Journalist

Cho Jae Hyung
  • LG H&H Returns to Operating Profit in Q1 as North America Sales Jump 35%
    LG H&H Returns to Operating Profit in Q1 as North America Sales Jump 35% LG Household & Health Care said it returned to an operating profit in the first quarter, reversing a loss in the previous quarter, as profitability improved after a restructuring of its domestic distribution channels. In a regulatory filing on Wednesday, the company reported first-quarter operating profit of 107.8 billion won ($107.8 billion won), down 24.3% from a year earlier. Revenue fell 7.1% to 1.5766 trillion won. Compared with the fourth quarter of last year, however, revenue rose 7%, and the operating margin swung to a profit, improving to 6.8% from minus 4.9%. Overseas sales edged up 0.9% as a 35% jump in North America offset declines in China and Japan of 14.4% and 13.0%, respectively. The beauty division posted revenue of 771.1 billion won and operating profit of 38.6 billion won, down 12.3% and 43.2% from a year earlier. The company said higher marketing spending for mid- to long-term growth and efforts to improve offline store efficiency weighed on profit. It said key brands including Dr. Groot, U Smile, Dominas and VDL performed well in global markets. The premium scalp care brand Dr. Groot established a presence on U.S. beauty retailer Sephora’s online platform in March and is set to enter Sephora’s offline stores across North America in August. The luxury cosmetics brand The Whoo won the industry-first IR52 Jang Young-sil Award for research on NAD, which it described as a key anti-aging factor. The Home Care & Daily Beauty division reported revenue of 397.9 billion won and operating profit of 25.4 billion won, down 0.9% and 7.4% from a year earlier. The company said sales were strong in growth channels such as health-and-beauty stores and online, but weaker demand in offline markets slightly reduced revenue and profit. The refreshment beverage division posted revenue of 407.6 billion won, down 2.2%, and operating profit of 43.8 billion won, down 6.8%. LG H&H said it plans to use this year’s FIFA World Cup to help lift sentiment, including an event displaying an authentic Coca-Cola trophy and the launch of special Powerade packaging. “Since last year, the intensive restructuring of domestic distribution channels, centered on duty-free, is gradually translating into results,” a company official said. “Based on differentiated product competitiveness built on R&D, we will accelerate brand innovation and continue strategic growth focused on global and digital markets.” * This article has been translated by AI. 2026-04-30 22:39:22
  • Wild Turkey Brings ‘Kentucky in Seoul’ Bourbon Pop-Up to Seongsu-dong
    Wild Turkey Brings ‘Kentucky in Seoul’ Bourbon Pop-Up to Seongsu-dong Moontz Barbecue in Seongsu-dong, Seoul, was transformed on April 30 into a setting meant to evoke a classic American pub, complete with a pinball machine and a “wisdom wall.” The smoky barbecue aroma and oak-forward notes were part of a brand showcase for American bourbon whiskey Wild Turkey. The venue is hosting “Kentucky in Seoul,” a pop-up store organized by Campari Korea, the Italian premium liquor importer and distributor, to introduce Wild Turkey’s new global campaign. The pop-up is set to open to the public May 1, after a media tasting event on April 30. The campaign’s slogan is “WHEN YOU KNOW IT’S RIGHT, DON’T CHANGE A DAMN THING,” a sharper extension of the brand’s earlier message about trusting one’s beliefs. The company said it reflects Wild Turkey’s emphasis on sticking to fundamentals rather than chasing trends. Wild Turkey has maintained traditional methods for more than 100 years, including barreling at a lower proof and using longer aging periods. The brand has also kept its alcohol content at 50.5 degrees, positioning it as a benchmark for classic bourbon. A tasting class led by brand ambassador Kim Tae-wan featured three expressions: Wild Turkey 101, “101 8 Years” made with spirits aged 8 to 9 years, and the single-barrel “Kentucky Spirit,” drawn from one selected oak barrel. Kim said the brand’s heritage is underscored by having “the world’s only master distiller with more than 70 years of service,” adding, “I’m proud and grateful to be able to introduce a brand like this.” The event paired the bourbon with Texas-style barbecue from Moontz Barbecue. Beef rib and brisket platters were served with a house barbecue sauce made by simmering a base of Wild Turkey 101. Guest bartenders from Zest (Kwon Yong-jin), Le Chamber (Lee Jae-ung) and Soko Bar (Park Ju-seong) — bars listed in “Asia’s 50 Best Bars 2025” — presented cocktails reinterpreting Wild Turkey 101 in their own styles. Photo booths and a merchandise area displayed limited-edition items including T-shirts, feather caps and motorcycle helmets. Campari Korea CEO Kim Hyosang said the company plans to create more opportunities for consumers to engage directly with the brand. “We will continue to set up more places where we can meet consumers and offer experiences so Wild Turkey can establish itself as a brand that can grow further,” he said. The “Kentucky in Seoul” pop-up will run from May 1 to 29. Entry is available through advance reservations on CatchTable or by walk-in visits. Some menu items will be sold in limited quantities. The tasting class is available by advance reservation only. 2026-04-30 17:33:25
