Musinsa'high-end concept store sees 60 percent surge in foreign customer sales in first half SEOUL, June 27 (AJP) - Foreign customer transactions at Musinsa Empty Seongsu, the high-end fashion concept store operated by South Korean fashion platform Musinsa, surged 61 percent in the first half of 2025 compared to the same period last year, the company announced on Friday. International visitors now account for approximately 56 percent of total offline sales at the Seongsu location, Seoul's iconic hipster district, highlighting the store as a must-visit fashion destination for global tourists. The dramatic increase in foreign customer traffic reflects Musinsa Empty's growing reputation as a destination for experimental designer brands from both South Korea and abroad. Analysis of offline sales data from January to June 23 shows foreign customers generating more than half of the total revenue, with the actual figure potentially higher when considering visitors who did not claim tax refunds. The store's location in the fashion and entertainment district, near Seoungsu Station Exit 3, has made it easily accessible to foreign tourists exploring the area's industrial-chic shopping scene. Exclusive collaborations and pop-up stores have been key drivers attracting foreign customers to the concept store. Notable brands, including Charles Jeffrey Loverboy, Marine Serre, and Grouse, have used Musinsa Empty as a platform to reach Korean and international audiences. Korean designer brand Stand Oil's exclusive collection and pop-up store collaboration with Musinsa Empty drew particular attention, with foreign tourists comprising more than half of the customers during the pop-up period. The store continues expanding its international appeal through strategic brand partnerships and exclusive releases. Musinsa Empty is currently featuring a collaboration between South Korean designer brand Ojos and Hunter through July 3, with customers purchasing rain boots at the pop-up store being offered complimentary rain ponchos on a first-come basis. The collaboration launch has generated significant interest, with long queues of customers waiting outside the Seongsu store. A Musinsa representative told AJP that social media platforms, including TikTok and Instagram, have been crucial in spreading the word about the store among international visitors. "Foreign customers often discover us through social media, and our standalone building location near Exit 3 makes us naturally visible to tourists," the representative explained. The official noted that while specific nationality breakdowns for Musinsa Empty aren't available, overall Musinsa store data shows customers from approximately 100 countries, with Chinese and Japanese visitors leading Asian customer segments, while American and European visitors are also increasing. "Foreign customers now represent about half of our Seongsu store customers, and this trend continues growing," the representative added, emphasizing the store's role as a platform for discovering and nurturing niche fashion brands both domestically and internationally. 2025-06-27 16:23:46

Samsung heir Lee Jae-yong awaits Supreme Court ruling on merger case next month SEOUL, June 27 (AJP) - Samsung Electronics Chairman Lee Jae-yong will receive a Supreme Court ruling on Jul. 17 regarding charges related to the 2015 merger between Samsung C&T and Cheil Industries. Lee was acquitted of all 19 charges in an appeals court ruling in February, maintaining his innocence in a case that has lasted nearly five years since prosecutors first filed charges in September 2020. The case centers on the 2015 merger that combined Samsung C&T and Cheil Industries at a ratio of one Cheil Industries share for every three Samsung C&T shares. Prosecutors alleged the merger ratio was deliberately structured to benefit Lee's management succession at the expense of minority shareholders, arguing the terms unfairly favored Lee's consolidation of control over the Samsung Group conglomerate. Both the initial trial court in February 2024 and the appeals court ruled in Lee's favor, finding insufficient evidence to support the prosecution's claims. The courts specifically rejected evidence obtained from 18 terabytes of backup server data seized from Samsung Biologics and Samsung Bioepis, ruling that the digital evidence and additional materials submitted during the appeals process lacked legal admissibility. The case now proceeds to the Supreme Court's Third Division, presided over by Justice Oh Seok-jun, following the prosecution's final appeal. The July 17 ruling will mark the conclusion of a legal battle that began when Lee and other Samsung executives were indicted four years and 10 months ago, potentially ending one of South Korea's most closely watched corporate governance cases. 2025-06-27 15:02:03

