Brand value of leisure firms up, liquor makers down amid new working hours
[THE INVESTOR] The brand value of South Korean leisure-related companies improved in the third quarter, data showed on Sept. 30, while that of liquor firms lost ground.
Korea earlier reduced its maximum working hours to 40 hours plus 12 hours of overtime per week from 68 hours in July to reduce chronic overwork.
According to the data compiled by Brand Stock, leisure, healthcare and resort companies mostly saw their brand value gain ground following the change in policy. HanaTour Service Inc., for example, saw its brand ranking reach 21st place in the third quarter, up five notches from a quarter earlier.
Healthcare firm Bodyfriend Inc. moved up 10 spots to reach 36th place, with theater chain CGV also standing at 72nd place in the third quarter, up by 23 from a quarter earlier.
Resort operators such as Daemyung Resort and Hanwha Hotels & Resorts Co. also saw their brand values improve following the cut in working hours.
Liquor and food companies, on the other hand, saw their brand value lose ground as the new policy induced companies to organize fewer work-related after-hour gatherings.
By Song Seung-hyun and newswires (firstname.lastname@example.org)