South Korea's Shinsegae to set up JV with Alibaba International

World's fourth largest e-commerce market has become more competitive

Shinsegae is to invest its 100% stake in South Korean e-commerce platform Gmarket in JV. (Education Images/Universal Images Group via Getty Images)

December 26, 2024 20:16 JST

SEOUL (Reuters) -- South Korean retailer Shinsegae plans to set up a joint venture with Alibaba International, Shinsegae affiliate E-Mart said on Thursday.

The joint venture will be formed partly by Shinsegae investing its 100% stake in South Korean e-commerce platform Gmarket, it said in a regulatory filing.