Homeplus
Retailer / private label
UnclaimedSouth Korean discount retailer operating hypermarkets, supermarkets, convenience stores, and online shopping services.
Last updated November 4, 2026
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Overview
Homeplus is a South Korean mass-market retail brand and one of the country's largest operators of hypermarkets. Its stores combine grocery retail with general merchandise, clothing, household goods, consumer electronics, and other everyday products. The business also operates Homeplus Express supermarkets, the 365 Plus convenience-store format, and an online shopping service. Its retail proposition is built around one-stop shopping, broad product assortment, private-label and value-oriented goods, and neighborhood accessibility through smaller stores. The business began in 1997 as the distribution business of Samsung C&T Corporation, opening its first hypermarket in Daegu and a second location in West Busan. In 1999, Samsung C&T entered a joint venture with Tesco, creating Samsung Tesco Co., Ltd. Tesco contributed international retail experience while the Korean operation expanded the domestic store network. The partnership helped Homeplus become a major competitor in Korea's hypermarket sector, alongside E-mart and Lotte Mart. A major expansion step came in 2008, when the Tesco-controlled business acquired Homever's Korean hypermarkets. Homever had been created after E.Land Retail acquired Carrefour's Korean operations in 2006. The transaction brought dozens of additional stores into the Homeplus network, which were subsequently rebranded under the Homeplus name. This strengthened the chain's national footprint and accelerated its position as South Korea's second-largest retailer by store scale and sales prominence behind Shinsegae Group's E-mart chain. In 2011, after the expiration of a mutual-use agreement with Samsung Group, the corporate name changed from Samsung Tesco Co., Ltd. to Homeplus Co., Ltd. The same year, the company expanded beyond the hypermarket format by opening its first Homeplus 365 convenience store. Over time, the portfolio developed into a multi-format retail network spanning large hypermarkets, Homeplus Express supermarkets, convenience stores, and e-commerce. In September 2015, the business was sold to MBK Partners in a transaction involving the Canada Pension Plan Investment Board and Singapore's Temasek Holdings. The acquisition was financed with substantial debt. According to the cited reference material, subsequent sale-and-leaseback transactions involving store assets increased the company's lease obligations while acquisition-related interest costs remained a burden. These financial pressures later coincided with credit-rating downgrades and a deterioration in the company's financial position. Homeplus entered corporate rehabilitation proceedings in March 2025 after a series of credit-rating downgrades. The proceedings and related financing difficulties placed the retailer's store network, suppliers, employees, bondholders, and landlords under pressure. Prosecutors also sought arrest warrants for MBK chairman Michael ByungJu Kim and three other executives over allegations connected with the sale of short-term bonds before the rehabilitation filing; these were allegations rather than established findings in the supplied material. The reference material describes further restructuring difficulties in 2025 and 2026, including the termination of a rehabilitation proposal after the company failed to secure the required rescue financing, a nationwide temporary suspension of store operations in July 2026, emergency operating funds from Meritz Financial Group, and the reopening of 67 stores in August 2026. These later events should be independently verified because they are future-dated relative to many standard historical accounts of Homeplus. Homeplus nevertheless remains a significant case in South Korean retail because its history reflects the shift from department-store-centered shopping toward hypermarkets, the internationalization of Korean retail, aggressive consolidation, private-equity ownership, and the financial risks associated with leveraged buyouts and sale-and-leaseback structures.
