E-Land Group is considering selling nine of its food and beverage (F&B) brands operated by its subsidiary E-Land Eats.
According to related industries on the 6th, E-Land Eats has selected Samjong KPMG as the sale advisor and is currently working to sell nine brands, including six dining brands and three cafe brands.
E-Land Eats was established on July 1, 2019, through a physical division of the foodservice institutional sector of E-Land Park. It currently operates 19 foodservice brands.
The brands targeted this time include six dining brands: Banggung, Steak Us, Teru, Depanyu Gaguo, Asia Moon, and Huwon, as well as three cafe and dessert brands: The Cafe, Cafe Lugo, and Perke No. The flagship brands Ashley, Naturale byul-gok, Pizza Mall, and Roun are excluded from the sale.
This sale is interpreted as a strategy to streamline brands with low performance contributions among the total foodservice brands and to focus business capabilities on the core brand, Ashley.
E-Land Eats recorded revenue of 470.5 billion won and operating profit of 31.9 billion won in 2023, representing increases of 32% and 79%, respectively, compared to the previous year. It is reported that Ashley accounts for about 70% of the company's total revenue.
An official from E-Land Eats explained, "This is one of various options being considered from the perspective of selection and concentration, amidst the strong growth of buffet brands, including Ashley Queens."