While AliExpress Korea and Gmarket will be incorporated into the joint venture, the two platforms will continue to be operated independently, according to Shinsegae.“Through this joint venture that combines our domestic distribution know-how with Alibaba's e-commerce and IT capabilities, we aim to expand the sales channels for domestic sellers' products on a global scale,” E-Mart said in its regulatory filing.
The joint venture, tentatively named Grand Opus Holdings, will be evenly shared by the two partners.E-Mart Inc.and Gmarket Inc., two online shopping affiliates of Shinsegae Group, said in their respective regulatory filings that Apolo Korea, a special-purpose company launched by E-Mart, and AliExpress International (Netherlands) B.V., an Alibaba Group affiliate, will establish the joint venture.
South Korea’s retail conglomerate Shinsegae Group has joined forces with Chinese online shopping giant Alibaba Group Holding Ltd.to better compete in Korea’s fast-paced online retail sector.Shinsegae Inc.said in a statement on Thursday it has forged a strategic partnership with the Chinese company and agreed to set up an e-commerce joint venture next year.
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