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Myeong-dong is rebounding back to its former glory as international visitors to central Seoul return and local businesses attempt to maximize sales. The scenes contrast to those of the pandemic years when the district saw shops closing down and local commerce collapsing due to a steep decline in visitors to Myeong-dong.
Hanssem, the country's largest furniture and home furnishing company, appointed Eugene Kim as the new CEO to improve profitability and foster a rebound, an industry official said, Wednesday.
LVMH Group, the world's largest luxury group, which operates the global beauty store Sephora, has joined a preliminary takeover bid to acquire a controlling stake of Able C&C, the operator of cosmetics brand Missha, according to media reports and sources.
Dozens of investors have shown interest in acquiring Able C&C, which was put up in the M&A market late last year, raising market expectations that IMM would make a successful exit from its years-long investment.
Able C&C, which owns Korea's representative road-shop cosmetics brand Missha, is finally up for sale in the M&A market, five years after IMM Private Equity (IMM PE) purchased a controlling stake in the firm for about 400 billion won ($287 million). While Credit Suisse has been tapped to manage the sales process, the selling price is estimated to be less than half of what IMM PE paid to acquire it, given that the market cap of Able C&C stands at around 171.3 billion won as of Friday.