SK Networks Co. Ltd., a $17 billion Seoul-based global marketing company, has acquired Obzee Co. Ltd. and its affiliate brands Y & Kei and Hanii Y.
With a $60 million, five-year investment plan, SK Networks plans to bolster marketing and merchandising for both labels, which were started by the husband-and-wife design team of Hanii Yoon and Gene Kang. The brands generate $100 million in turnover and $10 million in profits annually. The designers, who retain their titles as creative directors, will relocate from Seoul to Manhattan, where SK Networks will open a design center to focus on broadening the pair's global marketing efforts.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)