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Deepti Sri · · 1 min readReport: Line’s parent firm in talks for tie-up with retailer Emart
“South Korea’s internet giant Naver is in talks to form a capital alliance with retailer Emart to counter the meteoric rise of Coupang, the ecommerce leader that made a blockbuster IPO in New York last week,” Nikkei reported.
Details:
- Emart and Naver, the parent firm of messaging app Line, are in the final stages of an agreement, which may be struck as early as this week.
- To tap into the retail industry, Naver will leverage Emart’s shipping knowledge.
Context:
- Recently, SoftBank-backed Coupang raised about US$4.6 billion in the biggest US listing so far this year. Its valuation rose to over US$100 billion.
- The development comes after Coupang posted a 91% surge in sales on the year for 2020.
Editing by Collin Furtado and Eileen C. Ang
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