WPF Holdings, Inc. (OTC PINK: WPFHD) announces today that it has acquired online and e-commerce assets from KPOP 1004 operations. This reflects the more technology-focused direction of WPF Holdings and modifies and closes out the acquisition agreement prior to being announced between the parties. KPOP 1004 has received 10,000 shares of WPF Holdings common stock along with agreements to operate as the sole distributor of all K-Pop and K-Beauty products for WPF Holdings and its subsidiaries.
As part of the asset acquisition, WPF Holdings will form a subsidiary company called K-Shop and will place all of these acquired assets and operations within the newly formed company. KPOP 1004 will operate as the sole distributor for all K-Pop and K-Beauty merchandise for K-Shop.
KPOP 1004 is the largest K-Pop retailer in the United States (by square footage). The asset acquisition and exclusive online license are designed to leverage WPF Holdings’ marketing and technology to increase sales and grab online K-Pop fans who are not able to visit the retail locations.
In addition to the online presence, K-Shop will also provide physical kiosks in every KPOP 1004 location to allow for consumers to purchase online-only or non-stocked items. K-Shop plans to expand its kiosk program beyond the initial location in the Ontario Mills Mall (CA), San Francisco Premium Outlet (CA), Westfield Valencia Town Center (CA), and Las Vegas South Premium Outlets (NV) to several additional locations in multiple states by the end of 2023. K-Shop plans to focus on the rapidly growing K-Beauty market, which accounts for $10.3 Billion in revenue and is estimated to grow to $31.6 Billion by 2029.Source: EIN News