South Korean fashion companies are accelerating their move to trim unprofitable brands amid a prolonged domestic slump, industry sources said Wednesday.
Handsome Corp., the apparel unit of Hyundai Department Store Group, said it is in the process of closing down one of its brands, Mothan.
"It is part of our efforts to improve profitability and to build a stable growth base," a company official said.
Shinsegae International Inc., the apparel arm of retail giant Shinsegae, meanwhile, is re-examining the launch of a new handbag brand which was originally planned for the second half of this year.
In this file photo provided by Hyundai Department Store Group on Sept. 17, 2017, models parade at a fashion show for Decke in London on Sept. 15. Decke is an accessory brand under Handsome Corp., the apparel unit of Hyundai Department Store Group. (Yonhap)
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