Daiso is now a fully Korean entity

Daiso has become a fully Korean entity. Its parent company, AsungHMP, acquired the stake of Japanese stakeholder Daiso Sangyo for $380.8 million and now owns just over 84 percent of the company.

A Daiso store in Korea [ASUNGDAISO]

AsungHMP, the parent company of dollar-shop chain Daiso, has acquired the entire stake of its Japanese stakeholder, Daiso Sangyo, making the retailer a fully domestic Korean entity after 22 years.

The company — which is the largest stakeholder of AsungDaiso, the distributor overseeing Daiso operations in Korea — finalized the acquisition of a 34.21 percent share previously held by Daiso Sangyo, as confirmed by the company Tuesday. Media reports suggest that the acquisition cost amounted to 500 billion won ($380.8 million). The move propelled AsungHMP's ownership from 50.02 percent to 84.23 percent.

“We have decided to completely acquire Daiso Sangyo, aiming to re-establish ourselves as a home grown Korean store,” AsungDaiso said in a statement Tuesday. “We will continue making efforts for the stability of people's lives amid the challenges of a high-cost era.”

The company was established in 1997 under the name ASCO Even Plaza and became the first company to adopt the concept of uniform pricing in Korea. It changed its name from ASCO Even Plaza to Daiso in 2001 after receiving an investment of approximately 400 million yen ($305,000) from the Japanese retail chain of the same name, which was the country's original 100 yen store.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]