Pet brand 'Pesroom' received an investment of 28 billion won from SK Group. SK Networks (CEO: Ho-jung Lee) announced on the 30th that it had completed the 28 billion won investment in BMSMILE.

SK Networks will become the second largest shareholder through this strategic investment by purchasing 135,811 new shares of BMW Smile, securing a 10% stake.

On the 27th, a commemorative event was held at the SK Networks Samil Building with representatives from both companies, including Choi Sung-hwan, President of SK Networks Business Division, Ryu Sung-hee, Head of Sustainability Management Division, and Park Bong-soo, CEO of BM Smile.

SK Networks evaluated BM Smile as "the only company in Korea to have established a vertical integration system related to the pet industry," and introduced it as "the flagship brand 'Pesroom' has established itself as an unrivaled pet brand representing K-pet, and is carrying out various pet care-related businesses such as sand, pet supplies, and pet tech."

It was also evaluated that the company owns a design intellectual property (IP) specialized subsidiary, 'Wiggle Wiggle'. SK Networks stated, "Wiggle Wiggle is a lifestyle brand that has achieved steady growth for over 10 years, and is expanding its performance not only with its existing products but also through partnerships with various domestic and foreign companies." SK Networks said, " We decided on this investment after noticing the industrial growth potential of the pet care market," and "We also considered various possibilities of strategic cooperation with BM Smile, and we expect synergy through entry into the pet-related market using SK Magic and partnerships between the lifestyle brand Wiggle Wiggle and Walkerhill."

He added, "We plan to strengthen the competitiveness of both companies through strategic collaboration with BMW Smile going forward, while pursuing continuous innovation as a 'business investment company' to enhance business competitiveness." BMW Smile, which has strengths in marketing with its 'Pethroom,' was established in September 2018 and started out with bathroom products for pets, expanding its business to various products as well as feed and cat litter.

It is one of the few external auditing firms among domestic pet companies. Last year, it recorded a net loss of 1.573 billion won on sales of 33.7 billion won. It suffered a deficit in the process of diversifying its business to cat litter and expanding its appearance.

Source: Smart Today ( https://www.smarttoday.co.kr )