A customer looks at vegetable packaging at an E-Mart store on Tuesday, August 30, 2022, in Seoul, South Korea.
Sung-jun Cho | Bloomberg | Getty Images
Emart, a unit of South Korean retailer Shinsegae Group, said on Thursday it plans to form a joint venture with Alibaba International.
The joint venture will be funded in part by Shinsegae Investment’s 100% stake in South Korean e-commerce platform Gmarket, Shinsegae said in a regulatory filing.
Shinsegae said in a separate statement that AliExpress Korea and Gmarket will be merged into the joint venture to be established in 2025.
November, Alibaba Group Holdings Quarterly sales missed analysts’ expectations as Chinese consumers cut back on spending and the world’s second-largest economy struggles amid a housing crisis and rising job insecurity among young people.
Meanwhile, Gmarket, the world’s fourth-largest e-commerce market according to Euromonitor data, has struggled with local e-commerce giants Coupang and Naver, while facing growing challenges from Chinese rivals such as AliExpress and Temu.
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