[Alpha Biz= Paul Lee] Shares of Zinus, a mattress and furniture subsidiary of Hyundai Department Store, are plummeting due to the impact of the Trump administration's "tariff bomb."
As of 10:47 AM on the 3rd, Zinus was trading at KRW 17,270, down KRW 4,330 (-20.05%) from the previous session.
The sharp decline is attributed to former U.S. President Donald Trump’s announcement on April 2 (local time) that a 25% retaliatory tariff would be imposed on products imported from South Korea into the U.S.
Trump also imposed tariffs ranging from 25% to 49% on other countries, with Indonesia facing a 32% tariff, which appears to have further exacerbated Zinus’s stock drop.
Zinus's Indonesian factory is its largest production site, supplying the majority of mattresses sold in the U.S. While Zinus has been expanding its global export markets since being acquired by Hyundai Department Store Group, its reliance on the U.S. market remains high, with revenue shares of 83.2% in 2022, 82.2% in 2023, and 79% in 2024.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
