SM Entertainment forges business ties with Vietnam's IPP Group

Lim Chang-won Reporter Posted : 2018-05-14 13:56 Updated : 2018-05-14 13:56
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[SM Entertainment]

SEOUL -- South Korea's top showbiz group SM Entertainment, home to EXO, Red Velvet and other popular bands, has established a business alliance with Vietnam's IPP Group to expand its presence in Southeast Asia.

SM said Monday that it signed a memorandum of understanding (MOU) with the IMEX Pan Pacific (IPP) Group during a ceremony last week in Seoul. IPP controls a majority of the Vietnamese market in distributing Chanel, Burberry, Cartier and other foreign luxury brands.

The deal calls for the joint cultivation of local talent and cooperation in marketing and creating contents. Vietnam is emerging as a major K-pop market in Southeast Asia.