Attention! South Korea's Shinsegae and Naver will launch luxury e-commerce platforms

Naver and Shinsegae are expected to launch a luxury shopping platform in June or July this year after acquiring shares in another company, The Korea Times reported .

It is reported that as early as the 16th, Shinsegae Group and its supermarket brand Emart issued an announcement stating that the company exchanged equity worth 250 billion won (about 1.437 billion yuan) with Naver, the largest portal website in South Korea, to strengthen the online and offline strategic cooperation between the two parties and strive for the throne of the retail industry .

On the same day, Shinsegae Group and Naver held a signing ceremony, announcing to strengthen all-round cooperation in e-commerce, logistics, membership programs, etc. Emart and Shinsegae Group exchanged 150 billion won and 100 billion won of stocks with Naver respectively.

824,176 shares (2.96%) of Emart and 389,106 shares (0.24%) of Naver , and 488,998 shares (6.85%) of Shinsegae International and 259,404 shares (0.16%) of Naver will be exchanged, respectively.

Shinsegae Group expects that Emart's offline shopping experience and Shinsegae Department Store's fashion, beauty and luxury goods will have a competitive advantage, and after combining with the shopping platform of e-commerce giant Naver , it is expected to provide more convenient and innovative services.

While the tie-up could help streamline Shinsegae ’s logistics operations and boost gross merchandise volume , Naver is betting on its partner’s luxury credentials to bolster its advertising, e-commerce and fintech services. The two companies are also reportedly in talks to merge their membership systems.

in addition, Shinsegae International , a subsidiary of Shinsegae , is the largest importer of luxury brands in South Korea and could become the leading online supplier of high-end goods in the South Korean market as shopping continues to shift online after the pandemic .

Despite its size, Coupang has yet to stock top luxury brands , so luxury shopping platforms launched by Shinsegae and Naver will be more attractive and competitive.

Currently, South Korea's e-commerce industry is developing rapidly. Major e-commerce platforms are further expanding their market size and looking for new business strategies. South Korea's online shopping market will also grow rapidly.

South Korea

E-commerce

Luxury