E-Land Retail is merging its subsidiary E-Land Kim's Club, which operates large discount stores, with E-Land Global, which operates fashion brands.
E-Land Retail announced on 4th that it will absorb and merge E-Land Kim's Club and E-Land Global at a merger ratio of 1:0. The purpose of the merger is stated as 'strengthening business competitiveness and increasing corporate value through the merger.' Both companies are wholly owned by E-Land Retail.
The merger was approved at a board meeting on 25th of last month, and the merger date is September 1.
E-Land Group said, 'We want to create synergy and strengthen our core competitiveness through integration rather than operating the large discount store and the fashion institutional sector separately.'
E-Land Kim's Club recorded sales of 483.824 billion won and a net profit of 6.885 billion won last year, while E-Land Global recorded sales of 412.932 billion won and a net loss of 10.665 billion won.