Posco Group said Monday that it will launch a new holding firm in March with an aim to improve the sustainability of its core steelmaking business amid the global transition to a low-carbon economy. Following shareholders’ approval of the holding company structure plans, the group will be split off into two entities -- Posco Holdings, the new holding company, and Posco, the steelmaking unit wholly owned by the holding firm. The holding company will nurture new growth engine businesses a

Industry Feb. 21, 2022

Shinsegae International will launch a limited-edition electric bike in collaboration with Super73, US-based electric motorbike manufacturer. By limited edition, they mean only two in the world. The company‘s signature gorilla character JRilla, designed after Shinsegae heir Vice Chairman Chung Yong-jin, is the bike‘s mascot. The product even has its own narrative: JRilla, originally from Mars, opted for an electric bike in favor of both the environment and style while navigating h

Industry Feb. 18, 2022

Zackdang, operator of beauty video platform Zamface, said Wednesday it raised 4.5 billion won ($3.76 million) from Hi Investment Partners and Daesung Private Equity in January. With the fresh investment, the company’s cumulative investment has reached 11 billion won. Zamface saw its number of cumulative subscribers surpass 1.8 million in only 2 1/2 years since its launch in January 2019. Millennial- and Generation Z-females take up the lion’s share, or 94 percent, of its user base,

Industry Feb. 18, 2022

Coway posted 945.9 billion won ($789 million) of sales in the fourth quarter of 2021 with an operating income of 139.2 billion won, the company said Thursday. The firm also logged 3.66 trillion won in 2021 sales, logging a 13.2 percent growth year-on-year. Operating income was 640.2 billion won and net income 465.5 billion won, each up 5.6 percent and 15 percent.　 The company‘s global outposts saw a yearly revenue of 1.21 trillion won last year and 301.6 billion won in the fourth quarter

Industry Feb. 17, 2022

Oriental Brewery (OB), Korea’s largest beer maker, won the grand prize at the 2021 Korea Brand Awards for its marketing strategy that added sentimental elements to soothe customers hit by the pandemic. The award, overseen by the Korean Marketing Association, recognizes companies that put “consumer value” at the forefront of brand management. The key to OB’s marketing strategy was “clicking with” consumers, stressed the beer manufacturer. While beer advertisem

Industry Feb. 17, 2022

Global sales of Orion’s signature snack Choco Pie reached 500 billion won ($417 million) in 2021, logging an 8.8 percent growth year-on-year, according to the Korean confectionery maker on Wednesday. This means around 3,400 million individual packets of Choco Pie were sold worldwide, which would cover more than five laps around the Earth when lined up, said the company. Choco Pie’s success overseas is thanks to the company’s efforts to tailor the product to suit each specifi

Industry Feb. 16, 2022

Lotte Members, the membership service for Lotte Group companies, said Tuesday it has seen a 23 percent surge in transactions for luxury goods since the onset of the coronavirus pandemic. According to a study based on transaction data of its L.Pay mobile payment system and L.Point membership points, sales of luxury goods in 2020 and 2021 increased 23 percent compared to the same figures from 2018 ad 2019. Among age groups, consumers in their 20s showed the highest 70.1 percent increase in lux

Industry Feb. 15, 2022

McDonald’s Korea announced Thursday it will raise prices of some 30 food items by an average of 2.8 percent starting from Feb. 17, in line with other fast food chains that have carried out price hikes recently. Under the new scheme, the price of the Bulgogi Burger will increase from 2,200 won to 2,300 won ($1.84 to $1.92), while a small Americano coffee will be priced at 1,900 won, up from 1,700 won. Other popular combo meals are also expected to see increases of 200 won to 300 won. 

Business Feb. 11, 2022

McDonald‘s is bringing its fan-favorite Spicy Chicken McNuggets to Korea for a limited time, the company in Seoul said last week. Seasoned with cayenne and chili pepper, the spicy version of the iconic menu item created a huge buzz in the US when released as a limited time offer in 2020. The fast food giant is hoping to further capture the Korean palate, which is characterized by a love for spice. The Spicy McNuggets are available for a limited time only from  Feb. 4 to early May. F

Business Feb. 9, 2022

The building materials company LX Hausys said Wednesday that it showcased its latest collection of engineered stone and artificial marble at the Kitchen and Bath Industry Show in Orlando, Florida, which began Tuesday and concludes Thursday. The company’s outing to North America’s largest jamboree for kitchen and bath brands signals its ambitions to further tap into the lucrative North American market.  The Calacatta Collection fashioned from Viatera, an engineered stone surface

Business Feb. 9, 2022

Eva Global Holdings, a New York- and Seoul-based consultancy firm specializing in trade and investment, said Tuesday it has signed a memorandum of understanding with the Federation of Indian Industry to support Korean companies looking to enter the Indian market. The Federation of Indian Industry, or FII, is a business lobby that represents some 5,000 Indian companies. The latest agreement aims to bolster trade and investment relations between South Korea and India. Under the deal, the signi

Industry Feb. 8, 2022

L’Oreal Korea said Monday it will launch an at-home device that creates customized lip tint colors, to serve the growing needs of personalization in the beauty market. The newly launched product, Yves Saint Laurent Rouge Sur Mesure, delivers thousands of color schemes using its four-ingredient cartridges -- red, nude, orange and pink. Customers can play with the palette using a mobile application to design their own shade of the day, it said. The device also offers color recommendations

Industry Feb. 7, 2022

Traveling with a pet has never been easy for Kim Hye-in, a 30-year-old Pomeranian owner. “I hate to confine my dog in a stuffy cabin whenever I take public transport. It suffocates her,” Kim said. Sometimes bus drivers stop her from hopping on board with her fluffy companion. For pet owners like Kim, “pet taxis” are an appealing alternative. From vet pick-ups to pet ambulances, chauffeur service for pets have sprung across the country since 2017 when the service got th

Industry Feb. 4, 2022

Celltrion USA, the US subsidiary of the Korean biotech firm, said Thursday it signed multiple deals to supply COVID-19 self-test kits worth 400 billion won ($330 million) in the US by the first quarter of this year. The latest deals involve some 10 government agencies and companies, including the Defense Logistics Agency and the e-commerce giant Amazon. Two kinds of test packs will be supplied: DiaTrust COVID-19 Ag Home Test and DiaTrust COVID-19 Ag Rapid Test, both developed in partnership

Business Feb. 3, 2022

Samsung Electronics said Wednesday its My House world map service, launched in collaboration with Naver‘s 3D avatar platform Zepeto, saw cumulative visits quickly surging to over 4 million in less than a month.  My House invites users to experience Samsung home appliances and furniture in a personalized virtual “home“ that users can decorate to their individual taste. The metaverse platform was unveiled on Jan. 5 at the annual tech show CES 2022. Since then, the cumulati

Industry Feb. 2, 2022