the perfect color for consumers.

    This concept store provides exotic spaces and a differentiated service so that anyone who wants to change freely visit and experience brand.

    As soon as customers enter the store, the color mix bar captures their attention with its gorgeous neon lights. It is a space where anyone can enjoy the ‘Hot Colors’ mix performance that the artist suggests and mix colors directly.

    The Face Tailoring Zone, reminiscent of draft beer machines, provides professional consulting for customers to fine right color and texture for their skin.

    Apart from that, there is a mirror room where customers can put on self-makeup by themselves and have make-up service from professional makeup artists without making advance reservations. A variety of samples and beverages were provided free of charge to all visitors.

    Meanwhile, in order to commemorate the opening of the concept store, the brand has presented with a special coaster with the ‘Make UP PUB’ logo.

    Espoir official said “here is the ‘Make-up Pub’ where customers can find the best color and choose the best color cosmetics.” “We will have more ideas and provide good products to meet customer’s expectations.

  • Who are the new muses for cosmetic brands?

    Who are the new muses for cosmetic brands?

    An idol group “Seventeen” was  recently selected as a cosmetic model for another brand. The cosmetic brand ‘TheSaem’ said it has chosen the idol “Seventeen” as a new global eco-star.

    Seventeen will be working on a variety of product lines including the Global Eco Brand Identity as well as the Skincare Urban Eco Series.

    Official sources said, “‘Seventeen’ has been loved in Korea and abroad because it is a pure and cheerful boy-like image. Therefore, it matches the image of the global eco-brand ‘TheSaem’”.

    Meanwhile, Seventeen is an idol group with talented production capacity, which is known as a self-produced idol, and it has fans not only among the teens but also among the 20s and 30s.

    In addition, singer and actress Soo Ji will become a new model of global beauty brand ‘Lancome’.

    An official source said for the beauty brand Lancome that Soo Ji will act as a new model of Lancome after actor Kim Go-eun. Lee said, “Suji is an artist who constantly faces new challenges in both music and acting, and her dignified and beautiful appearance has been chosen as a new model for Lancome, in line with the brand value of cheering for the true happiness of women.”

    Sources confirm that Soo Ji finished her photo shoot with Lancome in Australia last month and plans to continue her career as a full-fledged brand model in the near future.

    Soo Ji posted Lancome cosmetics model picture on her own instagram on the same day and made a lot of efforts to promote it. The photo shows 315,354 “Likes” in nine hours.

    Soo Ji was a long-term model of LG Household & Healthcare’s The Face Shop since April 2013, which has contributed greatly to brand recognition and sales.

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  • K-beauty eyes Middle East

    K-beauty eyes Middle East

    The political tension between Seoul and Beijing has eased after a summit between the two leaders during the APEC Summit, but K-beauty companies are diversifying their overseas operations instead of returning to the Chinese market.

    Supermarket chain E-mart said  that it has signed a franchise deal with Saudi Arabia’s largest retailer Fawaz Alhokair. Under the contract, E-mart is set to sell its cosmetic brand Sentence at Fawaz Alhokair shopping malls.

    Fawaz Alhokair operates 21 shopping malls in Saudi Arabia, and E-mart said it will open one Sentence store in the Riyadh and Jeddah malls by March. Another four more stores are expected to be opened by the end of 2018.

    The nation’s largest cosmetic company AmorePacific also plans to open its first Middle Eastern store in the United Arab Emirates in January while preparing to open others in Saudi Arabia and Kuwait.

    AmorePacific signed a partnership deal with the Middle East’s largest retailer Alshaya Group.

    LG Household & Healthcare has already entered the Middle Eastern market. It now operates more than 60 The Face Shop stores in Saudi Arabia while another K-beauty brand Tonymoly has opened five stores in the country, including two in Jeddah and one in Riyadh.

    Market researchers say their surging interest in the Middle East is attributed to the market’s growth potential.

    London-based consultancy Euro Monitor said the Middle East cosmetic market was worth 19.5 trillion won (US$18 billion) in 2015 but is expected to reach 39.1 trillion won by 2020. The figure is double the average growth rate of the world’s cosmetic market.

    Likewise, Korean cosmetic firms’ exports to the market have soared.

    According to KOTRA, Korean firms exported only 150 million won worth of cosmetic products to the Middle East in 2008. The figure, however, jumped to 40.1 billion won last year, a 265-fold increase over eight years.

