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

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

A customer looks at packages of vegetables at an E-Mart Inc. store in Seoul, South Korea, on Tuesday, Aug, 30, 2022.

SeongJoon Cho | Bloomberg | Getty Images

South Korean retailer Shinsegae 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.

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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.

In November, Alibaba Group Holding missed analysts’ estimates for quarterly sales as ******** consumers cut back on spending with the world’s second-largest economy struggling amid a property sector crisis and increased youth job insecurity.

Meanwhile, in South Korea’s e-commerce market, which is the world’s fourth-largest according to Euromonitor data, Gmarket has been struggling against local e-commerce giants Coupang and

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while facing increasing challenges from ******** rivals like

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and Temu.

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