Hyundai Department Store Group Denies Reviewing SK Store Acquisition Rumors

SK Store Also Denies the Rumors

Hyundai Department Store Group has dismissed rumors regarding its acquisition of SK Store, the T-commerce subsidiary of SK Group.

According to industry sources on September 9, Hyundai Department Store Group stated that it is "not considering" acquiring SK Store, following reports that the group was reviewing such a deal. SK Store also commented, "We have never considered a sale."

SK Store is one of the leading T-commerce companies in South Korea. It was launched as "B Shopping" by SK Broadband in 2015 and was spun off as SK Store in 2017. In 2019, SK Telecom acquired 100% of its shares, making it a subsidiary. Last year, SK Store recorded 302.3 billion won in revenue and 8.1 billion won in operating profit, continuing its growth trend.

Previously, SK Telecom had considered selling SK Store, but it is currently reported that the process has been temporarily suspended.