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S. Korea’s Hansae acquires MK Trend at $145.7 million to become a leading fashion house

Collected: 2016.07.24

Distributed: 2016.07.25

Source: Go Direct

Hansae Co. CEO Lee Yong-baek

South Korea’s Hansae Co., OEM company that serves many global clothing labels including GAP and NIKE, said Friday in a regulatory filing that it decided to acquire 5,059,806 shares, or a 40 percent stake, in MKTrend Co., local apparel maker at 119 billion won ($145.7 million), a move to create new revenue source amid slow global fashion industry.

The deal is about more than twice larger than its acquisition of FRJ Jeans last year, which would allow the Korean OEM-ODM specialized firm to become a leading fashion house with own brands. MKTrend, famous for popular clothing brands such as TBJ and BUCKAROO, has an ample experience in running businesses in Korea and also in China. Hansae expects the merger would create great synergy, a company official said.

He added that the two would closely cooperate regarding operation of apparel brands and MKTrend would still keep rights to make decisions regarding operation even after the merger.

By Park Eun-jin, Ahn Gab-seong

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