  • Shinsegae Duty Free marks 10th anniversary with 50% off beauty brands for early May holidays
    Shinsegae Duty Free marks 10th anniversary with 50% off beauty brands for early May holidays With early May holidays in South Korea, China and Japan overlapping, Shinsegae Duty Free is rolling out a large-scale beauty promotion aimed at capturing rising shopping demand from domestic and overseas travelers. Shinsegae Duty Free said on the 30th it will offer 50% discounts on beauty brands from May 1 to 10 through its online mall and its Myeongdong store to mark its 10th anniversary. Participating brands include Yunjac, VDL, Amuse, Swiss Perfection, Dewy Some and The A Effect. Yunjac sales at Shinsegae Duty Free rose 123% year over year among Chinese customers and 83% among Japanese customers, while April sales jumped 150% from the previous month. At the Myeongdong store, customers who spend $300 or more will also receive a “lucky package” made up of beauty-brand products. A Shinsegae Duty Free official said the promotion was designed to introduce “brands guaranteed by Shinsegae” to customers worldwide and encourage repeat purchases through product use. Retailers are stepping up efforts to attract foreign visitors as Japan’s Golden Week (April 29 to May 6) and the Labor Day holidays in China and Taiwan (May 1 to 5) begin at the same time. The Ministry of Culture, Sports and Tourism and the Korea Tourism Organization forecast 80,000 to 90,000 Japanese tourists and 100,000 to 110,000 Chinese tourists will visit South Korea during the holiday period. In the first quarter, arrivals from Japan and China totaled 940,000 and 1.45 million, respectively, the highest levels on record. In South Korea, a stretch of holidays is also expected to lift demand for spring outings and shopping, starting with Labor Day on May 1, newly designated as a statutory holiday this year, through Children’s Day on May 5.* This article has been translated by AI. 2026-04-30 16:25:39
  • Court Extends Homeplus Restructuring Plan Deadline by Two Months as Express Sale Nears
    Court Extends Homeplus Restructuring Plan Deadline by Two Months as Express Sale Nears A South Korean court extended the deadline for Homeplus to win approval of its rehabilitation plan by about two months, citing progress in the sale of its Homeplus Express supermarket unit. The company is expected to sign a share purchase agreement, or SPA, with preferred bidder Harim Group (NS Home Shopping) as early as next week. The Seoul Rehabilitation Court’s Rehabilitation Division 4, headed by Chief Judge Jeong Jun-young, on Wednesday moved the approval deadline to July 3 from May 4. The court said it needed time for the Express sale process and follow-up steps to be properly completed. The court noted that a preferred bidder has been selected and the transfer agreement is pending, and that Homeplus’ administrator has said the company plans to secure additional emergency operating funds through debtor-in-possession, or DIP, financing once the deal is signed. Homeplus applied for rehabilitation proceedings in March last year as part of a preemptive restructuring, and the court promptly opened the case. In December, the administrator submitted a restructuring-focused plan that included 300 billion won in new borrowing through DIP financing and the sale of the supermarket business unit. Under the rules, the plan was originally due for approval by March 4, one year after the court opened the proceedings. The court granted a first extension, citing the need to confirm the status of the Express sale. On April 23, Homeplus and its sale adviser, Samil PwC, selected Harim Group as the preferred bidder. With the court’s extension approved, Homeplus and Harim are expected to finalize the SPA as early as next week, according to industry sources. Even if the contract is signed, Homeplus said there will be a lag before sale proceeds reach the company, leaving it under acute cash pressure. After more than 14 months in rehabilitation, Homeplus