Going forward, Kyochon Chicken, BHC, Lotteria and others will notify consumers one week in advance if they raise prices or reduce product weights.
The Korea Fair Trade Commission said on the 27th that it signed an "information provision agreement on price hikes, etc." with seven major restaurant companies.
The companies participating in this agreement are: ▲ Kyochon F&B (Kyochon Chicken) ▲ Dining Brands Group Co. (BHC, Keunmam Halmae Sundaeguk, Outback Steakhouse, Cangko43, Gram Gram) ▲ Lotte GRS ( Lotteria, Krispy Kreme, Angel-in-us) ▲ BR Korea (Dunkin' Donuts, Baskin-Robbins) ▲ CJ Foodville (Tous Les Jours, VIPS, The Place, Jeiljemyeonso, The Steakhouse) ▲ Genesis BBQ (BBQ) ▲ Paris Croissant (Paris Baguette, Pascucci, Paris Croissant).
Under the agreement, the seven companies will inform consumers via their websites and the media at least one week before the effective date if they raise prices or reduce weights. They will also post notices at franchise stores at least one week in advance about any price increases or weight reductions.
The Korea Fair Trade Commission (FTC) plans to award extra points in its franchise fair trade agreement evaluation to signatories that faithfully implement the agreement. Companies that receive high scores in this evaluation will be exempt from the FTC's ex officio investigations for up to two years.
Ju Biung-ghi, chair of the Korea Fair Trade Commission, said, "We plan to mobilize all available means to restore people's livelihoods," adding, "If corporations do their social duty by joining efforts to ease people's burdens, that stance will be rewarded with consumers' trust and choice."