China’s Alibaba Group and the Korean department store chain Shinsegae have partnered strategically to improve Shinsegae’s standing in the South Korean e-commerce sector. The company reportedly stated in a regulatory filing that Shinsegae will contribute its 100 per cent ownership in the South Korean e-commerce site Gmarket to the joint venture.
In 2025, the joint venture will be established, incorporating Gmarket and AliExpress Korea. In a different announcement, Shinsegae stated that the two platforms will remain autonomous.
Gmarket’s 600,000 vendors will be able to access markets in China, the US, Europe, and Southeast Asia, among other countries, thanks to Shinsegae’s plan to use Alibaba’s extensive global network.
Earlier this year, Shinsegae named former Alibaba Korea executive Jeong Hyeong-gwon as Gmarket’s CEO.
