IMM purchases W Concept Korea
[THE INVESTOR] IMM PE, one of the nation’s top private equity firms, is acquiring W Concept Korea, a popular online retailer, according to news reports on Oct. 13.
KOSDAQ-listed ISECommerce, which owns 100 percent stake worth about 100 billion won (US$88.5 million) in W Concept, has reportedly agreed to sell 80 percent stake to IMM. The deal is expected to be finalized earliest by next week.
W Concept, launched in 2008, is one of the top online select shops that sells Korean designer brands such as Low Classic and Jain Song. Its sales rose to 53 billion won last year, while the figure is expected to surge to 100 billion won this year.
ISECommerce was founded in 2000 as an affiliate of SK Networks, SK Group’s fashion business unit.
IMM is acquiring W Concept with its third funding round worth 1.3 trillion won. With the funding, the firm also acquired a stake worth 446 billion won in Woori Bank for 446 billion won and Lezhin Entertainment for 500 million won.
By Alex Lee (email@example.com)