Acquisition of 50% Stake in Hanguk Myeongpum Authentication Institute... "A Strategy to Maximize Business Benefits"
Outofstock, a limited edition resale trading platform (CEO Yoon Jin-hee), recently announced that it has acquired the entire 50% stake in its subsidiary 'FAKEX,' which was jointly owned 50% each with Korea Luxury Authentication Institute.
According to Outofstock, FAKEX, which started in 2020 as an authentication service brand for genuine and counterfeit products under Outofstock, was established last November as a joint venture with a 50:50 capital investment after signing a business partnership with Korea Luxury Authentication Institute. However, with this acquisition of the entire stake from Korea Luxury Authentication Institute, the parent company Outofstock explained that it can now exercise full control.
The company stated that FAKEX has early achieved its original goal of establishing its role and status as a domestic and international 'inspection hub' by solidifying global partnerships in the US, Europe, Canada, Japan, and other regions. They view the independent pursuit of aggressive sales expansion in the domestic market in the second half of the year to maximize profits as the greatest benefit of the stake acquisition.
An Outofstock representative said, "We believe that further strengthening broad collaboration with overseas partners will contribute to the company's mid- to long-term development and profit increase," explaining the reason for the stake acquisition.
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