Word: goldstar
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Dates: during 1986-1986
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...Safeway Spokeswoman Felicia del Campo: "Nobody could assure us that none of the adulterated wines had reached the U.S." Many other retailers resisted the move, however, pointing out that they did not sell low- grade products or citing confidence in their own distribution systems. Said Louis Iacucci, president of Goldstar Wines & Spirits of Queens, N.Y., the nation's single largest retailer of Italian wines: "The scare was premature, and it has done a lot of harm to some of the great winemakers of the world...
...discounting the South Koreans. In the past few years, several Korean companies, including Samsung, Goldstar and Daewoo, have successfully invaded America with television sets, videocassette recorders and even personal computers. Because wages are generally lower in South Korea than they are in either the U.S. or Japan, Korean products often sell for 25% less than their competition's. By offering attractive items at very low prices, the South Koreans may become the new Japanese. Says one Tokyo businessman: "Sometimes we see our spitting image in the Koreans, and we're downright afraid...
...recently have Korean firms begun to sell a variety of consumer goods. They first entered the mass market indirectly. In 1979 Samsung began making television sets that are among those sold in Sears stores as the company's house brand. Similarly, J.C. Penney started selling microwave ovens manufactured by Goldstar...
Three years ago, Goldstar built a plant in Huntsville, Ala., to manufacture color television sets bearing the company's own name. Consumer response was swift and positive. Since 1983, Goldstar's revenues from TV sales have more than tripled, to $100 million in 1985. TV sets with the Samsung label have also become brisk sellers...
Samsung and Goldstar have recently made equally impressive inroads in the market for videocassette recorders. Five years ago, the Korean companies turned to Japanese manufacturers to provide the necessary technology to make VCRs. In return, the Koreans delayed their entry into the U.S. market until 1985. Their belated arrival in American shopping malls ten months ago has sparked a classic price war. The price of a no-frills VCR has fallen from about $350 to $200. Though Japanese manufacturers have slashed prices to meet the competition, Korean companies may have already won 5% of the American VCR market...