Shinsegae International said on the 28th it will transfer the JAJU institutional sector, which oversees its lifestyle business, to Shinsegae Casa. The move is aimed at securing funds for core and new-business investments, including cosmetics and fashion.
Shinsegae International held a board meeting that day and resolved to transfer the entire JAJU institutional sector to Shinsegae Casa for 94 billion won. An extraordinary shareholders meeting will be held on Dec. 10, with related procedures to be completed by the end of December. The transfer reference date is Jan. 1 next year.
The JAJU business subject to this transfer sells products across lifestyle categories, including household goods, bedding, kitchenware, and loungewear. Based on last year, revenue was about 235 billion won.
A Shinsegae International official said, "We will strengthen future growth by enhancing competitiveness in cosmetics and fashion and nurturing global brands."