Daiso store. (photo = Yonhap news)

 

[Alpha Biz= Reporter Kim Jisun] Asung Daiso, a flat-priced household goods store, said on the 28th that it has withdrawn all of its stores in China under the name of "Hasco" in the first half of last year.

Asung Daiso entered China in 2011. It operated up to 200 Hasco stores mainly in the form of 'shop-in-shop' in Beijing and Tianjin, mainly in Shanghai.

The company is said to have eventually closed its local business after suffering from a slowdown in China's economy and the outbreak of COVID-19.

Asung Daiso announced in December last year that its largest shareholder, Asung HMP, has been reborn as "a native Korean national store" by buying the entire 34.21% stake held by Japanese company Daisosankyo (Daechang Industrial), the second-largest shareholder.

Asung Daiso's sales and operating profit last year were 3.46 trillion won and 261.7 billion won, up 17.5 percent and 9.4 percent, respectively, from a year earlier.

 

 

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