IMM Private Equity to acquire 60 percent of Korean fashion retailer W Concept Korea

The Korean asset manager IMM Private Equity has announced it will be acquiring a 60 percent stake in fashion retailer W Concept Korea from its parent firm ISE Commerce, for 61.2 billion won (circa 54.2 million dollars).

After the deal closes, ISE Commerce will retain a 20 percent holding in the fashion brand, according to a regulatory filing.

The purchase will be made through the private equity firm’s IMM Rose Gold III Fund with payment in cash expected to be carried out from November, 30 to December, 29.

IMM is acquiring W Concept with its third funding round worth 1.5 billion US dollars.

W Concept, launched in 2008, operates an online store selling local designer brands. It reported a net income of 1.76 billion won in 2016, up 85 percent compared to 2015.

IMM Rose Gold III specialises in medium and large-sized companies in the consumer, retail, food and beverage, industrials, health care, technology, media, financial services and manufacturing sectors.