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The idea that US interest rates will stay higher for longer is probably wrong 
DHC is a Japanese cosmetics firm and it has been in South Korea since 2002. Now it was reported that it will be leaving the country after almost two decades.
According to Yonhap News Agency, the Korean unit of DHC is bidding farewell as it pulls out its business and pointing to plunging sales as the reason for the decision. The company said that it will only operate in S. Korea until Sept. 15.
The Japanese beauty and health retailer saw its sales going down after the company was plagued with scandals followed by a series of nationwide boycotts. As a result, DHC Korea decided to end its business altogether and just move out, a decision that was announced on Thursday, Sept. 2.
The boycott that has beset the company for years was said to have been sparked by DHC’s chief executive officer, Yoshiaki Yoshida’s discriminatory remarks against Koreans. His racially charged statements were delivered at the height of political spats between Japan and South Korea.
DHC Korea issued an apology for the remarks, stating that it does not agree with what was said by its chairman and panelist on its DHC TV beauty channel. Still, the Koreans were enraged and blacklisted the company.
Since July 2019, Korean consumers have boycotted all Japanese products including DHC’s and even Uniqlo’s. The row was said to be related to the S. Korea’s court order that asked Japanese companies to compensate Korean victims of Japan during World War II’s forced labor.
The Korea Herald reported that DHC Korea issued a statement to announce its withdrawal and this was posted on the firm’s own website. It said that it is leaving with regret as it did its best “to satisfy customers with great service and products but decided to end its operation in South Korea.”
DHC Korea will shut down its outlets in shopping malls at 2 p.m. on Sept. 15. The company added that customers with rewards points can only use them until the said date and time as well.
DHC is well-known for its deep-cleansing oil and has been popular in Korea when it first entered the market. In fact, it was said to have earned around ₩9.9 billion or around $8.53 million in 2017.
