Honeymooners and other passengers headed to Bali are quickly changing their plans as Garuda Indonesia and Korean Air, the two carriers offering direct flights to Bali out of Incheon International Airport, canceled their flights Monday due to ash spewing from Mount Agung.“The decision to close Denpasar Airport was officially transmitted to us this morning,” a representative from Garuda told passengers who were waiting at Incheon to check in for the noon flight. “Despite rumors that flights are op

Industry Nov. 27, 2017

Lotte Confectionery has acquired a 100 percent stake in a leading Indian ice cream company, the company said Thursday.Lotte acquired 1 million shares of the ice cream manufacturer Havmor for 1,020 crore rupees ($157.9 million). The company, established in 1944, currently holds the second-largest market share in India. Lotte Confecionery plans to grow Havmore’s presence in the Indian market and to create synergies with its products already in the Indian market such as Choco Pie, gum and candy. (P

Industry Nov. 24, 2017

The bill subcommittee of the Health and Welfare Committee in the Korean parliament agreed to increase taxes for the Health Promotion Fund on heat-not-burn tobacco products Thursday.The amendment to the National Health Promotion Act, if passed by the National Assembly, would raise taxes collected for the Health Promotion Fund from heat-not-burn tobacco product sales to 750 won ($0.70) per pack from the current 438 won per pack. IQOS from Philip Morris International (PMI)Taxes levied on tobacco pr

Industry Nov. 24, 2017

CJ Group reshuffled its top executives Friday, including the top desks at food company CJ CheilJedang and CJ Corporation, in its first board shuffle since group chairman Lee Jay-hyun returned to management this May.Shin Hyun-jae, 56, who spent time at CJ O Shopping as well as CJ Korea Express, was named the new president of CJ CheilJedang. Kim Hong-ki, 52, who held positions at CJ CheilJedang and CJ Corporation, was named co-president of CJ Corporation alongside Vice Chairman Lee Chae-wook.A tot

Industry Nov. 24, 2017

 E-mart’s specialized cosmetics store Scentence is set to open in Saudi Arabia as early as March next year, according to the company Thursday.“We have signed a franchise agreement with Saudi Arabia’s largest distribution group Fawaz Alhokair, and agreed to open E-mart’s cosmetics store Scentence in the group’s shopping malls,” E-mart said in a release.  E-mart’s cosmetics specialty store Scentence at Starfield Goyang (E-mart)Although the two companies had originally agreed in June to open E-mart

Industry Nov. 23, 2017

When Starfield Hanam first opened in the southern suburb of Seoul last September, it promised to be something that Korea had never seen before: a shopping and entertainment complex that would rival theme parks for families seeking a weekend outing.But there was one attraction that stood out for animal lovers in particular: Starfield would allow dog owners to bring their pets to the mall with them.A year later, Starfield Hanam sees about 500 dogs per day visiting the mall on weekends. (Shot by Ki

Industry Nov. 23, 2017

Cinema operator CJ CGV on Tuesday denied accusations that it violated antitrust law and took part in monopolistic operations in Vietnam.“These allegations have already been investigated by the local antitrust watchdog, and have been found to be groundless,” a spokesman for CGV in Seoul told The Korea Herald.“The reason we are the top operator in Vietnam is because we have brought in innovative elements from the Korean film industry that were received well by the Vietnamese public, not because of

Industry Nov. 21, 2017

SK Group has pulled out of the online and offline used car market, selling its stake in its online used car seller to its Australian partner, according to a disclosure Monday.According to the filing, SK sold its 50.01 percent stake in SK Encar.com to Carsales Holdings for 205 billion won ($186.4 million). Australia-based Carsales Holdings acquired 49.9 percent of the company in 2014. Through this deal, Carsales will hold 100 percent stake in SK Encar.com.Last month, SK Group finalized a deal to

Industry Nov. 20, 2017

Located from the eighth to 26th floors of Tower 730 in southeastern Seoul, the new headquarters of e-commerce firm Coupang are a far cry from the drab cubicle farms often associated with Korean companies. There are no partitions between the wide open desks, and employees freely roam about the building with laptops in hand, looking for a plush couch or window seat where they can work more effectively. Few office chairs were actually occupied although there were coats and bags draped over their ba

Industry Nov. 19, 2017

LOTTE CHIEF FOR PYEONGCHANG -- Lotte Group Chairman Shin Dong-bin, who heads up the Korea Ski Association, briefs Italian Winter Sports Federation President Flavio Roda on preparations for the 2018 PyeongChang Winter Olympics at a meeting of the International Ski Federation Council in Switzerland, Friday. Shin briefed the council members on the overall preparations for PyeongChang and answered concerns regarding security during the Winter Games, according to Lotte Group. (Lotte Group)

Industry Nov. 19, 2017

Michelin-starred chef and television personality Gordon Ramsay called Oriental Brewery‘s beer Cass a “beer of the people,” saying that its easy accessibility and fit with Korean cuisine was what drew him to endorse the brand.  Gordon Ramsay speaks to reporters at the Conrad Seoul on Saturday. (OB)“I have fallen in love with Korean food, and it doesn’t need to have an oversophisticated, slightly unique beer that costs a fortune,” Ramsay told reporters at a press conference at the Conrad Seoul on

Industry Nov. 19, 2017

The Korean wine market that has only recently been growing will develop and evolve rapidly through the informing effects of social media, said the wine director with a British wine and spirits merchant.“In this market in particular, social media and blogging is everywhere. That is the most flexible, the most accessible. There will be somebody somewhere that is at the level you want to hear,” said Mark Pardoe of Berry Bros. & Rudd in an interview with The Korea Herald. Berry Bros. & Rudd Wine Dir

Industry Nov. 16, 2017

Duty-free operators enjoyed a healthy third quarter this year despite falling sales from heavy-spending Chinese shoppers, but industry sources say uncertainty still looms over the once highly lucrative sector.On Wednesday, HDC Shilla announced its operating profit reached nearly 2.42 billion won ($2.18 million) in the third quarter this year, continuing three consecutive quarters in the black. A day earlier, Lotte Duty Free released third-quarter earnings with operating profit of 27.6 billion wo

Industry Nov. 15, 2017

Shinsegae’s convenience store chain Emart24 on Tuesday released new welfare policies for franchisees as part of shared growth efforts.The convenience store chain will be offering franchisees financial support for their children’s education at the same level as regular employees of the company. Depending on the number of years a franchisee has operated an outlet, the funding can be used for various levels of education from kindergarten to college. Emart24 (Emart24)In addition, Emart24 said that i

Industry Nov. 14, 2017

SK Planet’s e-commerce platform 11st said Tuesday that it set a new record in daily e-commerce sales in Turkey on Nov. 11, reaching 140 million Turkish lira ($36.1 million). Employees of n11.com celebrate the success of the Nov. 11 promotion. (SK Planet)The Nov. 11 promotion, touted as a 24-hour shopping marathon, included special offers such as 111 Volkswagen Golf cars and 111 units of iPhone X, which both sold out within the first hour. The first hour of the promotion saw 23,000 orders and 50,

Industry Nov. 14, 2017