Stock Market News

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

12/26/2024

Less than a minute

2024.12.26 03:01

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

© Reuters. Alibaba Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song

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.

12/26/2024

Less than a minute

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