Hyundai Department Store is fast moving to expand its presence and diversify its portfolio, signing two real estate deals in succession.As the company eyes the tightly contested market, Hyundai Department Store Group chairman Chung Ji-sun is also increasing his public presence. While Chung is a member of the famous Chung Ju-yung family, he has for the large part kept a low profile.While a department store opening new branches is nothing new, Hyundai Department Store has taken on the unusual stra

Industry March 17, 2015

LG Household & Health Care, a cosmetics-maker, is targeting China this year by preparing to release new products in the market soon. The company’s move is in line with the reinforcement of marketing by South Korean cosmetics-makers including AmorePacific, which are enjoying a sales upsurge owing to high demand from Chinese visitors.Last week, LG Household & Health Care vice chairman Cha Suk-yong said China was their No. 1 target market this year for growth. LG Household & Health Care vice chairm

Industry March 16, 2015

Lotte Group appears to be bringing forward its succession plans as the conglomerate named one of the founder’s sons to the board of its holding company last week. The group appointed its chairman Shin Dong-bin to the board of Hotel Lotte, the de facto holding company of the conglomerate, whose businesses range from construction to shopping malls and snack production. The appointment is widely seen as another sign of the controlling family’s succession plans, amid rampant rumors that Shin is aggr

Industry March 15, 2015

CJ Group chairman Lee Jae-hyun has decided to quit from the boards of two officiates after taking similar steps last year, sources said Thursday.Lee, who was convicted of embezzlement and tax evasion, will quit his posts at its delivery unit CJ Korea Express and retail arm CJ OliveNetworks this month, the sources said.The move is expected to weigh heavily on the entertainment and retail conglomerate, which has been struggling to deal with a leadership vacuum and failed investment plans. Lee Jae-

Industry March 12, 2015

POSCO, South Korea’s leading steelmaker, said Wednesday it will be supplying lightweight magnesium sheets to Porsche for the German sports carmaker’s highest-performance model, the 911 GT3 RS. POSCO said the material will be used for the roof of the new GT3 RS, the first body adoption of the material that has been used for a limited number of smaller car parts. “We expect the demand for auto parts using magnesium will continue to grow at a fast pace,” POSCO said in a statement. Body work for Por

Industry March 11, 2015

Homeplus CEO Do Sung-hwan on Tuesday publicly apologized over a series of malpractices the company was involved in, from the alleged sale of customer information to unfair treatment of suppliers. “We’re reflecting on ourselves over what has happened in the past year. We’ll strive to win back customers’ trust and meet their expectations,” Do said during his first press conference held since his inauguration in 2013. “2015 will serve as an opportunity for us to transform into a customer-only retai

Industry March 10, 2015

Thanks to the ever-connected environment, cross-border trade is in full bloom. Still, differences in taxation, government policies, customs and culture can be a hindrance to 21st-century baron-wannabes. EBay Korea, operator of Korea’s largest online shopping site Gmarket and Auction.co.kr, has been dedicated to supporting small- to mid-size vendors to tap the global market through its platform. From translation to logistics, delivery and customer service, it has provided a wide range of services

Industry March 9, 2015

POSCO SNNC, a leading manufacturer of ferronickel, has completed the construction of its second electric furnace, which will help nearly double the firm’s annual capacity of pure nickel to 54,000 tons from the current 30,000 tons.The POSCO affiliate said it invested about 480.6 billion won ($437.1 million) to build the second facility in Gwangyang, South Jeolla Province, to stabilize its nickel production.“With our increase in production capacity, POSCO SNNC has become a nickel smelter that is c

Industry March 6, 2015

Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is forecast to take a big stake in POSCO Engineering & Construction.“The deal is included in a comprehensive partnership agreed between PIF and POSCO,’’ a company official said on Wednesday.  Both parties signed a memorandum of understanding to form a joint partnership at a meeting on the sidelines of President Park Geun-hye’s visit to Saudi Arabia with leaders of South Korean businesses.The deal is valued at around 1.5 trillion won (

Industry March 4, 2015

Local consumer groups are planning to file a class action suit against Homeplus, the South Korean supermarket chain owned by British retail giant Tesco, for the firm’s alleged illegal gathering and selling of customer information to third parties.Ten consumer groups affiliated with the Korea National Council of Consumer Organizations said Monday they were gathering participants in a suit to demand compensation for the retailer’s sale of their private information. Homeplus is accused of collectin

Industry March 3, 2015

Hurom, a South Korean slow juicer supplier, is joining hands with a major home shopping channel to expand its overseas marketing and sales, officials said Monday. Hurom signed a memorandum of understanding with CJ O Shopping on Friday to form a task force to enter the Chinese and Southeast Asian markets. Both companies said it aimed to enter 25 more countries and earn 500 billion ($453.8 million) in sales through the MOU. Hurom’s slow juicer. (Hurom)“We plan to increase sales of Hurom juicers th

Industry March 2, 2015