Shinsegae, Alibaba Partner for E-Commerce Joint Venture

MT Newswires Live2024-12-27

South Korean retail group Shinsegae (KRX:004170) plans to establish a joint venture with Alibaba Group (HKG:9988) subsidiary Alibaba International in 2025, according to its affiliate E-Mart (KRX:139480) on Thursday.

Shinsegae will invest its full stake in the e-commerce platform Gmarket as part of the partnership.

The joint venture will comprise AliExpress Korea and Gmarket, though both platforms will continue operating independently, according to a Reuters report, citing a statement from Shinsegae.

Shares of Alibaba Group Holding fell nearly 1% while those of Shinsegae declined nearly 2% at market close on Friday. Shares of E-Mart plunged 10%.

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