The family-owned Los Angeles Lakers are about to be sold at a valuation of $10 billion, smashing the previous record for the purchase price for a team sport.
Franchises may be losing their charm for business owners, especially restaurants and cafes.
Pizza Hut Korea's court loss over ingredient markup fees has prompted other franchisees to consider lawsuits, revealing industry-wide issues with cost transparency and revenue-sharing practices among food and beverage chains.
Pizza Hut Korea has filed for receivership with the Seoul Bankruptcy Court as it faces a 21 billion won fine for padding its margins on materials for franchisees.
Restaurant chains like Torikizoku and Saeng Macha are taking Seoul by storm as their relatively cheap drinks, uniform prices and replication of bustling izakaya (drinking establishments) lure in diners looking for a culinary exchange on a budget.
Jollibee Foods acquires 70% of Korea's Compose Coffee for $238 million, aiming to tap into Korea's fast-growing coffee market.
Seoul was once known as the deathbed for global F&B chains and franchises. Today, however, overseas franchises are some of the country’s hottest dining spots.
The number of coffee franchises rose by more than 3,000 in 2022 with an increase in food and beverage demand post-pandemic.
Compose Coffee announced Dec. 20 that it had selected V as its model for next year. Some franchisees aren’t too happy as they must shoulder part of the advertising fees worth billions of won.
The Korean unit of the global sports brand Adidas has come under fire for allegedly abusing its power toward its franchisees, including coercive supply practices and pushing franchisees to continue operating Adidas stores across generations.
Korea JoongAng Daily Sitemap
