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피터빈트

Mounting losses force LS Networks to fold fashion brands

By 황유미

Published : Sept. 22, 2016 - 13:24

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[THE INVESTOR] LS Networks has decided to shut down all its fashion businesses except for Prospecs, according to news reports on Sept. 21.

The company has five more brands including Skechers, Mont Bell and Peak Performance, and its performance peaked in 2012 with a 948 billion won (US$857.92 million) turnover. But since 2013 with a 5 billion won operating loss, it has failed to return to black, and its net loss snowballed to 68.3 billion won in 2015.
K-pop group Sista poses with Skechers sneakers K-pop group Sista poses with Skechers sneakers


LS Networks will enter into a company-wide restructuring, dissolving all teams except for those necessary to operate the domestic sports brand Prospecs.

The apparel and trading company is already in talks with the US and Japanese headquarters of Skechers and Mont Bell.

On Sept. 22, the Korea Exchange requested the company to comment on the reports.

By Hwang You-mee (glamazon@heraldcorp.com)

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