China’s Kutesmart to Take Control of Assets Tied to South Korea’s apM for USD73 Million
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Kutesmart, a Chinese clothing maker, plans to acquire control of subsidiaries owned by South Korea's apM Group for approximately USD73 million. The deal involves purchasing stakes in apM's 13 subsidiaries in Seoul's Dongdaemun area, which serve around 1,100 fashion brands. The acquisition aims to enhance Kutesmart's production capabilities and expand its presence in the Korean market, leveraging its AI technology for commercialization. A formal contract is expected by May, with the acquisition completion set for July. Kutesmart's shares rose 0.8% following the announcement.
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