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Biz News Korea(Eng)
Korea’s fashion house LF ventures into alcoholic beverage sector
- Collected
- 2017.01.05
- Distributed
- 2017.01.06
- Source
- Go Direct
LF placed Indulge Co. that imports and distributes liquor brands like sparkling wine Bernini, premium tequila Patron, craft beer BrewDog and Tito’s handmade Vodka under its company after acquiring a controlling stake, industry sources said on Wednesday. The two already reached a final agreement on the deal and a stock transfer will be completed soon. Financial terms were not disclosed but market watchers estimated the value would not exceed 10 billion won ($8.3 million).
Indulge posted 15 billion won in sales in 2015, and could benefit from linkup with high-end fashion brands.
Indulge plans to build a brewery late this year to produce craft beer under OEM contracts. The decision is based on a positive outlook for the bourgeoning Korean craft beer market.
The transaction also represents LF’s strategic move to offset slow sales from fashion business in Korea, signaling its focus will be on restaurant franchise and alcoholic beverage businesses.
According to data, the local fashion market that maintained annual growth in the 3 percent range from 2010 to 2015 is estimated to have fallen 0.1 percent last year.
LF launched LF Food Co., a wholly-owned subsidiary, in 2007 and since then it added Japanese ramen chain Hakoya and seafood buffet chain Makinochaya. In June 2015, LF acquired lifestyle cable channel DongA TV in a diversification strategy.
By Kang Da-young
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]