South Korea’s retail giant E-Land Group is considering restructuring its food and beverage (F&B) business by selling struggling dining and café brands to focus on core restaurant chains, industry sources said on Wednesday.
Eland Eats Co., the group’s F&B unit, selected Samjong KPMG, the South Korean member firm of the global audit and advisory firm KPMG, as an advisor to divest six dining brands and three café chains, according to the sources.
The company, which currently operates 19 F&B brands, will keep its core buffet restaurant chains – Ashley and Nature Kitchen, the sources said.
“With buffe brands like Ashley Queens enjoying healthy growth, Eland Eats is considering various measures, including the sale of some brands, for focus and concentration,” said a company source. Ashley Queens is Ashley’s high-end brand.
The buffet chain’s sales have been recovering through its rebranding efforts. Ashley made up about 70% of Eland Eats’ total sales in 2023, according to the sources.
By Jongwoo Cheon
jwcheon@hankyung.com
Jennifer Nicholson-Breen edited this article.
