Emart's stock price fell over 6% during trading on May 19, influenced by the controversy surrounding a promotion by Starbucks Korea.
According to the Korea Exchange, as of 2:07 PM, Emart shares were trading at 92,800 won, down 6,400 won (-6.45%) from the previous trading day. The stock opened at 98,200 won and briefly dropped to 90,400 won, widening its losses.
Market analysts attribute the decline in stock price to weakened investor sentiment following the promotional wording controversy involving Starbucks Korea.
On May 18, Starbucks Korea used phrases such as 'Tank Day' and 'On the Desk' during a tumbler promotion event.
This sparked criticism on online communities and social media, with claims that the expressions belittled the May 18 Democratic Movement and the 1987 torture and death of activist Park Jong-cheol.
As the controversy grew, Shinsegae Group Chairman Chung Yong-jin issued a public apology on the morning of May 19, stating, "This is an inappropriate marketing strategy that should not exist and cannot be tolerated. This matter trivializes the pain and sacrifice of all those who have dedicated themselves to this country's democracy, and it is an inexcusable mistake."
The company had previously dismissed CEO Son Jeong-hyun and related executives the day before and has initiated disciplinary procedures for all involved employees.
* This article has been translated by AI.
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