April 23, 2024

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[THE INVESTOR] Shinsegae International has withdrawn from the race to acquire sales rights for Club Monaco, smoothing the way for Hyundai Department Store Group, according to Asia Economy Daily on Nov. 4.

The fashion arm of retail giant Shinsegae has been in talks with the US headquarters of Club Monaco, one of the key brands whose contract with SK Networks expires in March 2017. 

Club Monaco flagship store in New York City. Club Monaco

The contemporary wear brand will instead join hands with Hansome, a fashion heavyweight under the umbrella of Hyundai Department Store Group, which is seeking to take over the entire apparels division from SK Networks.

From six international brands including Club Monaco, Tommy Hilfiger, and DKNY, as well as six local brands such as Obzee, SK Networks posted 274.6 billion won (US$239.93 million) revenue from the fashion department in the first half of this year.

If the deal succeeds, Hansome will become the country’s third-largest fashion company after Samsung C&T and LF.

By Hwang You-mee (glamazon@heraldcorp.com)