Hyundai Department Group acquires SK Bioland for KRW120.5 billion

Hyundai Department Group acquires SK Bioland for KRW120.5 billion

THE WHAT? Hyundai Department Group is entering the beauty and health care category with the purchase of SK Bioland for KRW120.5 billion, according to a report published by Pulse News.

THE DETAILS Hyundai HCN has snapped up SKC’s 27.9 percent stake in SK Bioland extending its scope from department stores, home shopping channels and duty-free outlets to beauty for the first time. The unit will eventually sit under the remit of the separated Hyundai FutureNet.

THE WHY? With SK Bioland’s core categories – health food and cosmetic ingredients – easily scaled and widely expected to deliver good growth, not to mention Hyundai’s ability to leverage its retail capabilities to boost sales, the acquisition has been greeted favorably by the markets, sending shares up as the news was announced last week.

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