Better Foods, Shinsegae Food's subsidiary specializing in plant-based products, said Thursday that it has secured investment from the US venture capital investment company, Cleveland Avenue. The exact amount of the deal was not disclosed immediately. Shinsegae Food established Better Foods in the US in 2022 in a bid to strengthen its global competitiveness in plant-based products, one of the retail giant's growth drivers. Cleveland Avenue is a venture capital firm established in 2015 b

P&G Korea, the local subsidiary of Procter & Gamble, said Wednesday it has launched the newest addition to its product lineup -- Pampers Baby-Dry Pants -- a baby diaper designed to provide improved absorbency. The company said that the Pampers Baby-Dry Pants diapers stand out for superior absorption capacity, ensuring a moisture-free and comfortable wear for babies throughout the day. A key feature of the diaper product is the "Pee-Lock Technology,” which incorporates dual lea

Orion, a South Korean confectionery manufacturer, has restarted production for a snack item that was no longer on the market, out of consideration for pediatric patients craving the product. On Dec. 15, the snack company donated its snack products to the young patients at Pusan National University Yangsan Hospital in South Gyeongsang Province. Among the child patients was a 3-year-old boy who had expressed a sincere desire to eat Orion's snack products after three days of fasting in prepa

South Korean-owned sportswear brand Fila Holdings said Monday it has named Todd Klein, head of the company’s North American subsidiary, for a new position in charge of the global marketing strategy. Appointed as the global brand president, Klein will join the board of Fila Luxembourg, the subsidiary of Fila Holdings that oversees the company’s global businesses. Klein will also continue to report to Fila Holdings and keep his previous responsibilities. Klein joined Fila in January 20

LG Chem said Friday it has signed an agreement with Boston-based Rhythm Pharmaceuticals to transfer the development and sales rights of a new anti-obesity drug candidate named LB54640. The deal amounts to $305 million, which includes upfront payments worth $100 million and milestone payments worth $205 million for the development and commercialization of the drug. Under the agreement, LG Chem will receive royalties depending on product sales from Rhythm Pharmaceuticals each year. Rare forms of o

Starbucks Korea said Thursday that it will open Friday a new branch in Guri-si, northeast of Seoul, where visitors will be allowed to bring their pets -- the first of its kind operated by a coffee franchise here. The two-story building is 644.6 square meters with a total of 143 seats. Customers can take their pets to the second floor where private booths and pet seating are prepared. Pets must be on a leash and are not allowed on the first floor where beverages are made. "We hope the Guri

South Korean automobile exports to the United States exceeded 1 million units during the January-November period, already beating its previous all-time annual record from eight years ago, industry data showed Sunday. In the first 11 months of this year, South Korea's car shipments to the U.S. reached 1,172,612 units, according to the data from the Korea Automobile & Mobility Association. The annual tally is expected to grow when counting December shipments. The 11-month total is already

The South Korean government said Thursday that it will seek to normalize the business of Taeyoung Engineering and Construction, which applied for a debt-restructuring program on the same day, under the premise of the construction firm’s intense self-rescue efforts. Earlier in the day, Taeyoung E&C, the 16th-largest builder in the country in terms of construction capacity, applied for a debt workout with its main lender, the state-owned Korea Development Bank. The company has been suffe

South Korea's Shinhan Bank said Friday its Indonesian unit, Bank Shinhan Indonesia, has won a $200 million investment from the International Finance Corp. The funding is a result of a memorandum of understanding signed between Shinhan Financial Group and the IFC in May, aiming to expand cooperation in global expansion and environmental, social and governance drives. Initially, the IFC will provide $100 million, followed by an additional $100 million financing within a year. Bank Shinhan Ind

South Korea's business sentiment index for January fell amid prolonged concerns over a slowdown of the global economy and high interest rates, a poll showed Wednesday. The business survey index for 372 out of the country's top 600 companies by sales stood at 91.1 for January, down 2.9 points from this month, according to the monthly poll by the Federation of Korean Industries. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposit

South Korean e-commerce giant Coupang announced Tuesday it plans to acquire the British luxury online platform Farfetch, in a bid to strengthen its competitiveness in the fashion and luxury industry. Coupang will inject $500 million into the London-based retailer that sells high-end fashion and jewelry from more than 1,400 luxury brands. The funding will give a boost to Farfetch, which has struggled with weak sales amid an economic slowdown. By combining its logistics know-how with Farfetch'

South Korean panel titan LG Display Co. said Monday that it will raise 1.36 trillion won (US$1.05 billion) via a rights offering in an effort to boost the competitiveness of its premium organic light-emitting diode (OLED) panel business. LG Display will issue some 142 million new common shares at a price of 9,550 won per share and sell them to its shareholders, the company said in a regulatory filing. The final issue price will be determined on Feb. 29 next year after two estimation processes. P

Private equity house raises bid price by 20 percent to 24,000 won

CEO visits Seoul to discuss partnership with Daewoo E&C, Hyundai Asset Management

Telecom mogul expands reach into real estate, sports for business diversification