Good Morning: -4C to 8C | The weather is a bit cloudy | Happy new year |

Markets

Market: KOSPI closes the year at 2,399.49, down 9.63%, while KOSDAQ falls to 678.19, marking a 21.74% decline.

National

Five of the 179 victims remain unidentified following the Jeju Air plane crash.

Authorities have identified 174 of the 179 victims of Sunday’s Jeju Air crash, with DNA testing underway to confirm the remaining five, the Ministry of Land, Infrastructure and Transport announced Tuesday. Delays in identification were caused by DNA inconsistencies, with final results expected by Friday.

Once autopsies are complete, bodies will be transferred to funeral homes chosen by families, though delivery may not begin until next Monday, according to police.

A U.S. National Transportation Safety Board team and Boeing officials have joined the investigation. Acting President Choi Sang-mok pledged full support for the victims' families and called for special safety inspections of domestic airlines operating Boeing 737-800 aircraft.

The crash, which killed 179 of 181 passengers, occurred when the plane belly-landed and struck a concrete fence. Rescue authorities reported severe fragmentation of the remains, which were divided into 606 parts. Four victims’ bodies have already been returned to their families, while the rest remain in cold storage at the airport.

Business

Luxury fashion brands plan to increase prices in 2025.

Luxury fashion brands in Korea are set to increase retail prices for their products in the new year, further pushing high-end goods out of reach for average consumers in the country.

The expected price hike comes amid the country’s scaled-up market prices across retail industries throughout 2024. It is speculated that luxury brands are focusing even more on their loyal consumers who live lavish lifestyles.

Italian brand Loro Piana said it would raise the prices of its products starting Saturday. Price hike percentages will differ depending on the category of the item, with some popular Loom handbags increasing by 8 percent from the current price of nearly 6.9 million won ($4,688). Some clothing items will become more expensive by as much as 23 percent, it added.

Hermes is expected to increase the prices of its luxury items as well in 2025. The brand usually raises the prices of its products once a year, but it had already done so twice in 2024. After raising the prices of its shoes and handbags by 10 to 15 percent in January, it also hiked the prices of its Garden Party bag lineup in June 2024.

The brand, for the first time in its 27 years of operation in Korea, held a large-scale pop-up store in May in front of Lotte World Tower in Seoul’s Jamsil area.

Chanel, which raised the prices of its watches and jewelry twice in 2024, will likely raise its prices again in the new year, according to market observers.

Luxury watch brands have also already announced that they will raise their prices in 2025.

TAG Heuer and Breitling said their products will come with more expensive price tags in January. Rolex, after having raised its prices every beginning of the new year, is expected to do so again. Some of the brand’s product prices went up by 8 percent in January 2024.

The expected price hikes of luxury brands have prompted some consumers to seek secondhand products for cheaper prices.

Kangkas Department Store, a popular outlet mall for used luxury fashion items in Seoul’s Gangnam District, has seen an increasing number of consumers. A market expert said that secondhand outlets in the country have seen a particular uptick in young consumers, from millennials to Gen Zers in their 20s and 30s, who seek both premium quality and affordable prices.

Travel Guide Korea

What are the weather conditions in January and where do?

Weather and where to go in January? All your worries will be disappeared and you can enjoy the snowfall in Korea. [link]

K-pop

NewJeans' Hanni moved to tears amid chaotic fan behavior at the airport.

Hanni of NewJeans was visibly emotional after a chaotic incident at Incheon Airport last Friday, where an overwhelming crowd of fans created a dangerous situation.

Returning from the 9th Asia Artist Awards in Bangkok, NewJeans faced fans who broke through security, attempted physical contact, and took flash photos nearby, causing confusion and distress. Amid the chaos, Hanni leaned on her members and was seen wiping away tears, sparking concern among fans as videos circulated online.

On Saturday, Hanni reassured fans via NewJeans' unofficial social media account, expressing her desire for safer interactions. “I’m okay now. I’m sorry for worrying you. I love meeting our Bunnies but hope we can create safe and comfortable moments together,” she wrote.

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