Korea’s E-Land Group has closed a deal to sell its Modern House lifestyle business to MBK Partners for 700 billion won (US$626 million).

A final contract will see the business officially handed over this month. Established in 1996, the brand currently has annual sales of about 300 billion won.

MBK Partners will continue to run Modern House outlets in E-Land Retail’s properties for the next 10 years.

The company has also been discussing with E-Land the possibility of buying its restaurant chains, run by subsidiary company E-Land Park.

“Multiple potential buyers are showing interest in E-Land’s restaurants, but E-Land has decided to change course and continue to grow the value of its restaurants,” the group says, hoping the restaurants will create a synergy with its fashion and retail businesses.