Shinsegae-Alibaba JV wins approval, launch set for Oct.

Korean retailer Shinsegae Group said Thursday its joint venture (JV) with Alibaba International has received regulatory approval to launch next month. The 50:50 joint company was cleared by the Korea Fair Trade Commission (KFTC) based on self-correction measures related to customer data protection and information management, Shinsegae said in a press release. The partnership with Alibaba aims to create synergies through a cooperative ecosystem with the global platform and to improve efficiency that will help expand its market share in the domestic online retail market, Shinsegae said in a press release. "This strategic alliance with Alibaba will serve as a gateway for the 600,000 registered sellers on the Gmarket platform to access international markets with about 20 million products within this year," it added. The initial target markets include Singapore, Vietnam, Thailand, Malaysia and the Philippines, where demand for K-pop and Korean products is growing. In the longer term, the JV plans to expand into 200 markets in Europe, South Asia, Latin America and the United States, where AlibaWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times