Shinsegae Group Chairman Chung Yong-jin has been appointed as the first chairman of the board for Grand Opus Holding, the joint venture between Shinsegae and Alibaba, signaling a renewed push for Gmarket's growth through strategic collaboration.
Asian stock markets advanced, led by technology and AI-related shares, as strong US equity gains lifted sentiment; Japan's Nikkei hit new highs, Hong Kong tech stocks surged, and TSMC drove Taiwan's rally.
Shinsegae Group’s JV with Alibaba aims to reshape South Korea’s e-commerce market, with Emart set to ease losses by deconsolidating Gmarket, though doubts remain over core competitiveness as SSG.com and Gmarket continue to post losses.
The Korea Fair Trade Commission has conditionally approved the Shinsegae-Alibaba joint venture, requiring Gmarket and AliExpress to segregate domestic consumer data to address competition and data security concerns in South Korea's online cross-border e-commerce market.