April 27, 2024

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[THE INVESTOR] Korean retail giant Shinsegae will acquire a local furniture company for 180 billion won (US$167.80 million), according to industry sources on Jan. 24.

Shinsegae Department Store will sign a contract with Casamia’s founder and other specially related persons to purchase a 92 percent stake in the company, according to sources.

Launched in 1982 as a small interior shop in Seoul, Casamia now has multiple brands, ranging from those manufacturing home decor to office furniture, under its wing. Its sales reached 121.9 billion won in 2016.

Shinsegae declined to comment on the acquisition. Korea Exchange, the country’s main bourse operator, requested that the company confirm media reports in a regulatory filing.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)