[THE INVESTOR] The number of items bought at duty-free stores will be limited to prevent hoarding and proxy buying. The Korea Customs Service recently sent out an instruction to duty-free store operators to limit individual purchases to 10 bags and watches, and up to 50 cosmetics and perfumes of a single brand, based on the date of leaving the country. A Seoul duty free store is packed with travelers.The customs office is seeking to prevent illegal distribution of duty-free goods in the country,

[THE INVESTOR] AmorePacific Group, the nation’s largest beauty company, on July 29 posted its best second-quarter earnings, largely driven by its soaring overseas sales especially in China. The company said April-June operating profit surged 27.1 percent to 309.7 billion won. Revenue stood at 1.79 trillion won, up 27.1 percent on-year.  A Chinese customer tries out a Sulwhasoo foundation at a Seoul department store. AmorePacificDomestic sales at about 1.38 trillion won still made up the larger p

[THE INVESTOR] Shinsegae Property, a subsidiary of E-Mart, was named the preferred bidder for rights to run Coex Mall over the next 10 years, Shinsegae Group said on July 29. Mainly, Shinsegae Property would be overseeing Coex Mall and also CALT shopping arcade -- both owned by Korea International Trade Association. Up to 327 shops are currently in operation in the mall areas.  According to media reports, Shinsegae Property was the only bidder for the contract. Coex Mall in Samseong-dong, southe

[THE INVESTOR] The first E-mart in Mongolia welcomed customers on July 28. The South Korean retail giant’s first discount chain opened in Ulaanbaatar, the first big box store in Mongolia. Instead of directly operating the outlet, E-mart has signed a contract with SKY Trading, a local distribution unit of Altai Group. It exports the brand, operation management manual and products for a royalty, a first for Korean enterprises. Taking over 7,590 square meters, the store almost exactly brings its Ko

[THE INVESTOR] LS Networks will spin off its Skechers division, it announced on July 27. The new company, temporarily named Skechers Korea, will remain private and be solely devoted to import, distribution and sales of Skechers, a US footwear brand.The consumer goods affiliate of LS Group will remain a public company and continue the rest of its businesses including managing brands such as Prospecs and Mont-Bell, as well as trade and real estate lease. The due date for the physical division is S

[THE INVESTOR] The South Korean government will nurture premium fashion and lifestyle brands spending 30 billion won next year, the Ministry of Trade, Industry and Energy announced on July 28. As part of an effort to boost exports of consumption goods, it will double the R&D budget and support the whole process, from design to marketing for export, for seven categories: furniture, bags, kitchenware, stationery, sports and leisure, eyeglasses and watches. To raise added value to fashion and appar