Exclusive SK Networks to buy fashion brand

By Park Si-soo

SK Group will buy fashion brand Steve J & Yoni P for 10 billion won ($9.35 million), sources said Wednesday.

SK Networks, the group’s retail and trading affiliate, paid about 3 billion won to the brand’s owner ― Steve J (Jung Hyuk-seo) and Yoni P (Bae Seung-yeon) ― as a contract deposit and will pay the rest in the near future, they said.

SK Networks acquired another fashion brand, Obzee, in 2007. So the latest acquisition hints that the company is looking to expand its operation in the fashion business.

Steve J and Yoni P are a fashion designer couple. They launched the brand in 2010 and have a strong appeal to fashion-sensitive people for their creative designs. Well-known customers of the brand include K-pop diva Lee Hyori, actress Kong Hyo-jin and fashion model Han Hye-jin.

Yoni P did not deny the deal, but refused to elaborate on the matter. “I will let you know when the deal is completed,” she told The Korea Times.