South Korea - News & Analysis

25 November 2020
South Korea’s largest mobile carrier, SK Telecom Co., announced a partnership with Amazon last week. This strategic relationship marks the US ecommerce giant’s first step into the country. A partnership that generates mutual benefits SK Telecom said that users of its 11Street platform will be able to access a wide range of products sold by Amazon. Through the partnership, Amazon will be a...
17 November 2020
South Korea’s leading private equity firm MBK is making plans to exit from its investment in the country’s third largest grocery retail chain, Homeplus. Selling top branches and poised to exit MBK owns a 100% stake in Homeplus after paying KRW7.2 tn (US$6.5 bn) in 2015 . Homeplus Union claimed that MBK sold several real estate assets, including branches, land and employee training and ...
10 November 2020
The leading retailer's ecommerce platform, SSG.com, will launch new market service in December, in direct competition with Coupang. Host small dealers to increase online SKUs Currently SSG.com sells products directly purchased from suppliers or partners. The 10m products that it carries only account for 10% of SKUs on an average online marketplace. By hosting smaller dealers on its pla...
30 October 2020
The country’s leading cosmetics manufacturer, AmorePacific, opened a “refill station” -- a first in the nation’s beauty industry. A variety of sales methods are required to meet shopper needs According to Korea Bizwire, the refill station is at the AmorePacific Gwanggyo store that opened last week in Suwon, Gyeonggi Province. The station has 15 different kinds of shampoo and body washe...
21 October 2020
MyNews Holdings Bhd, which operates about 570 MyNews outlets, plans to open CU convenience stores from South Korea. Early 2021 launch The licensing agreement with CU’s owner, BGF Retail Co Ltd, is for 10 years with an additional 10-year renewal term. The group will open 30 to 50 CU stores in Klang Valley next year to monitor their performance. MyNews will be spending US$7.2m to US$9.6m in c...
14 October 2020
In the wake of the COVID-19 pandemic, the variety of new services being offered at South Korean convenience stores is growing fast. Convenience stores as new centre of everyday life As consumers are not going far from their homes, services offered by convenience stores are gaining popularity. CU has noticed that from July to September: The use of its parcel delivery service was up ...
13 October 2020
Lancôme has teamed up with Lotte to launch a smart store concept, known as Lancôme x Lotte Duty Free Smart Store, at Lotte Duty Free’s shop in Myeongdong, Seoul. A fully integrated physical and digital experience The store occupies a 520sq m space and offers unique shopping experience: Augmented reality makeup try-on service : ModiFace, Lancôme’s virtual try-on tool, uses refined ...
17 September 2020
South Korea’s largest health and beauty chain is preparing for an IPO (Initial Public Offering) in 2021, with the aim to join the stock market in 2022. A move to drive future growth Koo Chang-geun, CEO of Olive Young, in his letter to employees said the company will start preparing for an IPO next year with the aim to list on the stock market in 2022. CJ Group, the parent company of Oliv...
11 September 2020
COVID risk remains high in the country. The government issued stricter social distancing measures, known as Level 2.5, on 31 August. Online firms are working hard to cope with the sudden increase in demand for fresh food grocery under the new guidelines. Stricter social-distancing measures issued on 31 August The government adopted a three-tier social distancing scheme on 28 June and rai...
02 September 2020
WeMakePrice, a South Korean ecommerce platform, announced this week that grocery shoppers can now receive a full refund for perishable goods if the products are not up to their standards. Meeting customers’ needs with zero returns The new initiative comes after the online retailer trialed a similar service last month for meat products and nuts, which the company says was met with a warm r...