said it is already facing a severe funding crunch. The 100 billion won previously injected by its controlling shareholder, MBK Partners, has been fully used to pay overdue utility bills and employee wages for January and February. With supply disruptions and falling sales accumulating, the company has also failed to pay wages for March and April on time, raising concerns about maintaining operations at its core hypermarket business. Homeplus said it has formally requested emergency funding from Meritz Financial Group, its largest creditor, which holds most of the company’s key real estate assets as trust collateral. “At this point, the only realistic entity that can quickly provide large-scale liquidity is effectively Meritz Financial Group,” Homeplus said. It added that a bridge loan and DIP financing, with recovery of Express sale proceeds expected, are “essential financial measures” to keep the rehabilitation process on track. The company said completing the Express sale and restructuring is “the most realistic path” to maximize creditor recoveries, and urged Meritz to make a swift, forward-looking decision that considers both recoverability and rehabilitation value. * This article has been translated by AI. 2026-04-30 16:03:06
  • BGF Logis, Cargo Truckers Union Reach Deal; Improvements to Apply to All Drivers
    BGF Logis, Cargo Truckers Union Reach Deal; Improvements to Apply to All Drivers BGF Logis, the logistics unit of BGF Retail, said it has reached a final agreement with the Cargo Truckers Union, ending a dispute that disrupted deliveries. In a statement released April 30, BGF Logis said talks with the union concluded that day and that the resulting improvements in working conditions will apply equally to all transport workers who work with the company, regardless of affiliation or union membership. The company said blockades at its logistics centers and ready-to-eat food plants will be lifted immediately once the agreement is signed, and deliveries will resume in stages after each site completes internal preparations. BGF Logis said it decided to extend the terms to nonunion workers to fulfill its “duty and responsibility” to those who stayed on the job during a difficult period. It added that it will use the agreement as an opportunity to build a healthier logistics ecosystem and will continue efforts to support customer convenience and stable store operations. The agreement signed earlier April 30 includes a 7% increase in transport fees, one paid day off per quarter for truck owner-operators, guarantees for union activities, and civil and criminal immunity related to the recent rallies, along with withdrawal of injunction requests, according to reports. It also includes provisions on restoring the honor of a deceased union member and paying respects. BGF Retail, which operates the CU convenience store chain, said it will prepare support measures for franchisees. The company plans to assess damage at stores, gather feedback from the field and develop assistance plans. After internal preparations, BGF Logis plans to restart operations centered on its Jincheon logistics center and aims to normalize all logistics centers and plants within this week. * This article has been translated by AI. 2026-04-30 16:01:44
  • Subway to Raise Prices Starting May 7; 15 cm Sandwiches Up 210 Won on Average
    Subway to Raise Prices Starting May 7; 15 cm Sandwiches Up 210 Won on Average Subway will raise menu prices starting May 7, citing higher ingredient costs and rising operating burdens for franchisees. The sandwich chain said April 30 that the increases will apply to sandwiches, sides and drinks. For its best-selling 15 cm sandwiches sold a la carte, prices will rise by an average of 210 won, or about 2.8%. A la carte drinks and set menus will be adjusted by 100 won to 200 won. Among major 15 cm items, the Egg Mayo will increase to 6,200 won from 5,900 won, and the Italian BMT to 7,500 won from 7,200 won. The cookie side will rise 100 won to 1,600 won. A Subway official said the company made the changes because of “continued increases in ingredient costs and the operating burden on franchisees,” adding that it minimized the hikes through internal cost-cutting and will “provide consumers with more choices” through value-focused menu items.* This article has been translated by AI. 2026-04-30 11:12:16
  • Lotte Samdong Welfare Foundation Donates Gift Boxes to Ulsan Children, Funds Founder’s Schools
