NEW YORK — Wal-Mart Stores Inc. is selling its South Korean retail business to Shinsegae Co. for $882 million, the retailer said Monday.
Shinsegae, which operates 79 E-Mart hypermarkets in South Korea, will convert the 16 Wal-Mart Korea stores to the E-Mart nameplate.
“As we continue to focus our efforts where we can have the greatest impact on our growth strategy, it became increasingly clear that in South Korea’s current environment it would be difficult for us to reach the scale we desired,” said Mike Duke, vice chairman of Wal-Mart Stores, in a statement.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"