South Korea's Shinsegae to set up joint venture with Alibaba International (updated)

E-Mart

26/12/2024 07:53

(Changes sourcing, adds details)
       SEOUL, Dec 26 (Reuters) - South Korean retailer
Shinsegae  004170.KS  Group plans to set up a joint venture with
Alibaba International, Shinsegae affiliate E-Mart  139480.KS 
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)
 ((joyce.lee@tr.com;))