[THE INVESTOR] Chinese apparel company Lancy Group has decided to jointly establish an asset management firm with
KEB Hana Bank, according to local media outlet edaily on Sept. 27.
The joint venture with an estimated 1 billion yuan (US$149.70 million) initial equity capital will first invest in medical cosmetics.
Lancy Group has acquired 30 percent stake in South Korea’s Dream Medical Group that consists of multiple hospitals and clinics related to aesthetics and cosmetic procedures for 4.5 billion won (US$4.10 million), and is reviewing additional investment.
 |
Lancy Group webpage |
The Chinese apparel group has expanded to children’s wear by acquiring the country’s established brand Agabang in 2014 for 50 billion won.
In 2015, it added cosmetics to its portfolio, acquiring 10.17 percent stake in Woongjin Liliette, and 10 percent stake in L&P Cosmetics which owns the best-selling sheet masks brand Mediheal for 60 billion won.
Lancy Group is headed by third-generation Korean-Chinese Chairman Shin Dong-il, who is aggressively seeking to acquire South Korean companies, said an investment banking industry source.
By Hwang You-mee (
glamazon@heraldcorp.com)
