Fournisseur d'usine de robinetterie iVIGA
The takeover battle for Korea’s largest home furnishing company is heating up.
With the entry of Korean retail giant, LX Group, the takeover concours pour HANSSEM Accueil s'intensifie. Précédemment, Le grand magasin Shinsegae en Corée du Sud, Hyundai Livart, une filiale du grand magasin Hyundai, and Korea’s Lotte announced their intention to acquire HANSSEM in conjunction with South Korean private equity firm IMM PrivateEquity (IMM), mais avec l'ajout de LXHausys, une entreprise de matériaux de construction appartenant au groupe LX (once part of LG), one of Korea’s top 50 corporate groups, la reprise s'étend. The takeover camp is expanding.
If LX Hausys acquires HANSSEM, the number one company in the interior design and building materials industry, the landscape of the Korean building materials and interior design industry will be shaken up dramatically. The market share of the top players would be recalculated.
According to Korean media sources, LX Hausys held a board meeting on 6 September and announced that it would invest 300 milliards de won (RMB 1.7 milliard) as a strategic investor in a private equity fund that IMM plans to set up to acquire HANSSEM. Cependant, the final investment has not yet been confirmed.
Lotte, Shinsegae and Hyundai Department Store Group have already announced their plans to participate in the acquisition. LX Hausys is considered to have the most competitive advantage given the synergies with HANSSEM’s business.
With the recent divestment of LX Group from LG Group, its business scope has been expanded from traditional building materials to the whole house. Les matériaux de construction représentent environ 70% of LX Hausys’ ventes, covering windows, portes, sol, panneaux, marbre artificiel et plus. La division a enregistré des ventes de KRW 659.6 billion in the second quarter of this year, en haut 25% année après année. LX Hausys has the largest market share in the window category for real estate projects in Korea. It also has strength in high value-added product lines such as marble kitchen sinks and PF insulation.
HANSSEM has an overwhelming presence in the Korean retail market, ayant commencé avec des meubles de cuisine en 1970 puis des meubles d'intérieur en 1997, and has now expanded its business to include building materials such as bathrooms, windows and flooring. It is currently the number one market player in Korea in kitchen furniture and interior furniture. Its core dealers, quality shops and the number of shops are the most important reasons for attracting the acquirer.
Selon les médias coréens, HANSSEM has showrooms and oversized experience centers in 15 key locations in the areas of Bangbae-dong, Seocho-gu, Seoul, Nunhyeon-dong, Gangnam-gu, Pangyo-dong, Daegu et Hanam-si, Corée. HANSSEM products are exclusively available at these locations, ainsi que 550 online shops for re-house remodeling, 240 magasins de meubles de cuisine et 80 flagship interior design shops.
HANSSEM employs 8,000 people specializing in remodeling and 2,500 dans la vente de design d'intérieur. The company’s sales last year (267.5 milliards de KRW) more than quadrupled from the previous year (65 milliards de KRW), the highest result since its founding. Its online channel, the HANSSEM Mall, which provides information on customizing new homes, moving houses and children’s rooms, has seen positive sales growth since the first quarter of last year. Il attire actuellement 3 million customers per month.
Dans 2020, son B2C (rénovation et cuisines) la division a vu un 23% year-on-year increase in sales. De ceci, Reloger, which offers total remodeling solutions, grandi par 33.3%. HANSSEM’s kitchen sales for second homes account for 27.5% du total des ventes par 2020. Ensemble avec le 30.6% of online and offline sales from the sale of furniture and home furnishings, the B2C business accounts for 69.1%.
