, South Korea

Regulator greenlights E-Mart’s purchase of eBay Korea

The Fair Trade Commission believes the approval will spur competition in the retail sector.

South Korea's antitrust regulator Fair Trade Commission has approved a deal by Shinsegae Group’s discount store chain E-Mart to buy the Korean unit of US-based e-commerce giant eBay, Yonhap reportey.

The Fair Trade Commission said that the move, which is expected to close within this year, is not expected to hamper market competition, adding that the approval will help spur new competition in the retail sector.

In June, E-Mart signed a deal with eBay to acquire an 80% stake in eBay Korea for $2.9b (KRW3.44t). With the acquisition, E-Mart's parent and retail giant Shinsegae Group is expected to take on local e-commerce rivals such as Coupang.

EBay Korea took up the third spot in the country's online shopping market last year with a share of 12%. Internet giant Naver held the top spot with 17%, followed by Coupang with 13%.

 

Follow the link s for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

India’s e-commerce market to reach $147.3b in 2024
It will be driven by the expanding internet penetration and better digital payment infrastructure.
E-commerce
Food colors market to reach $5.42b by 2031
Still, the market growth is constrained by strict regulations.

Exclusives

Brands told to come clean about beauty care
Consumers are more discerning and can easily spot fake ingredient claims.
Swarovski cracks TikTok to scale luxury amongst Gen Zs
The Austrian glassmaker is working with influencers to connect with the Singaporean market.
Starbucks Korea opens high-tech store in Seoul
Its first reserve-only branch features AR art installations and a Mixology Bar.
Decathlon gets closer to hybrid Singaporean shoppers through pick-up service
The world’s largest sporting goods retailer lets clients pick up online orders on the go.Decathlon is building on the success of its pick-up service in Singapore as it progresses toward its target of having 37 locations in the city-state in the next two years, its top official said.