SEOUL, Jan. 20 (Korea Bizwire) — As the dominance of the top three players — Naver Corp., Coupang Inc. and SSG.com — is solidifying in the South Korean e-commerce market, latecomers are adopting drastic differentiation and transformation strategies. Wemakeprice Inc., a local open market operator, added a special button that is connected to SSG.com to [...]
SEOUL, Nov. 29 (Korea Bizwire) — Competition is heating up among South Korean e-commerce operators to get the upper hand in the market. Regardless of losses, they are making aggressive investments while focusing on increasing their market share. Investment has primarily focused on logistics centers and marketing. E-commerce giant Coupang Inc., which recently raised funds [...]
SEOUL, Nov. 12 (Korea Bizwire) — South Korean e-commerce giant Coupang Inc. on Friday reported a sharp increase in net losses for the third quarter despite record-high sales revenue, due largely to operational costs and investment. Net losses over the July-September period came to US$323.97 million, up 87 percent from US$173 million a year before, [...]
SEOUL, Oct. 29 (Korea Bizwire) — South Korea’s antitrust regulator said Friday it has approved a deal by E-Mart Inc., a discount store chain under Shinsegae Group, to buy the Korean unit of U.S. e-commerce giant eBay Inc. In June, E-Mart signed a deal with eBay to acquire an 80 percent stake in eBay Korea [...]
SEOUL, Oct. 29 (Korea Bizwire) — South Korean online grocery delivery platform Market Kurly said Friday it aims to go public in the domestic market in 2022 as part of efforts to help hone its competitiveness. Market Kurly said it has picked NH Investment and two other brokerage houses as co-lead managers for its initial [...]
SEOUL, Aug. 13 (Korea Bizwire) — SSG.com, the online mall arm of South Korean retail giant Shinsegae Group, said Friday it started preparing for a listing on the local stock market. SSG.com said the company requested major local securities submit bids for the selection of a lead manager for its initial public offering (IPO). “Company [...]
SEOUL, Aug. 12 (Korea Bizwire) — South Korean e-commerce giant Coupang Inc. said Thursday its sales hit a new high in the second quarter of the year, but it posted big losses due largely to a one-off cost. Sales stood at US$4.48 billion in the April-June period, up 71 percent from a year earlier, the [...]
SEOUL, July 9 (Korea Bizwire) — South Korean online grocery delivery platform Market Kurly has attracted 225.4 billion won (US$196 million) in new investments and is seeking to make a domestic stock market debut, its operator said Friday. Kurly said global asset manager Millennium Management and local logistics giant CJ Logistics Co. have made new [...]
SEOUL, July 6 (Korea Bizwire) — After stoking a series of controversies, including a fire at a logistics center and a poor working conditions, e-commerce giant Coupang Inc. is now facing a government investigation into alleged unfair practices. The Korea Fair Trade Commission (KFTC) recently noted that Coupang might have violated the Fair Trade Law [...]
SEOUL, June 24 (Korea Bizwire) — E-Mart Inc., a discount store chain under Shinsegae Group, said Thursday it has signed an agreement with eBay Inc. to acquire an 80 percent stake in its South Korean e-commerce unit for 3.44 trillion won (US$3.05 billion), a move expected to bring about a seismic shift in the local [...]