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Alibaba, South Korea’s E-Mart form $4b joint ecommerce deal
Alibaba Group has partnered with E-Mart Inc. to establish a 50-50 joint venture combining its South Korean operations with E-Mart’s ecommerce platform.
This new entity will integrate AliExpress International with Gmarket, as outlined in a stock exchange filing by E-Mart.
The companies plan to invest further in the venture, which sources indicate could be valued at approximately US$4 billion.
The joint venture aims to compete with local ecommerce leaders like Naver Corp. and Coupang Inc., especially as South Korea’s economic landscape faces declining consumer confidence.
Recent Alibaba developments
| Timeline |
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26-Dec-2024 🤝 Alibaba, South Korea’s Shinsegae to form joint venture in 2025
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26-Dec-2024 🛒 Alibaba said to merge South Korea’s E-Mart in $4b deal
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19-Dec-2024 🤖 Alibaba splits AI team to focus on consumers, businesses
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17-Dec-2024 💰 Alibaba to sell Intime department store at $1.3b loss
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17-Dec-2024 🚀 Alibaba launches $150m fund for AI startups
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