Park Jin-hai primarily focuses on K-dramas, entertainment shows and actor interviews. Beyond that, she also pens articles covering the broader arts scene, with a particular emphasis on classical music, dance and various aspects of lifestyle. Since joining The Korea Times in 2013, she has made significant contributions in the realms of hallyu (Korean wave), industry news and international affairs.
Hyosung to take over importer of Ferrari, Maserati
By Park Jin-hai
Hyosung Group will take over FMK, the official dealer for Italian supercars Ferrari and Maserati.
Hyosung is already an official importer of Mercedes-Benz, Toyota and Lexus brands.
It said Wednesday it would buy the entire 100 percent stake in FMK, an affiliate of DongA One, for 20 billion won.
Flour maker DongA One is selling FMK shares to improve its financial structure.
DongA One, which posted 77.6 billion won in net profit last year, is selling its assets including affiliates and plants worth nearly 100 billion won.
Hyosung said it wanted to expand its auto imports operation.
“It will create synergy to boost our existing import car business,” said a company official.
Maserati sold 723 vehicles here last year, up 500 percent from a year earlier.
In February, visiting Maserati Japan CEO Fabrizio Cazzoli said Korea was the country with the fastest purchasing growth in the Asia Pacific region and that he expected to see another 70 percent growth in sales this year.
Thanks to the success of the Maserati brand, FMK has been expanding its showrooms and service centers throughout the country.
With its added supercar lineups, and the existing business that posted nearly 500 billion won in sales in 2013, Hyosung’s share of the imported car market will grow.