Fung Retailing Limited,a wholly-owned subsidiary of the privately held Fung Group,announced that its joint venture with funds managed by private equity firm AEA Investors LP has acquired a 70%stake in the Suhyang Group,Korea's pre-eminent retailer of baby's and children's apparel.
Suhyang operates over 210 shop-in-shop stores in department stores in Korea for its popular baby and children's brands namely Minkmui,Bluedog,Bluedog Baby,R.Robot,Denim In the Box and Lulabee.The company also manages nine outlet stores and three multi-brand shops in Korea.
The acquisition is in line with Fung Retailing's plans to expand its portfolio of baby and children brands and to work with local partners to leverage their expertise,strong brand recognition and retail presence for the introduction of international and European brands into Korea.In addition,Suhyang will continue to enlarge its retail network in Korea and together with Fung Retailing,introduce its existing brands overseas outside of Korea and work on other retailing projects around Asia.
About Fung Retailing Limited
Fung Retailing Limited is a member of the privately held Fung Group.The holding company of the Fung Group is the privately held Fung Holdings(1937)Limited,which is also a substantial shareholder of Li&Fung Limited.Fung Retailing Limited is the holding company for the retailing businesses of Fung Holdings(1937)Limited.All the retailing businesses under Fung Retailing are not related to the publicly listed Li&Fung Limited.
Fung Retailing Limited has interests in two listed entities:Convenience Retail Asia Limited,operator of the Circle K Convenience Stores and the Saint Honore Cake Shops in the Pearl River Delta;and Trinity Limited,principally engaged in the retailing of high-end to luxury menswear in Greater China and Europe as well as the licensing of its major brands globally.
Fung Retailing's businesses extend from Greater China to Korea,Singapore,Malaysia,Thailand,Indonesia and other Southeast Asia countries through a combined network of over 2,900 stores.Total annual turnover exceeded US$1.1 billion in 2011.
