South Korean discount chain operator Homeplus has joined Europe’s largest retail alliance, the firm said Thursday, in a first for an Asian retailer.
As a member of the European Marketing Distribution, Homeplus aims to deliver goods imported from the EU to Korean consumers at affordable prices while aiding Korean manufacturers in entering the European market, the company said in a statement.
|Homeplus CEO Im Il-soon (left) and European Marketing Distribution Managing Director Philippe Gruyters (right) hold certificates that show Homeplus’ EMD membership at the Panorama Resort in Pfaffikon, Switzerland, Wednesday. (Homeplus)|
It also revealed its goal to revive and boost its overseas sourcing capabilities, following its separation from British retailer Tesco in 2015.
Its volume of global sourcing dropped below an annual volume of 100 billion won ($88.6 million) after 2015, the firm noted, from an annual volume of over 500 billion won under Tesco.
The Korean retailer said its EMD membership would bring opportunities to collaborate with European members, including the sourcing of private-label brands and a range of other products, such as cereals, beers and batteries. The EMD, established in 1989, comprises 12 European retail giants, including Germany’s Markant, Spain’s Euromadi, and the Netherland’s Superunie.
Tesco had operated Homeplus until 2015, when it sold it to Asian private equity firm MBK partners.
By Jung Min-kyung ([email protected])
Source : koreaherald