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The Korea Herald
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THE INVESTOR
March 29, 2024

Retail & Consumer

Handsome buys SK Networks’ fashion business

  • PUBLISHED :December 08, 2016 - 17:28
  • UPDATED :December 08, 2016 - 17:37
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[THE INVESTOR] Handsome, a company owned by Hyundai Department Store, has acquired SK Networks' fashion business for 326.1 billion won (US$281.24 million) on Dec. 8, a deal designed to bolster the former’s imported clothing brand portfolio. 

With the tie-up, Handsome is set to become South Korea’s fourth-largest apparel brand after E-Land Group, LF and Samsung C&T Fashion Group, a big jump from current No. 14 ranking. 




“We’ve made the decision to strengthen competitiveness of the existing business and create a new growth engine,” Handsome said.

By having high-end local brands like Time and System under its umbrella, Handsome has a strong foothold in the country’s fashion industry but the absence of imported brands was the firm’s weak spot.

The acquisition will enable Handsome to broaden its brand spectrum as SK Networks holds six licenses for overseas brands including Tommy Hilfiger, DKNY, Calvin Klein and Club Monaco as well as other six homegrown brands. Under the deal, Handsome will also acquire the US entity of SK Networks’ fashion business.

Industry sources said that Hyundai Department Store Chairman Chung Ji-sun played a key role in the transaction with his vision to reinforce fashion business through merger and acquisition deals.

Handsome, which was acquired by Hyundai Department Store in 2012, reported 615.4 billion won in sales in 2015 while SK’s fashion unit logged 565.7 billion won.

By Park Han-na (hnpark@heraldcorp.com)

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