[Exclusive] Hancom Group's 'Hancom Jewelry' to Shut Down, Another New Business Liquidated

[비즈한국] It has been confirmed that Hancom Group (Hancom030520 Group) has decided to liquidate its affiliate, Hancom Jewelry (formerly IBC Jewelry). Hancom Group had entered the jewelry business as part of its new business initiatives, but after failing to achieve the expected results, it ultimately decided on liquidation.

Hancom headquarters in Seongnam, Gyeonggi Province. Photo = Reporter Park Eun-sook

Hancom Group acquired Hancom Jewelry in 2021. Hancom Jewelry is the corporation that operates the jewelry brand 'Mollis.' Subsequently, in 2022, Hancom Jewelry acquired Lisaco Jewelry, a company operated by renowned jewelry designer Lisa Kim.

At the time, Hancom Group stated that it had acquired the jewelry companies to expand its new business ventures. The plan was to promote an NFT (Non-Fungible Token) business based on gold and jewelry through Hancom With054920's NFT trading platform, 'Hancom Artpia.' To this end, Hancom Group also acquired Hancom Gold Exchange in 2020.

However, Hancom Group's NFT business did not achieve significant success. As public interest in NFTs waned, it failed to generate the expected revenue. Hancom Artpia eventually went through liquidation procedures last year (Related Article: Hancom Group's NFT platform 'Hancom Artpia' ultimately liquidated).

Even after the liquidation of Hancom Artpia, Hancom Gold Exchange and Hancom Jewelry continued their operations independently. Hancom Gold Exchange recorded decent results last year with 431.6 billion KRW in revenue and 340.65 million KRW in operating profit. However, Hancom Jewelry posted a net loss of 2.6 billion KRW on 3.6 billion KRW in revenue last year.

Ultimately, Hancom Group decided to liquidate Hancom Jewelry. According to the corporate registry, the board of directors of Hancom Jewelry resolved to dissolve the company this March. Once the dissolution process is complete, Hancom Jewelry is set to proceed with liquidation. A Hancom Group official stated, "We decided on the liquidation because the profitability of Hancom Jewelry was poor, and we plan to discontinue the jewelry-related business."