History
Homeplus traces its origins to 1997, when Samsung C&T Corporation established a distribution business and opened its first hypermarket in Daegu, followed by a second location in West Busan. The early format sought to combine the scale and assortment of a hypermarket with the everyday shopping needs of Korean households. The business entered a major international partnership in 1999 when Samsung C&T and Tesco formed Samsung Tesco Co., Ltd. The joint venture provided the Korean operation with access to Tesco's international retail expertise and supported the expansion of a national store network. The Korean retail market became increasingly competitive as large-format operators expanded across groceries, household products, clothing, appliances, and other general merchandise. Homeplus developed as one of the leading domestic hypermarket chains, competing particularly with E-mart and Lotte Mart. Its model emphasized broad selection and one-stop shopping, while later formats addressed different shopping missions and locations. In 2006, E.Land Retail acquired Carrefour's Korean operations and renamed the business Homever. Homever operated approximately three dozen hypermarkets. Tesco acquired the Homever network in 2008, and the stores were converted to the Homeplus brand. This acquisition significantly enlarged Homeplus's physical presence and helped consolidate the Korean hypermarket sector. On March 1, 2011, the company changed its corporate name from Samsung Tesco Co., Ltd. to Homeplus Co., Ltd. after the expiration of a mutual-use agreement with Samsung Group. The brand continued to trade as Homeplus while broadening its operating formats. On November 22, 2011, it opened the first Homeplus 365 convenience store. The group subsequently operated large Homeplus hypermarkets, Homeplus Express supermarkets, 365 Plus convenience stores, and an online shopping service. The assortment across these channels included fresh and packaged food, beverages, apparel, household goods, consumer electronics, appliances, and other daily necessities. In September 2015, MBK Partners acquired Homeplus in a transaction involving the Canada Pension Plan Investment Board and Temasek Holdings. The deal was valued at approximately £4.2 billion in the supplied reference material. Because this figure is a financial claim, it is not repeated elsewhere without additional transaction documentation. The acquisition left the company carrying significant debt. The supplied account says that MBK later used sale-and-leaseback transactions involving store assets to reduce acquisition-related debt, but that the structure increased lease payments and left the company exposed to both rent-like obligations and interest expense. Financial strain became more visible in the 2020s. In March 2025, Homeplus filed for corporate rehabilitation with the Seoul Bankruptcy Court following credit-rating downgrades. The restructuring affected the company's relationships with employees, suppliers, creditors, landlords, and customers. The same episode also generated a criminal investigation into the sale of short-term bonds before the rehabilitation filing. Prosecutors reportedly sought warrants for MBK chairman Michael ByungJu Kim and three other executives over alleged fraud and alleged violations of South Korea's Capital Markets Act. The supplied material does not establish the final legal outcome and the allegations should not be treated as convictions. The supplied reference further describes an unsuccessful rehabilitation proposal, a financing requirement of at least 200 billion won, a nationwide temporary suspension of store operations in July 2026, emergency funding from Meritz Financial Group, and the reopening of 67 stores in August 2026. These events are retained as reference-based entries but require verification against contemporary court, company, and news sources. Homeplus's broader historical significance lies in the development of Korean hypermarket retail, the integration of international and domestic retail practices, the consolidation of Carrefour and Homever assets, the growth of multi-format shopping, and the financial consequences of private-equity ownership in a capital-intensive retail business.
- 2025
Corporate rehabilitation filing
[1]Homeplus filed for corporate rehabilitation after credit-rating downgrades and mounting financial pressure.
- 2015
MBK Partners acquires Homeplus
[1]MBK Partners acquired the business with participation from the Canada Pension Plan Investment Board and Temasek Holdings.
- 2011
Corporate name changes to Homeplus
[1]The company changed its legal name from Samsung Tesco Co., Ltd. to Homeplus Co., Ltd. after the Samsung mutual-use agreement expired.
- 2011
Homeplus 365 launches
[1]The first Homeplus 365 convenience store opened, extending the group beyond the hypermarket format.
- 2008
Homever stores acquired and rebranded
[1]Tesco acquired Homever's Korean hypermarkets, which were subsequently rebranded as Homeplus stores.
- 2006
Carrefour Korea becomes Homever
[1]E.Land Retail acquired Carrefour's Korean operations and renamed the business Homever.
- 1999
Samsung Tesco joint venture formed
[1]Samsung C&T and Tesco established Samsung Tesco Co., Ltd., creating the corporate structure that drove Homeplus's early national expansion.
- 1997
First Homeplus hypermarkets open
[1]Samsung C&T's distribution business opened Homeplus's first hypermarket in Daegu and a second store in West Busan.
Products and positioning
A broad-assortment, value-oriented Korean retail network offering one-stop shopping through large hypermarkets, neighborhood supermarkets, convenience stores, and online channels.
Hypermarket · 1997
Homeplus hypermarkets
The core Homeplus format offers a large, one-stop assortment covering fresh food, packaged groceries, beverages, household supplies, apparel, appliances, electronics, and general merchandise. Hypermarkets serve as the brand's principal destination format and support the broadest product range in the network.
Supermarket
Homeplus Express
Homeplus Express is the group's smaller supermarket format designed for more frequent and geographically convenient shopping. Its assortment is centered on groceries, fresh food, beverages, household necessities, and other products suited to neighborhood missions.
