By Joyce Lee and Hyunjoo Jin
SEOUL (Reuters) -South Korean retailer Shinsegae (KS:004170) plans to arrange a three way partnership with Alibaba (NYSE:BABA) Worldwide, Shinsegae affiliate E-Mart mentioned on Thursday.
The three way partnership will likely be fashioned partly by Shinsegae investing its 100% stake in South Korean e-commerce platform Gmarket, it mentioned in a regulatory submitting.
AliExpress Korea and Gmarket will likely be integrated into the three way partnership, which will likely be arrange in 2025. However the two platforms will proceed to be operated independently, Shinsegae mentioned in a separate assertion.
In November, Alibaba Group Holding missed analysts’ estimates for quarterly gross sales as Chinese language customers in the reduction of on spending with the world’s second-largest economic system struggling amid a property sector disaster and elevated youth job insecurity.
In the meantime, in South Korea’s e-commerce market which is the world’s fourth-largest in line with Euromonitor information, Gmarket has been struggling towards native e-commerce giants Coupang and Naver whereas dealing with growing challenges from Chinese language rivals like AliExpress and Temu.
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