SK Holdings to invest $60 million in American fashion brands

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SK Holdings to invest $60 million in American fashion brands

SK Holdings, the holding firm of Korean energy and telecoms conglomerate SK Group, said Monday that it has decided to invest a combined $60 million in two North American fashion brands in a bid to diversify its revenue sources.

SK Holdings said it will make the investment in Canada-based Mackage and U.S.-based fashion firm Alice+Olivia.

The deal follows the purchase of a stake in a Chinese meat-processing firm last month. SK Holdings did not reveal the value of the deal.

SK Holdings has been moving to transform into an investment entity. In July, SK Holdings also decided to buy a stake in Chinese logistics developer ESR for 372 billion won ($334 million).

ESR, China’s No. 2 logistics firm, operates 112 logistics centers in China, Japan, Singapore and other nations, and has some 200 customers around the globe.

In September, SK Holdings invested in TURO, one of the major U.S. car-sharing companies.


YONHAP

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