Articles by Kim Hae-yeon
Kim Hae-yeon
hykim@heraldcorp.com-
AliExpress to open bidding for logistics partner in Korea
Chinese e-commerce giant AliExpress has chosen to solicit open competitive bids in Korea instead of extending its delivery contract with CJ Logistics, set to expire in April. According to industry sources Thursday, AliExpress recently submitted bid proposals to major logistics firms here to handle customs clearance and parcel delivery services. The new contract period, which reportedly spans one year from May, is seen as AliExpress' cost-saving measure, according to sources. In addition to
Industry March 21, 2024
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Sephora exits Korea after years of losses
French cosmetics retailer Sephora, owned by LVMH Group, on Tuesday declared its withdrawal from the Korean market, following years of financial losses. "With heavy hearts, we have decided to cease operations in Korea. From May 6, we will gradually wind down our presence across online platforms, mobile applications and physical stores, ultimately withdrawing completely from the market," a social media post by Sephora Korea announced Tuesday. Sephora said that it will fulfill pending ord
Industry March 20, 2024
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Trade specialist named new CEO of Hyosung Heavy Industries
Hyosung Heavy Industries on Monday announced that it has appointed Woo Tae-hee, an international trade specialist who currently serves as the vice chairman of the Korea Chamber of Commerce and Industry, as its new CEO overseeing the company's heavy industry and construction businesses. Woo, 62, a graduate of Yonsei University's Department of Public Administration in 1984, obtained his doctorate in business from Kyung Hee University in 2011. After passing the public service examinatio
Industry March 18, 2024
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Korean Air to expand flights to pre-pandemic levels
Korean Air on Monday said it plans to expand the number of its international flights for the upcoming summer season, elevating its operational rate to nearly 96 percent of pre-pandemic levels. From March 31 through Oct. 26, the company will resume operations of weekly flights to four cities, including China’s Zhengzhou and Zhangjiajie, as well as Zurich and Bangkok. The Incheon-Zurich route will have three weekly flights to meet the high demand for summer travel to the Swiss city among Kor
Industry March 18, 2024
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[Herald Interview] Lithium-rich Chile seeks to lure more Korean investment
Chile's Ministry of Public Works and the investment promotion agency, InvestChile, recently visited Seoul to boost the country's infrastructure and technology sectors, inviting investors in Korea to participate in its extensive portfolio of projects. During an interview with The Korea Herald at the Embassy of Chile in central Seoul on Thursday, InvestChile Director Karla Flores and Concession General Director Juan Manuel Sanchez shed light on their strategies to attract new investment
Industry March 17, 2024
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Overseas direct purchases to lead e-commerce trends: data
Amid escalating competition in Korea's e-commerce landscape, direct overseas transactions between individual sellers and consumers have become a growing trend, according to eBay. On Friday, eBay unveiled insights into this year's online direct purchase market, drawing from comprehensive annual sales data of Korean sellers gathered through its platform. Three major keywords were "Collectibles," "North America" and "March." Particularly, the keyword "Co
Industry March 15, 2024
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Alibaba pledges $1.1b investment for Korea expansion
Alibaba Group, the company of Chinese e-commerce giant AliExpress, renowned for its budget-friendly offerings, plans to invest more than $1 billion in Korea over the next three years, with a massive distribution center being built within the year. According to industry sources on Thursday, Alibaba has recently submitted its business expansion plan in Korea, including an investment of $1.1 billion, to the local authorities possibly for regulatory approval. The investment plan includes a new distr
Industry March 14, 2024
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Yanolja launches US office amid IPO push
Korean travel platform operator Yanolja announced the opening of its first US office in Manhattan, New York, on Wednesday. The move aims to accelerate its North American travel solutions business, coinciding with growing anticipation for the company's potential listing on the US stock market this year. Since its inaugural overseas branch opened in Singapore in 2019, Yanolja has rapidly broadened its local presence in key countries. The firm currently operates 50 overseas offices across 27 c
Industry March 13, 2024
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[KH Explains] Coupang's Farfetch gambit: Was the deal undervalued?
In December last year, South Korean e-commerce giant Coupang made a surprise announcement that it was buying Farfetch, the British luxury shopping platform, in a $500 million deal. The highly-publicized acquisition seemed like a win-win for both: Coupang’s global expansion could be accelerated, backed by Farfetch’s extensive business network, while cash-strapped Farfetch could streamline its operations to elevate its sluggish profits. But a group of Farfetch investors, called the 202
Industry March 12, 2024
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Posco wins massive EV magnet orders from global carmakers
Posco International, the trading and energy arm of Korean steel giant Posco, announced Tuesday that it has recently secured a substantial order for rare earth permanent magnets, an essential part of an electric vehicle drive motor core, through its overseas subsidiaries. The US subsidiary of Posco International plans to procure permanent magnets worth some 900 billion won ($685 million) from 2026 to 2031, for a global automaker in North America. The magnets produced will be utilized in the drive
Industry March 12, 2024
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Koreans lose appetite for fruits amid soaring prices
South Korea’s fruit consumption has diminished by almost 20 percent over the past 15 years amid supply shortages and soaring prices, government data found Sunday. According to the Ministry of Agriculture, Food and Rural Affairs, the nation’s per capita fruit consumption declined by 19 percent to 55 kilograms in 2022 after peaking at 67.9 kilograms in 2007. Tangerines and apples topped the per capita consumption with 11.8 kilograms and 11.0 kilograms, respectively, followed by pears (
Industry March 10, 2024
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Air Premia, Air Incheon strong contenders for Asiana’s cargo arm
Close competition is predicted among the four domestic low-cost carriers vying for the acquisition of Asiana Airlines' cargo division, with Air Premia and Air Incheon emerging as the prime contenders, according to industry sources on Thursday. Financial services firm UBS, which is overseeing the sale of Asiana Airlines' cargo division, recently selected four LCCs -- Jeju Air, Eastar Jet, Air Premia and Air Incheon -- as shortlisted candidates for the acquisition. The decision follows t
Industry March 7, 2024
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Ramyeon exports soar to record high in January
Shortly after achieving record-breaking ramyeon export sales last year, Korean instant noodle exports surged significantly by 39.4 percent again in January compared to the same month last year, reaching a total of $86 million. According to the Korea Customs Service on Thursday, January's performance marks the fifth-largest figure ever, with the highest monthly total to date reaching $91 million, achieved last November. In 2023, ramyeon exports reached a total of $952 million, increasing a d
Industry Feb. 29, 2024
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Coupang reports first profitable year
New York-listed e-commerce giant Coupang on Wednesday reported its first-ever annual operating profit of $473 million last year, marking a milestone since its inception in 2010. It also reported $24.4 billion in sales, a notable 20 percent jump from 2022. In the fourth quarter alone, its quarterly sales soared 20 percent to a record $6.6 billion, while its operating profit saw 51 percent on-year growth to $130 million. "Since the beginning of this company, we have made foundational bets on
Industry Feb. 28, 2024
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Posco International to expand motor core plants in Mexico, Poland
Posco International's new president, Lee Kye-in, has initiated the global expansion of the traction motor core business by establishing operations in Poland and Mexico as his inaugural strategic move. At a board meeting on Friday, the trading arm of the Posco Group authorized the establishment of a new facility in Poland and its second plant in Mexico, a big step toward its output goal of 7 million traction motor cores a year by 2030. Motor cores are a central component in electric motors a
Industry Feb. 26, 2024
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