[Company] Shinsegae Group Partners With Alibaba...Establishment of a 5/5 joint venture

Shinsegae Group has decided to join hands with China's Alibaba International.

The two companies said they will set up a joint venture, Grand Opus Holding, with a 5-to-5 investment ratio next year and incorporate Gmarket and AliExpress Korea as subsidiaries.

Once the cooperation is implemented, Gmarket sellers will have the opportunity to leverage the Alibaba platform to introduce their products to more than 200 countries in the future.

Shinsegae Group said the partnership will expand its presence in the global market and lay the foundation for new growth in domestic e-commerce.