IFA chief expects Samsung and LG appliance subscription services to spread across Europe SEOUL, June 27 (AJP) - Home appliance subscription services offered by Samsung Electronics and LG Electronics represent a win-win solution for both consumers and companies that will likely expand to European markets including Germany, according to the head of the Internationale Funkausstellung Berlin (IFA), a major consumer electronics show, on Thursday. Leif Lindner, CEO of IFA, told reporters at a press briefing in Seoul's COEX that subscription models reduce upfront costs for consumers while generating higher lifetime revenue for manufacturers through extended customer relationships. Home appliance subscription services allow customers access to the latest appliances for manageable monthly fees, making the services particularly popular among single-person households and younger demographics. LG Electronics pioneered the South Korean market with its subscription service, driven by trends such as the increasing number of single-person and dual-income households. The company's annual subscription revenue, excluding care services, reached 1.67 trillion won ($1.2 billion) in 2024, representing a 73.7 percent increase from 2023. Currently, Europe's appliance subscription market remains in early development stages compared to South Korea's mature ecosystem. German-based Grover dominates the European market, offering home appliances starting from €24.90 ($29.1) per month across Germany, Austria, Spain, and the Netherlands, with monthly rental costs typically representing 3 to 4 percent of an item's total purchase price. However, Grover's model differs significantly from Samsung and LG's approaches, focusing primarily on electronics and tech products rather than comprehensive home appliance ecosystems. While Grover emphasizes device circulation and environmental benefits through refurbishment, Samsung and LG's services integrate artificial intelligence, personalized maintenance, and seamless connectivity within broader smart home platforms. Industry observers expect South Korean companies to differentiate themselves in European markets through superior AI integration, predictive maintenance capabilities, and comprehensive after-sales service networks that leverage their manufacturing expertise and global service infrastructure. Samsung Electronics joined the subscription market in late 2024 with its AI Subscription Club service, adding competitive pressure to the growing segment. Lindner noted that the subscription model benefits the industry's overall growth and expressed confidence that European markets would adopt similar services in the near future, citing the mutual advantages for both manufacturers and consumers throughout the appliance lifecycle. The IFA executive also highlighted smart home technology as a promising sector where South Korean companies maintain technological leadership. He emphasized that smart home solutions were popular at last year's IFA exhibition and predicted continued strong interest, with this year's event focusing on home automation and connectivity solutions. The executive noted that South Korea's advanced position in smart home technology would likely feature prominently at the upcoming exhibition. IFA 2025 will take place Sept. 5 to 9 in Berlin under the theme "Imagine Tomorrow," with participation from global semiconductor companies including Nvidia and Qualcomm. The exhibition, considered one of the world's three major electronics and IT trade shows alongside CES in Las Vegas and Mobile World Congress in Barcelona, will emphasize artificial intelligence, quantum computing, and sustainability as major trends. Lindner described the event as becoming more youth-oriented and future-focused, with particular emphasis on autonomous AI solutions. 2025-06-27 11:14:07

Shinsegae launches flagship Chicor beauty store in Seoul's Gangnam SEOUL, June 26 (AJP) - Shinsegae Department Store debuted its revamped beauty concept store Chicor in the heart of Seoul’s Gangnam district on Thursday, seeking to redefine luxury beauty shopping through high-tech personalization and curated brand offerings. The new flagship is the first in what the company says will be a wider expansion of the Chicor brand, positioning it as a specialized destination for both global luxury and trending Korean beauty products. Touting what Shinsegae describes as the first "hyper-personalized" services in South Korea’s beauty retail sector, the store features an artificial intelligence-powered analysis system that examines customers’ scalp conditions to formulate customized shampoos and serums. “Chicor Gangnam is not just another beauty store — it’s a showcase of what the future of personalized cosmetics looks like,” the company said in a statement. The store also places a spotlight on K-beauty, with a dedicated Makeup Zone that highlights rising Korean brands such as Tirtir, Laka, Dear Dahlia, Hince, and Rom&nd. Each label is housed in its own shop-in-shop setup, creating a boutique-like experience within the larger retail space. The location also features roughly 20 global brands, including Bath & Body Works, NARS, and Hourglass, catering to a wide spectrum of beauty preferences. 2025-06-26 15:50:59

