April 26, 2024

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[THE INVESTOR] Korean retail giant E-Land Group said on Aug. 17 it had named Lee Yun-ju as its first female chief financial officer to lead its plan for setting up a holding company.

The new appointment comes after E-Land closed a deal selling its home and living brand Modern House to MBK Partners for 713 billion won (US$630 million). Following the sale, the group’s debt ratio is expected to fall to about 200 percent from as high as 315 percent in 2016. 

Lee Yun-ju

With the cash newly secured, the group is expected to push forward with its plan to transform its affiliate E-Land World into a holding company, which it hopes will allow more transparent management of each subsidiary and improve profitability overall.

Lee, former CFO at E-Land Retail, is E-Land’s first female CFO, who will be responsible for managing financial risks across affiliates.

E-Land has also pushing to streamline its businesses ahead of the much-anticipated listing of E-Land Retail next year. The firm sought a KOSPI listing last year but the plan was delayed after its food business unit E-Land Park was involved in a labor dispute.

Prior to the Modern House deal, E-Land sold its clothing label Teenie Weenie to Chinese fashion house V-Grass Fashion for 877 billion won and five of its real estate assets to reduce its debts.

It also plans to sell two of its hotels and a ski resort to secure more cash.



By Park Ga-young (gypark@heraldcorp.com)