SEOUL -- South Korea's retail conglomerate, Shinsegae Group, has acquired W Concept, a popular online fashion platform that targets young female customers with independent designer brands. W Concept has expanded its product competitiveness through a careful examination of brand awareness and quality.
SSG.com, the online shopping mall of Shinsegae, said on April 1 that it signed a contract to acquire 100 percent of W Concept from IMM Private Equity and ISE Commerce, an electronic commerce business in South Korea. The price was not disclosed. In order to maintain W Concept's competitive edge, SSG.com decided to succeed existing personnel and operate it as a separate platform.
The deal with Shinsegae came as W Concept is trying to foster its own brand and expand its product line to luxury goods and beauty products. "In addition to luxury brands at our department store, we will increase our position in the market and provide a better service to both customers and sellers by having unique fashion competitiveness," an unnamed SSG.com official said.
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