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Biz News Korea(Eng)
Shinsegae taps PE firms to raise $940 mn to strengthen ecommerce biz
- Collected
- 2018.01.26
- Distributed
- 2018.01.29
- Source
- Go Direct
The company said on Friday it signed a memorandum of understanding with BRV Capital Management and Affinity Equity Partners for investment in its planned new ecommerce company.
BRV is a venture capital firm targeting tech companies in Asia and the United States, whose investments include Paypal, the online payment service provider.
Shinsegae currently runs an online platform SSG.com where its department store and affiliate supermarket chain E-Mart operate as separate units. It plans to merge the two online divisions to set up a new ecommerce company within the year.
The new entity would be devoted exclusively to ecommerce, allowing for joint investment and streamlined decision-making, said Shinsegae.
With reinforced online operation, the retailer aims to increase its annual sales by fivefold to 10 trillion won to become the No. 1 ecommerce player in Korea by 2023.
By Lee Han-na and Kim Hyo-jin
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