    Lotte Samdong Welfare Foundation Donates Gift Boxes to Ulsan Children, Funds Founder’s Schools The Lotte Samdong Welfare Foundation marked Family Month in May by providing support to vulnerable children in Ulsan, the hometown of the late Shin Kyuk-ho, honorary chairman of Lotte Group, and by donating to his alma maters. The foundation said April 30 it held a delivery ceremony April 29 at Dongcheon Gymnasium in Jung-gu, Ulsan, for the ‘2026 Ulsan first-half Shin Kyuk-ho Lotte Pleasure Box support program’ and provided gift sets worth 120 million won for children from disadvantaged households in the city. Working with the Ulsan Community Chest of Korea, the foundation selected 2,300 children registered at local children’s centers, orphanages and facilities for people with disabilities across Ulsan’s five districts and counties: Jung-gu, Nam-gu, Dong-gu, Buk-gu and Ulju County. The children will receive “Pleasure Box” packages that include Lotte snacks, character-themed school supplies and Bluetooth earphones. Chairwoman Jang Hye-seon said the boxes were prepared “with encouragement for children to smile more brightly, study harder and grow,” adding she hopes they will remain “a warm memory” that tells children, “Someone is cheering for me.” Also on April 29, the foundation visited Eonyang-eup in Ulju County and held a separate event for students at Shin’s alma mater. At the ‘Shin Kyuk-ho Lotte Alma Mater Love development fund’ ceremony at Eonyang Elementary School, the foundation donated 10 million won each to Eonyang Elementary and Samdong Elementary, for a total of 20 million won. The money will be used for student welfare and educational activities, the foundation said. Eonyang Elementary plans to use the funds to buy uniforms for school sports clubs, cover competition fees and support student council activities. Samdong Elementary said it plans to provide scholarships of 200,000 won per student for all 36 students, and help cover costs for school trips and experiential learning programs. At the ceremony, Jang said she believes people become “truly admirable adults” when they can share their success with others and take extra care of neighbors in need, as her maternal grandfather, the late Shin, did. She said she hopes Eonyang Elementary students will keep that meaning in mind and grow into adults who give to others. The foundation said it has provided a total of 1.54 billion won through the ‘Shin Kyuk-ho Lotte Pleasure Box’ program through this year, benefiting 62,477 people. Cumulative support under the ‘Shin Kyuk-ho Lotte Alma Mater Love’ program totals 540 million won.* This article has been translated by AI. 2026-04-30 10:19:58
  • Shinsegae Group Overhauls Strategy Office, Puts Unit Under Chairman Chung Yong-jin
    Shinsegae Group Overhauls Strategy Office, Puts Unit Under Chairman Chung Yong-jin Shinsegae Group said it is moving to overhaul its Management Strategy Office, the group’s control tower, as it seeks faster and bolder innovation amid rapid changes in the retail environment. The company said on the 29th that it has begun practical procedures for a broad reorganization of the office to turn it into an innovation unit with stronger execution and a focus on identifying future growth engines. It said the central aim is to deliver “faster and more accurate innovation.” Shinsegae said it plans to reshape the office into an organization that drives bold internal challenges while presenting a new vision to lead South Korea’s retail market, adding that the goal is ultimately to increase customer satisfaction. As part of the restructuring, Shinsegae said it has ended Lim Young-rok’s dual role as head of the Management Strategy Office and CEO of Shinsegae Property. Lim will now focus fully on his post at Shinsegae Property, where he will concentrate on major projects including Starfield Cheongna and Hwaseong Starbay City, the group said. Until the reorganization is completed and a new strategy chief is formally appointed, Shinsegae said it will run the Management Strategy Office under Chairman Chung Yong-jin and ensure the control tower carries out its core functions.* This article has been translated by AI. 2026-04-29 18:10:19
  • Philip Morris Korea Names Heated-Tobacco Specialist Lee Hong-seok as New CEO
