Alibaba, E-Mart to Create $4 Billion E-Commerce JV in Korea
- Companies announce JV deal in Korea, confirming earlier report
- Alibaba seeks inroads abroad as growth slows in China
This article is for subscribers only.
Alibaba Group Holding Ltd. agreed to form a joint venture for its South Korean operations with E-Mart Inc.’s e-commerce platform to better compete in the country’s fast-paced online retail sector.
AliExpress International and Gmarket are creating a 50-50 JV, according to a stock exchange filing by E-Mart which confirmed a report by Bloomberg News. The companies plan to make further investments in the JV, which will own 100% of Gmarket. Both Gmarket and AliExpress Korea will continue to operate their platforms independently.