Gmarket’s Chief Executive Chung Hyung-kwon, who newly joined Shinsegae in June from Alibaba, expressed regret over the latest development at the company.“We have been constantly challenged by a shift in market rivalry and drastic changes in the business landscape over the past few years,” Chung said in a letter to Gmarket employees on Friday.“We have concluded that it is inevitable to make fundamental changes to overcome such challenges and ensure a sustainable business structure.”With Gmarket joining its sister companies in Shinsegae Group’s job cut wave, the groupwide restructuring is expected to gain traction, industry observers said.
In September last year when he was Shinsegae vice chairman, Chung also carried out one of the group’s most radical executive reshuffles, replacing CEOs of its two business pillars – E-Mart and Shinsegae Department Store.“As Chairman Chung is strongly determined to transform the group this year, Shinsegae is expected to continue revamping throughout this year,” said an official from the Korean retail industry.
Gmarket Inc.will cut jobs for the first time since it was acquired by South Korea’s retail giant Shinsegae Group in 2021, joining the group’s workforce reduction rush this year under the leadership of its new chief striving to turn around the retail group grappling with losses at its key units.
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