E-Land sells Teenie Weenie to Chinese fashion brand
September 06, 2016 - China
In an effort to reduce its debt, South Korean retailer E-Land Group has sold its casual clothing brand Teenie Weenie to a Chinese women's fashion brand for $890.7 million or one trillion won. Teenie Weenie, which is available in 1,200 stores across China, is owned by the group's Chinese arm and was bought by V-Grass, a high-end Chinese apparel brand.
“Teenie Weenie was among the most profitable assets of E-Land having reported 90.3 billion won in net profit in 2015, with an operating margin of 34 per cent,” South Korean news agencies reported.
The Group is facing extreme pressure due to its liabilities, of which 4.5 trillion won must be repaid within a year. (AR)