China's Tencent expands global reach with gaming, AI, fintech at its core Editor's Note: This article is the 24th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, June 26 (AJP) - Tencent Holdings is one of China’s most powerful technology companies. It reported revenue of 180.02 billion yuan ($25.1 billion) in the first quarter of 2025, marking a 13 percent increase from a year earlier. The company’s financial performance underscores its transformation from a messaging startup into a digital conglomerate with sprawling influence in entertainment, finance, artificial intelligence and cloud computing. Founded in 1998 by Ma Huateng and four others, Tencent began with QQ, a desktop instant messaging service that captured the early Chinese internet audience. Over the next two decades, the Shenzhen-based firm evolved into a dominant player across China’s digital landscape. As of June 2025, Tencent holds a market capitalization of approximately $585 billion, ranking it the 16th most valuable company in the world and the largest internet company in China by market value. Gaming remains Tencent’s largest and most profitable business. The company generated 42.9 billion yuan in gaming revenue in the first quarter, fueled by marquee titles such as Honor of Kings, Peacekeeper Elite, and the global hit PUBG Mobile. Tencent has further cemented its global gaming presence through high-profile investments and acquisitions, including full ownership of Riot Games and substantial stakes in Epic Games and Supercell. Its newest success, Delta Force, reached 12 million daily active users in April, making it the sixth most popular mobile game worldwide and the most successful new release in the past three years. The title’s breakout performance illustrates Tencent’s continued dominance in the mobile gaming market, particularly in China, where smartphones are the primary gaming device for hundreds of millions. No product better exemplifies Tencent’s hold on everyday life in China than WeChat. Launched in 2011, this app has grown far beyond messaging to become a platform for social networking, payments, e-commerce, business services, and more. With more than 1.3 billion monthly active users, WeChat is often described as a “super app,” and it has become nearly indispensable in China, used for everything from chatting with friends to paying utility bills and accessing government services. The app’s payment function, WeChat Pay, has grown into one of China’s two dominant mobile payment systems, rivaling Alibaba’s Alipay. The seamless integration of social and financial services has enabled Tencent to expand its footprint into wealth management, insurance, and small-scale lending. As global tech giants race to build artificial intelligence capabilities, Tencent is positioning itself as a serious contender. The company increased capital expenditures to 27.5 billion yuan in the first quarter, a 91 percent jump from a year earlier, with much of the funding directed toward AI infrastructure and development. Its proprietary large language model, Hunyuan, powers applications ranging from chatbots like Yuanbao to targeted advertising systems and in-game personalization. “AI is already contributing meaningfully to revenue,” Martin Lau, Tencent’s president, said during a recent earnings call. “We are seeing real improvements in engagement and monetization.” Unlike some rivals that treat AI as a standalone venture, Tencent has opted to integrate it directly into core business units — a strategy designed to enhance, rather than disrupt, existing services. Despite its deep roots in China, Tencent has quietly built an international presence — particularly in gaming — by investing in or partnering with Western companies rather than launching its own branded services in foreign markets. The approach has enabled it to navigate complex regulatory landscapes and geopolitical scrutiny while maintaining influence in some of the world’s most competitive tech sectors. Rather than attempting to export WeChat to markets dominated by platforms like WhatsApp and Facebook, Tencent has focused on sectors where its technical prowess and capital provide clear advantages. That includes gaming, as well as cloud computing and enterprise services. With a foundation built on domestic ubiquity and a growing portfolio of global assets, Tencent is poised to benefit from multiple long-term trends: the expansion of mobile gaming, the proliferation of AI applications, and the increasing digitization of business services. Its integrated approach — using existing platforms to scale into adjacent markets — has proven resilient in the face of shifting regulation and geopolitical headwinds. As Tencent deepens its investments in artificial intelligence and continues to diversify its revenue streams, it may well shape the next era of global digital innovation — not only as a Chinese titan, but as a truly international tech powerhouse. 2025-06-26 10:36:40

Asiana Airlines resumes Phuket flights after two-year suspension SEOUL, June 24 (AJP) - Asiana Airlines will resume its daily service between Incheon and Phuket on Wednesday, restoring a popular Southeast Asian route that had been suspended for more than two years, the carrier said on Tuesday. The route, which was halted in April 2023, will operate once a day, departing from Incheon International Airport at 6:10 p.m. and arriving in Phuket at 10:30 p.m. local time. Return flights will leave Phuket at 11:40 p.m., arriving in Incheon at 8:00 a.m. the following morning. On Saturdays, the return flight is scheduled to depart slightly earlier, at 11:25 p.m. The restoration of the service comes amid growing demand for overseas travel during South Korea’s peak summer vacation season, particularly to beach destinations in the region. Phuket, often dubbed the “Pearl of Asia,” remains one of Asia’s premier resort getaways, known for its turquoise waters, white sand beaches and a wide array of leisure offerings. The airline’s return to Phuket reflects a broader recovery in outbound travel from South Korea as pandemic-era restrictions continue to ease. Still, travelers are advised to take note of new entry requirements: since May, Thailand has mandated that all foreign visitors submit an electronic arrival card, known as the Thailand Digital Arrival Card (TDAC), before entering the country. Applications can be submitted starting three days prior to departure through the official TDAC website. 2025-06-24 15:30:58

US expands tariffs on steel-based appliances, raising stakes for Korean firms SEOUL, June 24 (AJP) - The Trump administration has expanded tariffs on steel-derived goods to include a wide range of major home appliances, a move expected to heighten costs for foreign manufacturers and potentially ripple through U.S. retail prices. The new measures, announced by the Commerce Department this month and taking effect Monday, target appliances such as refrigerators, freezers, dishwashers, washing machines, cooking stoves and garbage disposals. The tariffs will be assessed based on each product’s steel content, a calculation designed to incentivize domestic sourcing of steel and reduce dependency on imports. The move poses a fresh challenge for South Korea’s Samsung Electronics and LG Electronics, two of the largest appliance exporters to the United States. Analysts warn the expanded duties could erode the price competitiveness of Korean brands in an already fragile consumer market. The action echoes a similar policy from 2018, when tariffs on imported washing machines — initially set at 20 percent and rising to 50 percent — were imposed following a petition by Whirlpool. Those duties were credited with pushing washing machine prices up by about 20 percent by mid-2018. From February 2018 through February 2023, washing equipment prices climbed 34 percent, according to the Bureau of Labor Statistics. The broader implications for global supply chains — and South Korea’s tech giants in particular — remain unclear. Samsung and LG have both expanded manufacturing operations within the U.S. in recent years, but they continue to rely on global sourcing for parts and components. 2025-06-24 14:27:40

