Latest news with #Karrot
Korea Herald
09-05-2025
- Politics
- Korea Herald
Sale of N. Korean money investigated, police warn such transactions could be punished
Bringing North Korean money or goods into country could result in jail term South Korean police recently closed a case related to the online sale of North Korean won, noting that while this particular case went unpunished, one could be prosecuted for bringing in the currency of the hostile state. The seller posted a 2,000 won and 5,000 won bill issued by the Pyongyang government on the second-hand marketplace platform Karrot Sunday, claiming that the bills were acquired from a trade with an actual North Korean at a Chinese airport. The bills were on sale for 15,000 South Korean won ($11). According to the Jeju Provincial Police Agency, officers launched an investigation for potential violation of the Inter-Korean Exchange and Cooperation Act, which states that unauthorized civilian trade between residents of the two Koreas is illegal. Investigators found that the seller had lied about buying the North Korean bills from a resident of the communist state, and had in fact received it as a gift from an acquaintance in China. It was discovered that the seller had not actually met a North Korean, and the police closed the case. Jeju police told local media outlets that the unauthorized import of bills or products from North Korea could be subject to legal punishment depending on the severity of the situation, even if the items were bought as simple souvenirs. Unauthorized trade of North Korean goods a grave issue here The aforementioned law on exchange between the Koreas states that the minister of unification must sign off on any contact with North Koreans or items brought in from the communist state. Violation of the law could result in a prison sentence of up to three years or a 30 million won fine. South Korea implements a strict no unauthorized contact rule on its citizens against the North, as the 1950-53 Korean War ended in an armistice, not a peace treaty, meaning the two sides technically remain at war. The Seoul government does not recognize Pyongyang as an official state. Its Constitution states that the territory of the Republic of Korea, the official name for South Korea, consists of the entire Korean Peninsula and attached islands. This means that according to South Korean law, residents and territory currently under rule of the North Korean government are under the South's authority, even though de-facto state-level exchange between the Koreas has occurred in past administrations. As such, most of what would be considered diplomatic dealings related to the North were primarily handled by the Unification Ministry during more amicable periods on the peninsula, with the Ministry of National defense handling military matters. North Korea is also under a series of economic sanctions from the international community due to its pursuit of ballistic missile and nuclear test programs, and its official trade with the rest of the world remains minimal. However, the US dollar is thought to be widely used in the country, due to the unstable monetary status of North Korea's finances and currency. The North Korean government set the official exchange rate between its currency and the US dollar at 105.9 won to the dollar as of 2021, according to the Ministry of Unification. Pyongyang had implemented a ratio of around 2.2 won to the dollar prior to 2003, but overhauled this in 2003 for a more realistic reflection of the two currencies. The actual market value of the North Korean won is far less; it is among the world's poorest countries and its currency is vulnerable to extreme levels of inflation. The South Korean government estimates that the actual North Korean won-to-dollar ratio has fluctuated between 8,000 won to 4,000 won 2012 and 2021, and has been hovering above 8,000 won since September of 2022.
Korea Herald
17-02-2025
- Business
- Korea Herald
Secondhand market app Karrot hits 2 million users in Canada
Korean service provider Danggeun Market announced Monday that its marketplace app, Karrot, has reached 2 million accumulated users in Canada -- an achievement that advances the company's push into the broader North American market. According to the company, Karrot doubled its Canadian user base to 2 million in just nine months, after taking two years to reach its first million users in May last year. The rapid growth is attributed to strengthened local strategies and expanded service coverage across Canada, except French-speaking Quebec. Karrot's focus on trust-based, neighborhood-driven secondhand trading aligns with North America's community-centered values, a company official explained. The official also noted that local users appreciate how the platform fosters face-to-face interactions, not just for transactions but also for building friendships and strengthening community bonds. Since launching its first international venture in the UK in 2019, Karrot has expanded to over 1,400 regions across four countries, including Canada, Japan and the United States. To accelerate its adaptation to the Canadian market, the company established Daangn Inc. in 2021, with co-founder Kim Yong-hyun leading operations since 2022. In 2023, it appointed Robert Kim, an expert in local commerce services, as CEO of its Canadian operations. The company emphasized that global expansion has been central to its vision from the outset, with its Canadian operations now serving as a cornerstone for broader North American growth. "We will leverage our expertise and experience gained in Canada to evolve into a global company with greater influence across the North American market," the official stated.
Korea Herald
13-02-2025
- Entertainment
- Korea Herald
'Daechi mom' parody hits home, sparks luxury coat sell-off in wealthy district
A viral parody by South Korean comedian Lee Soo-ji has unexpectedly triggered a wave of second-hand sales of winter jackets from a particular brand in one of Seoul's wealthiest districts. Lee's video, which satirizes typical moms in Seoul's education-mad neighborhood of Daechidong, or the 'Daechi moms,' has left some mothers feeling self-conscious about their fashion choices -- particularly their Moncler down jackets, a longtime status symbol in the area. Lee, best known for her work on SNL Korea, posted the video titled 'A Day in the Life of Jamie's Mom, Lee So-dam' on Feb. 4. In it, she plays an affluent full-time mother shuttling her 4-year-old son between after-school academies. She exaggerates all the Daechi mom stereotypes: eating a roll of gimbap in her car, a Porsche, like a busy celebrity, calling her child by his English name, and discussing, in a soft, refined tone and sprinkling English into her Korean, to boast about the child's trivial achievements. The sharp parody resonated widely, racking up nearly 2.5 million views by Thursday and trending on YouTube Korea. What grabbed even more attention was Lee's outfit: a glossy Moncler Parnaiba long down jacket, a Chanel Gabrielle handbag, and a Hermes necklace -- luxury staples often associated with the so-called 'Gangnam mom uniform.' Daechi-dong, a neighborhood in Seoul's expensive Gangnam district, is the main center South Korea's private education industry, home to thousands of hagwon. Daechi moms have become synomous with parents who go all in for kids' education. The parody has sparked discussions in online mom cafes, where some users admitted they now feel hesitant to wear their Moncler coats in public. One wrote, 'I used to wear mine without thinking, but now I feel like people might laugh at me.' This discomfort seems to have led to an uptick in second-hand sales. On Thursday, a search for 'Moncler Padding (down jacket)' on Karrot, South Korea's largest peer-to-peer marketplace, showed roughly 200 active listings in the Gangnam area -- many posted within 24 hours. While there's no definitive proof linking the spike to the video, the timing suggests a possible connection. Moncler, originally founded in France and now headquartered in Milan, has long been a status symbol in South Korea, with its coats carrying a hefty price tag of between 1.5 million to over 4 million won ($1,030 - $2,760). The Parnaiba model featured in Lee's video sells for around 3.9 million won. Moncler Korea, which became an independent entity in 2020, generated 332.3 billion won in revenue and 53 billion won in operating profit in 2023. Not everyone agrees with the idea that Gangnam moms feel pressured to abandon their Moncler jackets. One mom cafe user countered, 'Not everyone in Gangnam cares what others wear, and Moncler jackets aren't exclusive to us.'
