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Jung Yong-jin, Chairman of Shinsegae Group. (Photo = Shinsegae Group) |
[Alpha Biz= Kim Jisun] The two groups' e-commerce platforms, Gmarket and AliExpress Korea, will be brought under a joint venture structure.
Amid the intensifying concentration of the domestic e-commerce market on players like Coupang and Naver, this partnership is drawing attention as a potential breakthrough for survival.
Shinsegae Group announced the establishment of a joint venture, "Grand Opus Holdings," in collaboration with Alibaba's subsidiary, Alibaba International.
The equity stake will be split 50-50, with Shinsegae Group contributing Gmarket as a form of in-kind investment.
As a result, the joint venture, which is set to launch next year, will incorporate Gmarket and AliExpress Korea as subsidiaries. However, both platforms will continue to operate independently, as they do currently.
Bloomberg, citing unnamed sources familiar with the matter, reported that the joint venture is expected to have a valuation of $4 billion (approximately 6 trillion KRW).
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
