Lotte Group’s confectionery-making unit said Wednesday that it had acquired a bakery company in Myanmar to facilitate its penetration into the Southeast Asian market.According to the company, Lotte Confectionery will own an 80 percent stake in L&M Mayson Company for 76.9 billion won ($69 million).Established in 1996, L&M Mayson is the largest bread-making company in Myanmar with annual sales of approximately 35 billion won. It runs three manufacturing plants, 12 sales branches and 10 logistics c

LG Household & Healthcare, South Korea’s No. 2 cosmetics and household goods maker in terms of sales, reported a record-breaking quarterly performance for its third quarter Tuesday. The company said it recorded 1.7 trillion won ($1.49 billion) in sales and 277.5 billion won operating profit in the third quarter this year. By sector, its cosmetics business saw 23.5 percent increase in sales year-on-year and 30.6 percent increase in operating profit. The performance was mainly driven by luxury cos

South Korean branch of British spirits maker Diageo Korea said Tuesday that it has launched a brand campaign for its low-alcohol W Signature spirit drink to encourage consumers to better understand it.(Diageo Korea)Under theme of “How Old Are You,” the campaign aims to encourage consumers to find out the age and value of the spirit drink they choose, so they can learn the meaning and importance of the age of low-strength spirit drink.The company said it expects consumers to better determine the

Lotte Group announced plans Tuesday to invest 50 trillion won ($44 billion) over the next five years, a move intended to quickly normalize the group’s business after its Chairman Shin Dong-bin returned to the helm after eight months away, upon being released from jail earlier this month.The retail-to-chemicals giant said it plans to invest 12 trillion won in 2019, the largest investment amount for a single year. Lotte Group Chairman Shin Dong-bin enters Lotte Group headquarters in Lotte World To

Low-cost carriers will continue to drive capacity growth in the Korean flight industry, which has expanded into the largest market in Northeast Asia, US aircraft manufacturer Boeing said Monday. According to Boeing, more than 70 percent of new Northeast Asian flight routes in the past three years were established by Korean LCCs. Randy Tinseth, vice president of marketing for Boeing commercial airplanes, speaks during a press conference held in Seoul, Monday. (Boeing)“LCCs are currently responsib

A group of students from French business school ESCP Europe in Paris visited South Korean e-commerce company Coupang last week to learn about the local e-commerce market and gain insight into the rapid growth of Coupang, the company said Sunday.Fifteen MBA students from ESCP visited Coupang’s headquarters Thursday during their five-day trip to Korea to meet with representatives of leading Korean e-commerce, beauty and automotive companies. Coupang’s Senior Director Patxi Gueracague speaks with s

Store operators of the financially struggling budget cosmetics brand Skinfood filed a lawsuit seeking compensation from the company in August, it was revealed Thursday. Four Skinfood franchisers asked the court to order Skinfood to compensate franchisers, citing poor management by Skinfood CEO Cho Yoon-ho, Skinfood confirmed. (Yonhap)In early October, Skinfood filed for court receivership because of its poor financial status. According to the regulatory filing, the company has been losing money

Domestic terminals at Gimpo International Airport reopened Wednesday after decadelong renovations that cost 250 billion won ($222 million). The airport, which was built in 1980, underwent renovations in response to aging buildings, increasing numbers of domestic travelers and the rise of low-cost carriers, the Ministry of Land, Infrastructure and Transport said.  Renovated domestic terminals at Gimpo International Airport (Yonhap)The 88,443 square-meter terminal will now enable passengers to qui

Just over 1,000 coffee shops went out of business last year, reflecting the nation’s coffee franchise market in a saturated state, data showed Wednesday. According to local corporate tracker CEO Score, the total number of franchisees in Korea hit 87,540 as of the end of last year. The survey was based on a list of 118 franchise brands registered at the Korea Franchise Association. Among them, 11,198 were coffee and beverage chains -- the third largest number following convenience stores and frie

With Southeast Asia becoming the center stage for South Korean businesses in expanding their global presence, retail conglomerates like Lotte, Shinsegae and CJ have been successfully tapping into the markets.Lotte Group has focused its investments on its retail arm Lotte Shopping’s entrance to the Indonesian market. According to the company, the Indonesia market accounts for 17 percent of total sales earned from overseas Lotte Group businesses.Lotte Mart’s Batam outlet in Indonesia (Lotte Shoppi

After the world’s first experimental cashier-free grocery store Amazon Go opened in the US earlier this year, it did not take long for the trend to land in Korea. An increasing number of customers are going cashless or even credit card-free, as payment options through palm scanning or via app have become easier at offline shops. But there is also a pronounced trend among Korean customers who enjoy a traditional yet convenient way of purchasing products in comfort: home shopping. South Korean hom

South Korean air carrier Asiana Airlines said Wednesday that it has launched a craft beer brand called Asiana. In collaboration with Korea Craft Brewery, Asiana Airlines has developed its own craft beer, which contains 4.7 percent alcohol by volume. It has a fruity scent and deep flavor, the company said.Asiana craft beer is showcased by an Asiana Airlines flight attendant. (Asiana Airlines)Asiana craft beer will be offered at Asiana Airlines’ recently renovated first and business lounge for pas

SPC Group said Wednesday that it will open Singapore’s first Shake Shack branch next year. It signed a partnership with the US premium burger chain Shake Shack Enterprise last month for the business rights to operate Shake Shack in Singapore, said SPC Group, a South Korean bakery and confectionary company that operates 60 brands worldwide. The first branch will open at Jewel Changi Airport. The company plans to open up to 10 outlets in Singapore by 2024.Shack Shack Enterprise said it chose SPC a

Skinfood, a first-generation cosmetics brand that was one of South Korea's top three budget beauty brands in the late 2000s, filed for court’s receivership Monday on its poor financial condition. The cosmetics company cited dwindling sales and accumulated debt as reasons for its mounting losses. Skinfood store in Seoul (Skinfood)“Although the company is currently at stake in securing liquidity due to excessive debt, considering Skinfood’s unique branding and product competitiveness we believe th

South Korea’s Foreign Ministry and the telecommunications company KT have partnered to inform citizens via text message when their passports approach expiration, the company said Monday. An employee introduces a new service in cooperation with the Foreign Ministry to inform citizens six months in advance of their passports’ expiration dates. (KT)Under the service, which will be launched next Monday, citizens whose passports are due to expire within six months will receive alerts in advance to al