GS Retail and Pet Friends, the No.1 Pet Specialty Mall, Jointly Acquired

[Asia Economy Reporter Lim Chun-han] GS Retail announced on the 21st that it will jointly acquire the number one pet specialty mall "Pet Friends" with the private equity fund IMM Private Equity (IMM PE). The two companies will acquire 95% of Pet Friends' shares, with GS Retail acquiring 30% of the shares. This acquisition involves purchasing the existing shares held by Pet Friends CEO Kim Chang-won and VC investors.

This investment is aimed at strengthening GS Retail's pet category. Pet Friends operates a customer center where pet experts are available for consultation 24 hours a day, providing more than just simple customer satisfaction services. By recruiting star veterinarian Kim Myung-chul, they have internalized expertise and differentiated themselves through planning private brand (PB) products that reflect feedback from Pet Friends employees who own pets and customers.

GS Retail made its first investment in Pet Friends in 2017 and, after three additional rounds of investment, decided to jointly acquire the company with IMM PE. Through this joint acquisition, GS Retail expects to provide new customer experiences and value to 15 million pet owners. Pet Friends plans to introduce new services and brand collaboration products through partnerships with leading companies.

A GS Retail official stated, "In the rapidly growing pet economy market, we plan to continuously strive to provide services covering the entire life cycle of pets and to be an eternal partner and supporter for pet owners living with their pets."

This content was produced with the assistance of AI translation services.