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Biz News Korea(Eng)
Shinsegae joins home furnishings market via Casamia buyout
- Collected
- 2018.01.24
- Distributed
- 2018.01.25
- Source
- Go Direct
The retailer said on Wednesday it signed an agreement to acquire a combined 92 percent stake owned by Casamia Chairman Lee Hyun-koo and other members of the founding family.
Founded in 1982, Casamia is a family-run home interior company that offers a range of furniture and home décor accessories. It recorded 121.9 billion won in sales in 2016, making it the sixth largest industry player in the country.
Insiders said the deal represents Shinsegae’s ambition to break into the lucrative home furnishing market and Casamia’s hopes to ride on economies of scale.
Shinsegae said it plans to retain Casamia’s existing staff over the next five years after the acquisition.
Non-mainstay businesses Casamia Uffia, Hotel La Casa, and Casa Storage will stay under the management by the owner family.
Shinsegae would be joining retail rivals Lotte and Hyundai vying for a piece of the 20 trillion-won home furnishings market.
Lotte Group teamed up with Swedish furniture giant IKEA by launching its first Korean store at Lotte’s retail outlet in Gwangmyeong. A second IKEA branch opened in Goyang last year.
Hyundai Department Store joined the fray in 2012 with the acquisition of furniture brand Livart. Last year, Hyundai Livart bulked up its business by merging with Hyundai H&S, a retail unit of industrial and construction resources, in its latest move to take on the country’s leading furniture brand Hanssem.
By Lee Yoo-jin and Kim Hyo-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]