Shinsegae International Inc. has sold nearly 3.5 million shares (50%) of its equity holding in Shinsegae Intercos Korea Inc. to Italy’s Intercos for $17.22 billion won, per a media report.
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Joint venture Shinsegae Intercos Korea has been manufacturing Shinsegae International’s cosmetics brands Yunjak and Vidi Vici and is reportedly planning to maintain the supply and partnership.
“Both companies made meaningful achievements on the partnership and reached an agreement to build a new type of alliance for own capabilities,” said an official at Shinsegae International in a statement. “We’ll focus more on M&As and other investment for new growth and original technology.”