|
HANSSEM’s Revenue for FY2020 |
||
| Données comptables clés | 2020 | 2019 |
| Revenu | 2,067,469 | 1,698,372 |
| Bénéfice brut | 542,309 | 473,522 |
| Résultat opérationnel | 93,107 | 55,772 |
| Revenu avant impôt | 95,490 | 74,459 |
| Net profit growth | 66,841 | 42,715 |
| Croissance du total des actifs | 1,229,510 | 1,202,638 |
| Increase in total liabilities | 600,608 | 589,339 |
| Total number of shareholders | 628,902 | 613,299 |
| LONG | 5.3% | 3.6% |
| CHEVREUIL | 10.4% | 7.0% |
| Total current ratio | 118.5% | 117.5% |
| Total debt ratio | 95.6% | 96.1% |
| Total borrowings and bonds payable | 5.4% | 5.60% |
| Résultat par action Dividende par action | 3,766 | 2,423 |
| Compiled by Kitchen News from public data | 1,300 | 1,200 |
Kitchen and Bath Information based on public data
In the second quarter of 2021, sales and operating profit increased by 9.6% et 22.6% respectively compared to the previous year. Remodeling segment sales increased by 24.6 percent year on year.
|
HANSSEM’s Performance in the First Half of 2021 |
||||||
| Données comptables clés | ‘20.2Q | '20.3Q | '20.4Q | '21.1Q | '21.2Q | Croissance |
| Ventes | 5,190 | 5 037 | 5,521 | 5 531 | 5 687 | +9.6% |
| Operating Profit
Profit Before Tax |
226 | 237 | 296 | 252 | 277 | +22.6% |
| 4.3% | 4.7% | 5.4% | 4.6% | 4.9% | +0.6%p | |
| Profit And Loss For The Period | 211 | 266 | 300 | 269 | 321 | +52.1% |
| 4.1% | 5.3% | 5.4% | 4.9% | 5.6% | +1.5%p | |
| Croissance
Rénovation |
145 | 190 | 203 | 196 | 243 | +67.6% |
| 2.8% | 3.8% | 3.7% | 3.6% | 4.3% | +1.5%p | |
| Maison | 1,911 | 1,998 | 2,291 | 2,080 | 2,382 | +24.6% |
| B2b | 1,558 | 1,576 | 1758 | 1 902 | 1 671 | +7.0% |
| Autre | 1,087 | 963 | 973 | 1,047 | 1,079 | -0.8% |
| Ventes | 634 | 500 | 499 | 502 | 555 | -12.4% |
Kitchen and Bath Information based on public data
Despite the growth in size, HANSSEM’s overseas subsidiaries have not been as successful. The sales growth rates of HANSSEM’s US and Chinese subsidiaries have also slowed down each year for the past three years. L'année dernière, sales of the two subsidiaries fell by 10.2% et 3.9% respectivement, while the Chinese subsidiary experienced a double-digit decline. The decline continued in the first and second quarters of this year as well with negative growth of 17.3% et 45.7%.
HANSSEM était déjà présent en Chine au début des années 1990 lorsqu'il a créé Beijing HANSSEM Home Products Co Ltd et a investi dans une usine de fabrication d'armoires à Pékin en 1995. Elle exerce des activités d'ingénierie et s'est associée à de grandes entreprises du secteur de l'ameublement pour développer certains projets d'ingénierie..
It was found that the shareholder of Beijing HANSSEM Home Products Co Ltd, Hansem (Chine) Investment Co Ltd, had increased its registered capital in 2020, but this year Beijing HANSSEM Home Products Co Ltd had a succession of changes in legal representatives, réalisateurs, shareholders and other members in February.
Il convient de noter qu'au début de cette année, des médias ont rapporté que la plupart des cadres coréens du HANSSEM en poste en Chine avaient été licenciés les uns après les autres à la fin. 2018 et tôt 2019. Some of the Chinese employees of Chinese origin are looking for their next homes, and some have even already found their next homes. They are only awaiting the arrival of significant redundancy compensation.
The previously announced deal for IMM to acquire a 30.21% stake and management rights is reportedly worth 1.5 mille milliards de won (RMB 8.3 milliard).
IMM will review Lotte’s and LX Hausys’ investment and identify a partner as early as mid-September. Actuellement, Lotte has officially announced that it is “considering participation” and LX Hausys has announced that it will invest 300 billion KRW as a strategic investment. Following the completion of the acquisition of HANSSEM, IMM expects to develop it into the largest operator in the online and offline indoor home market.
