Alibaba Group Holding Ltd. has formed a joint venture with E-Mart Inc.’s e-commerce platform in South Korea to expand its presence in the country’s fast-growing online retail market. The new 50-50 joint venture will be owned by AliExpress International and Gmarket, both of which will continue to operate independently on their respective platforms.
The partnership aims to help Alibaba improve its competitiveness in Korea, where growth has been slowing down in China. By leveraging E-Mart’s existing e-commerce expertise, the JV plans to make further investments and expand its offerings, capitalizing on South Korea’s thriving online retail landscape. The $4 billion joint venture is expected to play a significant role in Alibaba’s expansion strategy outside of China.
Source: https://www.bloomberg.com/news/articles/2024-12-26/alibaba-is-said-to-near-4-billion-deal-with-korea-s-e-mart