South Korea’s Shinsegae to set up joint venture with Alibaba International

SEOUL (Reuters) – South Korean retailer Shinsegae Group plans to set up a joint venture with Alibaba International, Shinsegae affiliate E-Mart said on Thursday.

The joint venture will be formed partly by Shinsegae investing its 100% stake in South Korean e-commerce platform Gmarket, it said in a regulatory filing.

AliExpress Korea and Gmarket will be incorporated into the joint venture, which will be set up in 2025. But the two platforms will continue to be operated independently, Shinsegae said in a separate statement.

(Reporting by Joyce Lee; Editing by Christian Schmollinger and Shri Navaratnam)

Brought to you by www.srnnews.com

Click here to read the full article