    “The cosmetics market in Saudi Arabia has grown 10 percent a year on average for the last decade. This is one of the most rapidly growing cosmetic markets in the world,” an E-mart official said.

    “Korean cosmetic products are expected to enjoy good sales there thanks to booming Hallyu popularity.”

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  • Find Out ‘It’ Winter item in Korea

    Find Out ‘It’ Winter item in Korea

    Choosing the right padded jacket — this winter’s ‘it’ item — is a much more complicated task than one may think. It is not just design and color, but the type of insulation also has to be decided — goose, duck or synthetic materials, as well as their composition ratios, waterproof or not and even the overall weight.

    For many South Koreans, however, it all seems to come down to a choice between luxury and cost-effective alternatives.

    On the high-end side, with brands like Canada Goose, Nobis, Herno and Moncler, the jackets are priced at well over 1 million won (US$920).

    As for Moncler, the retail prices of long padded jackets for women hover around 2-3 million won. But some of the popular models have been sold out since summer and there’s a long waiting list still, an employee at a Moncler shop in Seoul said.

    The passion for the French fashion brand is high, as a growing number of people are purchasing online instead and have them delivered directly from Europe.

    “The price is 20-30 percent cheaper,” said Oh Su-hyun, who bought a Moncler coat this year via a Paris-based online shopping mall.

    “It cost me around $1,800, including tax. But I think it as an investment. Winter is long and you can wear it for many years because it’s Moncler.”

    More cost-conscious consumers have turned to more affordable options, chief among which is the PyeongChang Winter Olympic official down jacket, which was offered only in limited numbers.

    High-performance yet stylish and affordable, the PyeongChang coat has become an instant top seller.

    Since its launch on Oct. 26, people have been lining up for the coat which costs 149,000 won. But no more jackets are available now as the 300,000 pre-ordered items are completely sold out. The coats were manufactured by a local company in request by the nation’s retail giant Lotte, a licensed partner to the PyeongChang Olympics, to commemorate the global sports event.

    Some of the coats are being traded online, with a mark-up of 2-3 times the original price.

    The long padded coat craze seems to have led to an overall increase in winter coat purchases.

    According to Lotte Department Store, the sale of winter clothes surged 70 percent this month, while other retailers Hyundai and Shinsegae saw sales growing 12.7 percent and 13.4 percent, respectively.

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  • SK-II to open pop-up store for Holiday limited edition

    SK-II to open pop-up store for Holiday limited edition

    SK-II opens a pop-up store of 2017 PITERA Essence Change Destiny Limited Edition at the Seocho-gu Central City Famille Station in Seoul for the holiday season.

    This pop-up store is designed with a variety of experience spaces and a wide range of enjoyment under the concept of a unique Pop Art design of the bottle of the PITERA Essence Limited Edition.

    A giant-sized bottle of PITERA Essence Limited Edition Bottle is displayed in the middle of the pop-up store that attracts attention and it allows anyone to experience a variety of ways to experience the PITERA Essence Limited Edition.

    Visitors take a picture  in the PhotoZone, which is surrounded by a variety of PITERA Essence Limited Editions.

    Limited Edition

    After taking a photo, they can select one of the three ‘#ChangeDestiny’ phrases on the bottle and the calligrapher will write the phrase on the a polaroid cover.

    In addition, SK-II’s beauty measuring system, Magic Ring, can be used to measure skin condition and offer beauty counseling.

    Visitors can participate in various activities at the PITERA station, including magic ring measurements, and present coins that are only available at the PITERA station.

    With the coin from the pop-up store, SK-II PITERA gift machine gives you the chance to get a variety of products from SK-II’s best products.

    The motif of this pop-up store, the PITERA Essence Change Destiny Limited Edition is the symbolic product of SK-II. It features a ‘#ChangeDestiny’ phrase inscribed on the bottle that inspires the subjective life.

    Three phrases with meaning of support for the attitude of life changing in a subjective way, “Be the Person You DECIDE To Be”, “CHANGE is in All of Us”, “DESTINY is a Matter of Choice” are designed in pop art form for each of the three products.

    Those products will be sold in limited edition at SK-II stores and major online malls in department stores nationwide.

    The same pop-up store concept has been mushrooming is the main Asia cities.

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