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Biz News Korea(Eng)
Korea’s LS Networks to lose budget fashion brands, streamline work force
- Collected
- 2016.09.22
- Distributed
- 2016.09.23
- Source
- Go Direct
The country’s leading manufacturer of shoes, apparels, and leisure items said on Wednesday that it has decided to reduce the number of teams at its headquarters from the current 37 to 11. Teams that will stay are only those in charge of local sports brand Prospecs as well as the company’s trading and asset management businesses. To speed up large-scale brand overhaul, LS Networks has notified employees on Tuesday that it will be receiving voluntary retirements to cut workforce.
Since 2012, LS Networks has been managing six leading fashion brands including budget sports lines Prospecs and Jack Wolfskin, import brands Skechers and Mont-Bell, and luxury outdoor brand Peak Performance. With mounting operating loss, however, LS Networks is considering giving up most brands other than Prospecs.
LS Networks has recently launched talks with the headquarters of Skechers in the United States and that of Mont-Bell in Japan for possible sales of brand operations in Korea. According to industry sources, Skechers’ U.S. head office that is hoping to directly manage global operations is expected to conclude a deal to take over Skechers Korea operations from LS Networks. As for Mont-Bell, LS Networks is said to be mulling either selling the brand to its Japanese headquarters or keeping the brand through a joint venture with the head office in Japan.
By Ahn Gab-seong
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