News

Stores

Paul Howell

, Korea

Published:

3 years ago

Shinsegae enters $221m share swap deal with portal operator Naver

The two companies agreed to collaborate in a meeting last January.

Shinsegae Group and South Korea's portal operator Naver have agreed to a share swap deal valued at $221m (KRW250b) amidst intensifying competition in the country’s online retail sector, Yonhap reported based on a bourse filing.

Under the agreement, Naver will buy $132.69m (KRW150b) worth of stocks in Shinsegae's discount store chain operator E-Mart to own 2.96% and purchase $88.46m (KRW100b) worth of stocks in fashion retailer Shinsegae International to own 6.85%.

In return, E-Mart and Shinsegae will purchase $221.15m (KRW250b) worth of Naver shares to hold a combined 0.4%.

The two companies warmed ties after Shinsegae Group vice chairman Chung Yong-jin and Naver co-founder Lee Hae-jin agreed to collaborate in the e-commerce sector during a meeting in January.

The latest agreement comes as competition in South Korea's online retail sector is set to intensify after Coupang's debut on the New York Stock Exchange last week.

Read: Weekly News Wrap: Burner phone sales surge in Hong Kong's shops; Coupang surges to $109b in US debut

Also Read

Filipino shoppers still prefer bricks over clicks

Hermès revamps Takashimaya flagship store in Singapore

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!

I want to download the media kit

Top News

Technology offers solution to India’s food waste crisis in restaurants

It can also help improve efficiency and support sustainable practices in the industry.

Technology

22 hours ago

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

22 hours ago

Food colors market to reach $5.42b by 2031

Still, the market growth is constrained by strict regulations.

1 day ago

Thailand foodservice industry moves to cage-free eggs amidst ethical demand

It is driven by consumers’ expectations for humane treatment of animals.

1 day ago

Exclusives

Brands told to come clean about beauty care

Consumers are more discerning and can easily spot fake ingredient claims.

1 day ago

Swarovski cracks TikTok to scale luxury amongst Gen Zs

The Austrian glassmaker is working with influencers to connect with the Singaporean market.

4 days ago

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.

Stores