E-Land Retail Completes Business Restructuring... Launches Specialized Companies in Three Areas

[Asia Economy Reporter Song Seung-yoon] E-Land announced on the 6th that it completed the physical division of E-Land Retail into three specialized companies on the 1st to strengthen the expertise of its distribution business division.

E-Land Retail has been promoting the establishment of new corporations, ‘E-Land Kims Club’ and ‘E-Land Global,’ by physically dividing the hypermarket business division and the fashion brand business division, respectively.

The surviving company, E-Land Retail, plans to focus on its role as an intermediate holding company holding real estate development and subsidiary shares while maintaining entry fees and rental income through the specific purchase business division. E-Land Kims Club will operate ‘Kims Club’ and ‘NC Food Hall’ and expand the fresh produce market from production areas and the online market through collaboration with Oasis, in which it has completed equity investment. It also plans to secure cost competitiveness in the home meal replacement sector and foodservice ingredient sourcing sector through cooperation with the operation division of E-Land Eats, the foodservice business division.

Kim Tae-hyung, CEO of E-Land Global (left), Kim Joon-soo, CEO of E-Land Kims Club. / Photo by E-Land

E-Land Global will strengthen its expertise while operating a global brand direct import business represented by about 40 fashion brands and NC Picks. Until now, there were limitations in expanding its scope with an operation strategy centered on its own channels such as NC, NewCore, and 2001 Outlet, but with this physical division, it has secured independence and can expand its business to external online and offline channels. It plans to maximize global sourcing capabilities and strengthen expertise through Luxury Gallery, NC PICKS, etc., and actively increase market share.

The newly established companies from the division, E-Land Kims Club and E-Land Global, have appointed CEO Kim Junsu and CEO Kim Taehyung, respectively.

An E-Land official said, "The previously mixed business divisions have been reorganized and expertise has been strengthened to achieve global-level competitiveness," adding, "The newly established companies from the division will not only have transparency in management and a foundation for independent management but also improve financial soundness, decision-making speed, and increase efficiency in investment sectors."