    Philip Morris Korea Names Heated-Tobacco Specialist Lee Hong-seok as New CEO Philip Morris Korea has appointed an internal marketing and strategy executive to lead its push for a “smoke-free future,” naming Lee Hong-seok, head of its smoke-free products business, as its next chief executive. The company said Tuesday that Lee, currently director in charge of smoke-free products, will become CEO effective May 1. Lee joined Philip Morris Korea in 1999 and has spent more than 25 years across key roles, the company said, earning recognition for results in domestic commercial operations and marketing. The company also cited his overseas leadership. Lee worked in Singapore and Hong Kong before becoming head of Philip Morris’ Taiwan unit in 2018, where he led efforts to develop business models and drive organizational changes amid a rapidly shifting market. After returning to Korea in 2021, he led commercial operations and later oversaw smoke-free products. Philip Morris Korea said he expanded its lineup of smoke-free products, including heated tobacco, and strengthened customer satisfaction, supporting qualitative growth in its local business. Lee said he will deepen cooperation with the government, public health experts and other stakeholders so that efforts to shift to smoke-free products can contribute to Korea’s broader public health goals. He also pledged to play a constructive role in Korean society through “open and scientific dialogue” and continued innovation.* This article has been translated by AI. 2026-04-29 15:47:25
  • Korea FTC Names Coupang Chair Kim Beom-seok as Group Head, Raising Regulatory Stakes
    Korea FTC Names Coupang Chair Kim Beom-seok as Group Head, Raising Regulatory Stakes South Korea’s Fair Trade Commission has designated Coupang’s “same person” — the group head for oversight purposes — as Kim Beom-seok, chair of Coupang Inc., replacing the current designation of the company as a corporate entity. The FTC said its assessment that Kim’s younger brother, Kim Yu-seok, is involved in management was a decisive factor. The change is expected to tighten governance scrutiny as Coupang also faces multiple pending FTC investigations. According to industry officials on Tuesday, Kim Yu-seok’s role inside the company was widely seen as the key variable behind the shift. The FTC first designated Coupang as a large business group subject to disclosure in 2021, but named the corporation — not Kim — as the group head. While the agency viewed Kim as effectively controlling Coupang, it cited the lack of precedent for naming a foreign national as group head and concerns that enforcement tools, including curbs on self-dealing, would be less effective in such cases. In May 2024, the FTC revised and implemented an enforcement decree under the Monopoly Regulation and Fair Trade Act to set exception requirements for corporate group-head designations, and it concluded Coupang met them. However, during a National Assembly hearing last year, the FTC said it determined the company no longer satisfied the exception conditions — including the requirement that relatives not participate in management of domestic affiliates — after Kim Yu-seok was identified as holding the title of vice president. The FTC is also reported to have confirmed his status through on-site inspections, including checking compensation for other registered executives. Choi Jang-gwan, director general of the FTC’s Corporate Group Monitoring Bureau, said at a briefing that what mattered was not “formal aspects” such as title or pay, but whether the person’s involvement and compensation were comparable to registered executives who substantially take part in management. He said Coupang has internal tiers for participation in major decisions and that Kim Yu-seok was “almost at the top level” by that measure. The redesignation is expected to significantly increase regulatory requirements across Coupang’s governance structure. Disclosure obligations will expand to include overseas affiliates. Once a year, Coupang must disclose general and shareholder information for foreign affiliates in which Kim and his relatives together hold at least 20% of total issued shares. Coupang must submit related materials to authorities by the end of next month. The company is also expected to fall under Article 47 of the fair trade law, which bans unfair provision of benefits to related parties, often described as restrictions on self-dealing. When the corporation was designated as group head, Coupang was not subject to that provision. With Kim designated as the individual group head, regulators are expected to closely monitor whether group companies provide business opportunities or improper benefits on favorable terms to firms controlled by relatives. Analysts also said pressure could rise on Kim to shoulder social responsibility as the group’s de facto controller. They said that in the event of major issues such as serious safety accidents or labor disputes, it would be harder to justify refusing requests to appear before the National Assembly, and scrutiny could intensify. With the designation process completed, the FTC may also accelerate deliberations on sanctions in major pending cases involving Coupang. Those include allegations of tying related to the Wow membership program and allegations that Coupang Eats demanded most-favored treatment. 2026-04-29 15:45:29