Hanssem Co., South Korea’s leading home furnishing company, is making a push into China with a US$74 million investment planned for next year.
The company, which is sometimes referred to as the “Korean IKEA” will open its first shop in Shanghai shopping in July 2017 while also launching an ecommerce platform offering its home design, furnishings and kitchenware.
Yonhap reports that Hanssem generates 99 percent of its revenue domestically, but looks to tap into overseas markets as competition at home with the arrival Swedish furniture giant IKEA and more local rivals makes for a more competitive market.
Thanks to strong demand Hanssem posted $413 million in sales in the third quarter –its largest quarterly profit since 2011.
(Source: brandinginasia.com)
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