Convenience store · 2011
365 Plus
365 Plus extended the Homeplus portfolio into convenience retail. The first store opened in 2011, providing a smaller-format channel for everyday food, beverages, household necessities, and quick purchases.
E-commerce
Homeplus online shopping service
The online service provides digital access to Homeplus's grocery and general-merchandise assortment, complementing the physical store network and allowing customers to shop across food, household products, appliances, and other daily-use categories.
Controversies
2025
Investigation into short-term bond sales before rehabilitation filing
South Korean prosecutors reportedly sought arrest warrants for MBK chairman Michael ByungJu Kim and three other executives over alleged fraud and alleged violations of the Capital Markets Act connected with Homeplus short-term bond sales before the corporate rehabilitation filing. The supplied material does not provide a final adjudication.
2022
Homeplus fined over supplier promotion costs
South Korea's Fair Trade Commission fined Homeplus 2.42 billion won and ordered it to correct its business practice over shifting discount-promotion costs to suppliers and delaying supplier contracts. Homeplus said it respected the decision and would take measures to prevent recurrence.
2022
South Korea fines Homeplus for passing promotion costs to suppliers
South Korea's Fair Trade Commission decided to fine Homeplus 2.42 billion won for unfairly passing sales promotion costs to subcontractors. The regulator said Homeplus Express made 45 suppliers bear costs without related prior contracts.
2021
South Korea's antitrust regulator fines Homeplus
South Korea's antitrust regulator fined Homeplus 468 million won for unfairly passing sales promotion costs to contractors. The Korea Fair Trade Commission said Homeplus had made multiple suppliers shoulder costs without prior related contracts and ordered corrective measures.
Brand decisions
2025
Corporate rehabilitation filingStrategyBackground
Credit-rating downgrades and financial pressure followed years of debt, interest, and lease obligations.
Action taken
Homeplus filed for corporate rehabilitation with the Seoul Bankruptcy Court.
Aftermath
The filing initiated a court-supervised restructuring process and intensified scrutiny of the company's financing and bond sales.
2015
Sale to MBK PartnersM&ABackground
Tesco sold its Korean retail operation as part of a broader portfolio and capital-allocation decision.
Action taken
MBK Partners acquired Homeplus with backing from the Canada Pension Plan Investment Board and Temasek Holdings.
Aftermath
The acquisition created significant financial obligations. The supplied reference associates subsequent sale-and-leaseback transactions with higher lease costs and continuing interest burdens.
Reported transaction value. £4.2 billion (September 2015 transaction)
2011
Expansion into convenience retailStrategyBackground
Homeplus sought to complement its large hypermarkets with smaller formats that could serve more frequent and localized shopping needs.
Action taken
The company opened its first Homeplus 365 convenience store.
Aftermath
Homeplus developed a multi-format portfolio spanning hypermarkets, supermarkets, convenience stores, and online retail.
2008
Acquisition of Homever's Korean hypermarketsM&ABackground
Homever had assembled Carrefour's former Korean operations under E.Land Retail, giving it a substantial network of hypermarkets.
Action taken
Tesco acquired the Homever stores and converted them to the Homeplus brand.
Aftermath
The transaction expanded Homeplus's national store footprint and strengthened its position among South Korea's leading hypermarket operators.
Recent events
Reported
Homeplus fined over supplier promotion costs[2]
South Korea's Fair Trade Commission fined Homeplus 2.42 billion won and ordered it to correct its business practice over shifting discount-promotion costs to suppliers and delaying supplier contracts. Homeplus said it respected the decision and would take measures to prevent recurrence.
Reported
South Korea fines Homeplus for passing promotion costs to suppliers[3]
South Korea's Fair Trade Commission decided to fine Homeplus 2.42 billion won for unfairly passing sales promotion costs to subcontractors. The regulator said Homeplus Express made 45 suppliers bear costs without related prior contracts.
- Unconfirmed
Reported
Homeplus appoints Lee Jae-hoon as CEO[5]
Homeplus appointed Lee Jae-hoon, then CEO of Carver Korea, as its new CEO. He was scheduled to begin work the following month.
Reported
South Korea's antitrust regulator fines Homeplus[4]
South Korea's antitrust regulator fined Homeplus 468 million won for unfairly passing sales promotion costs to contractors. The Korea Fair Trade Commission said Homeplus had made multiple suppliers shoulder costs without prior related contracts and ordered corrective measures.
Sources5 sources
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