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Tag: sk networks

  • Hyundai buying SK Networks’ fashion sector

    Hyundai buying SK Networks’ fashion sector

    South Korea’s Hyundai Department Store is buying trading company SK Networks’ fashion business for KRW326.1 billion (US$284 million).

    When the purchase is complete, probably by February, SK Networks (SKN) will no longer have interests in the fashion industry.

    The two companies have signed a deal to merge SKN’s 12 fashion brands into Hyundai’s Handsome fashion unit, which has annual sales of KRW750 billion. With SKN’s KRW600 billion added in, the merged group becomes the fourth-largest fashion company in South Korea behind E-Land, Samsung C&T and LF.

    Hyundai says it will retain SKN’s 400 designers, merchandisers, marketers and production staff, guaranteeing their jobs for five years.

    Analysts say the two businesses are a good fit and are unlikely to cannibalise each other’s trade as Handsome is known largely for its local womenswear brands while SKN is a major importer of global labels such as American Eagle, Club Monaco, DKNY and Tommy Hilfiger.

    Its house brands  include Obzee, O’2nd and Rouge & Lounge.

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  • Koreans plan ‘Asian Broadway’ in Seoul

    Koreans plan ‘Asian Broadway’ in Seoul

    SK Networks, which proposed utilizing the Cerestar constructing for a brand new duty-free store, plans to develop the Dongdaemun space into an Asian Broadway.

    The retail arm of SK Group, the third largest family-run conglomerate in Korea, already proposed investing 450 billion to 550 billion gained (US$460 to 496 million) in its bid for operation rights to a brand new duty-free store, and as a part of the bid, 200 to 300 billion gained can be invested to assemble infrastructure for trend, tourism and tradition within the area.

    SK plans to take a position 100 to 200 billion gained in infrastructure for a cultural city in collaboration with the Seoul Metropolitan Authorities’s Dongdaemun improvement challenge, which goals to advertise the style, tradition and tourism sectors. As well as, it should supply 10 billion gained to create the most important Media Façade at Dongdaemun Design Plaza.

    SK will pour a further 60 billion gained right into a small enterprise partnership fund to help Seoul’s “Manufacture Seoul” challenge and the Seoul Design Basis’s apprenticeship coaching for style and needlework. It’ll supply a complete of 30 billion gained to revitalise conventional markets in Dongdaemun.

    SK Networks, which operates the Walkerhill duty-free store in northeastern Seoul, will supply conventional market coupons to its duty-free store clients to assist small retailers within the markets.

    As soon as it good points its duty-free store operation license at Dongdaemun, it expects that the world will welcome a further three.three million vacationers per yr and create 33,000 new jobs, leading to three.four trillion gained value of financial advantages by 2020.

    An official at SK Networks stated: “We’ll type a mutual progress system by way of long run funding for the revitalization of the Dongdaemun space. We’ll lead the event of the area as an ‘Asian Broadway’ tradition city by mixing style, tradition and purchasing collectively.”