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 [...]
SEOUL, June 22 (Korea Bizwire) — E-commerce giant Coupang Inc. faces arguably the worst crisis since its initial public offering in March over a recent fire at one of its warehouses that killed a firefighter. Coupang is under mounting public outcry over the death of the 52-year-old male firefighter, who was found dead last weekend [...]
SEOUL, June 22 (Korea Bizwire) — Naver Corp., South Korea’s top internet portal operator, said Tuesday it has decided not to join in the acquisition of eBay Korea, leaving retail giant Shinsegae Group as the sole bidder for the South Korean unit of the U.S. e-commerce giant. Last week, a consortium comprised of Shinsegae and [...]
SEOUL, June 21 (Korea Bizwire) — South Korea’s top online portal operator Naver Corp. has joined hands with logistics giant CJ Logistics Co. to expand its logistics infrastructure. The two parties announced on Sunday the establishment of an e-fulfillment center with a total floor space of 38,400 square meters in Gunpo, Gyeonggi province. The new [...]
SEOUL, June 17 (Korea Bizwire) — South Korean e-commerce giant Coupang Inc. said Thursday it will invest 220 billion won (US$195 million) to launch a new distribution center in the southeastern port city of Busan to spur its global capacities. Coupang said it will set up a new distribution center on a 170,000-square-meter tract of [...]
SEOUL, June 16 (Korea Bizwire) — A South Korean conglomerate Shinsegae-led consortium has been picked as the preferred bidder for eBay Korea, the South Korean unit of e-commerce giant eBay, beating its local rival Lotte Shopping and heralding a seismic change in the country’s e-commerce sector, industry sources said Wednesday. The Shinsegae-Naver consortium reportedly offered [...]
SEOUL, June 13 (Korea Bizwire) — The race to take over eBay Korea, the third-largest e-commerce operator, is expected to come to an end this week, in a deal that will shake up the country’s e-commerce retail segment, retail industry sources said Sunday. According to the sources, two retail behemoths — Shinsegae and Lotte Shopping [...]