Shinsegae’s E-Mart Discount Chain And Alibaba To Form Korean Joint Venture [Forbes]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Forbes
Shinsegae Co. signage is displayed outside one of the company's department stores in Seoul, South Korea. SeongJoon Cho/Bloomberg S outh Korean discount chain E-Mart, a unit of tycoon Chung Yong-jin 's retail conglomerate Shinsegae, has agreed to form a joint venture in South Korea with Chinese e-commerce giant Alibaba. “Through a joint venture that combines our domestic distribution know-how and Alibaba's e-commerce/IT capabilities, we will expand the sales channels for domestic sellers' products to be sold and distributed worldwide on a global platform and pursue mutual benefits through this,” E-Mart said in a regulatory filing Thursday. The news sent shares of E-Mart up 5.45%, giving it a market cap of 2.1 trillion won (about $1.4 billion). The new joint venture company, called Grand Opus Holding, will be launched in 2025 and will be owned equally by E-Mart subsidiary Apollo Korea and Alibaba's AliExpress International (Netherlands). “The company will work with Alibaba
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