HD Hyundai partners with US firm to construct commercial vessels in US SEOUL, June 23 (AJP) - HD Hyundai has signed a strategic partnership with American marine services company Edison Chouest Offshore to jointly construct commercial vessels in the United States, HD Hyundai said Monday. The agreement, signed in New Orleans, Louisiana, marks HD Hyundai’s latest move to expand its footprint in the U.S. shipbuilding market. Under the deal, the two companies plan to begin building medium-sized liquefied natural gas dual-fuel container ships at Edison Chouest’s facilities by 2028. HD Hyundai will contribute vessel design, construction technology, and some manufacturing support. The company will also supply ship blocks and oversee equipment procurement. Edison Chouest, based in Louisiana, operates five commercial shipyards and is a dominant player in the offshore support vessel sector, with a fleet of roughly 300 ships built and operated in-house. However, it has limited experience in the construction of commercial vessels like container ships — an area where HD Hyundai is a global leader. The partnership brings together the complementary strengths of the two firms: Hyundai’s technological prowess and Edison Chouest’s U.S. manufacturing base. Officials said the alliance will support Hyundai’s long-term goal of entering the American shipbuilding market while helping Edison Chouest diversify into new vessel types. The companies also signaled plans to explore future cooperation in related sectors, including port crane operations — an area considered strategically sensitive due to its implications for national security. 2025-06-23 16:40:27

Tariffs take toll as Korea's steel exports to US drop sharply in May SEOUL, June 23 (AJP) - South Korea’s steel exports to the United States fell sharply in May, marking the first significant contraction since Washington imposed new tariffs earlier this year, trade data released Monday showed. According to the Korea International Trade Association, shipments to the U.S. declined 16.3 percent year-on-year to $327 million, down from $390 million in May 2024. The slump comes as the full effects of the 25 percent tariffs on steel and aluminum, enacted March 12, begin to ripple through the global supply chain. Prices also tumbled. Export unit prices fell 9.4 percent to $1,295 per ton in May from $1,429 a year earlier. The month-over-month drop was even steeper: a 14.6 percent decline from April’s $1,517 per ton, suggesting that Korean producers have begun absorbing tariff-related costs in order to preserve market share. “The structure of the steel trade means there is typically a two- to three-month lag between policy implementation and export data,” said Chang Sang-sik, director of the Korea International Trade Association’s trade research institute. “We’re now seeing the full materialization of tariff impacts, as Korean exporters start shouldering the cost burden to sustain volumes.” While monthly export volumes have hovered between 240,000 and 250,000 tons for much of the year, the steep price cuts in May indicate a strategic recalibration by South Korean steelmakers such as POSCO and Hyundai Steel. Analysts warn the downward pressure is unlikely to ease. On June 4, the United States doubled its tariff on South Korean steel to 50 percent, a move expected to further undermine competitiveness and prompt American buyers to turn to alternative suppliers. 2025-06-23 10:54:36

Police charge 15 more officials over December Jeju Air crash SEOUL, June 21 (AJP) - South Korean police have filed criminal charges against 15 additional officials for their alleged roles in failing to prevent the Dec. 29 Jeju Air passenger jet crash, investigators announced on Saturday. The South Jeolla Provincial Police's investigation unit charged the officials with professional negligence resulting in death and injury, bringing the total number of suspects under investigation to 24 people including those previously charged following complaints filed by victims' families. The newly charged individuals include Ministry of Land, Infrastructure and Transport officials, Korea Airports Corporation employees, and personnel from companies involved in localizer facility construction. Police allege each failed to properly fulfill their duty of care in their respective positions, including air traffic control duties, bird strike prevention measures, and localizer facility construction oversight. Investigators identified particularly serious violations related to the concrete localizer structure installed at the end of the runway, which they consider a critical safety breach. Air traffic controllers allegedly failed to adequately observe bird movements and flight paths or properly inform the pilot of bird activity. According to ministry guidelines, controllers must provide pilots with information about bird flocks, including their size and direction of movement, for at least 15 minutes when birds are observed. Police also found evidence that bird control personnel failed to properly carry out preventive measures against bird strikes. Authorities plan to review whether to seek arrest warrants based on the severity of each individual's negligence and will consider additional charges pending results from localizer facility assessments and engine disassembly investigations. 2025-06-21 17:32:40