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Reporter : Kim Jae-heun
Fri, July 1, 2022 | 04:37
Wealthy consumers begin shunning luxury goods amid soaring prices
A 34-year-old restaurant owner surnamed Kim has been purchasing a luxury-brand product every month for the past three years thanks to his flourishing business. He didn't pay too much attention to the price tags before, forking over at least 20 million won ($15,444) each month on expensive clothes and other flashy items. But his financial situation began to deteriorate after h...
'It's now a luxury to eat watermelon'
A 58-year-old housewife surnamed Kim was surprised to see how expensive watermelons have become in recent weeks. Watermelon is one of Koreans' favorite seasonal fruits in the summer, but many shoppers are hesitant to put one in their shopping baskets, as prices have increased by more than 30 percent from a year ago, according to retailers.
Japanese beer makes comeback
Japanese brewers are staging a comeback in the Korean market after a three-year hiatus, as they advertise new products ahead of the peak summer season, company officials said, Thursday. Asahi Breweries said it will air its online commercial for Asahi Super Dry beer on YouTube and several other social media platforms from June 17 to the end of August. The company hopes to win ...
AmorePacific gains momentum in US cosmetics market
AmorePacific has achieved notable business growth in the U.S. cosmetics market this year as it is stepping up efforts to reduce dependence on the Chinese market, according to company officials Wednesday. “North America is the global mecca of beauty products and it is the most important cosmetics market in the world. We have been expanding our business in the United States so ...
SK Innovation to invest $30 mil. in Amogy
SK Innovation has decided to invest $30 million (38.59 billion won) in Amogy, a U.S. developer of ammonia-based fuel-cell systems, and cooperate with the firm on related technologies, the local battery maker said Tuesday.
Lotte's e-commerce unit scrambles to improve bottom line
Lotte Shopping has decided to reduce the number of delivery vehicles operated by its online shopping mall Lotte On by 20 percent as part of efforts to improve its profitability, company officials said, Tuesday. Lotte Group is a traditional retail giant here, but its e-commerce sector has failed to show substantial results in the past two years since its launch in May 2020.
Woowa Brothers begins renting out robot waiters
Woowa Brothers, which operates the country's largest food delivery platform, Baedal Minjok, has launched a rental program for its hall-serving robot called “Dilly Plate S” (Dilly S), the company said Monday. “We have diversified the rental service of our server robots to help restaurant owners use them without having to spend too much money. Dilly S will definitely help self-...
Musinsa to check authenticity of imported luxury goods
Musinsa will conduct a full-scale inspection on its imported luxury goods in collaboration with the Trade related IPR Protection Association (TIPA) so as to ensure they are dealing only with authentic products, Korea's largest online fashion company said Monday.
McDonald's seeks to sell Korean unit amid intensifying competition
McDonald's is moving to sell its Korean branches as more companies enter the overly-crowded fast food market here, the company said Friday. The U.S. fast food giant first attempted to dispose of its Korean business back in 2016 but failed to do so as potential buyers opted out, due to high sales prices and other reasons. Mirae Asset Securities has been selected as a sales man...
Korean food firms succeed in Vietnam by targeting young people
Korean food firms have been riding high on the popularity of hallyu, or the Korean wave, in Vietnam, building a loyal customer base among young people there, according to company officials Friday. More than half of the Vietnamese population are under 35 and one out of four people there are under 15.
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