Daiso is now fully Korean-owned after Asung HMP Co acquired a 34.2 per cent stake in the chain from Japanese shareholder Daiso Sangyo, reportedly for 500 billion won ($379 million).

With the acquisition, Asung HMP’s stake in Asungdaiso has increased from 50.02 per cent to 84.23 per cent, according to The Korea Herald.

The remaining 15.8 per cent stake in Asungdaiso is owned by Asung HMP chairman Park Jeong-bu’s two daughters.

Korean firm Asung established the retail chain ASCO Even Plaza in 1997, offering flat-rate products. Later, Asung received a 4.3 billion won investment from Daiso Sangyo and changed the store’s name to Daiso, which resonates with the Korean phrase “da isseo” meaning “we have everything.”

However, boycotts due to anti-Japanese sentiments hit Daiso’s operations in South Korea, and the company had to reiterate every time that Daiso Sangyo is only an investor and does not have a role in the management.

Asung noted that the acquisition marks a “crucial step” in transforming Daiso into a wholly Korean entity.

Further reading, Daiso eyes increasing its US store network more than 10 fold.