Lotte, Shinsegae Bid for eBay Korea
08 June, 2021
Retail giants Lotte and Shinsegae are actually bidding against the other person to dominate eBay Korea, which operates on the net stores Auction and Gmarket.
According to industry insiders, Lotte Store shopping and Shinsegae's E-Mart possessed both submitted letters of intent prior to the noon deadline in Monday. E-Mart has produced a consortium with Naver in which the portal operator could have a 10 to 20 percent stake.
Two other potential bidders, SK Telecom and MBK, didn't in the end post their letters of intent. MBK in a affirmation said, "Though we didn't send a letter of intent today, we're watching it with fascination."
Despite their lead in offline retail, Lotte and Shinsegae have performed poorly in the e-commerce market, lagging behind Naver and Coupang.
Naver comes with an 18 percent show of the web shopping industry and Coupang 13 percent, compared to Lotte's five percent and Shinsegae's three percent. If either of these acquires eBay Korea with its 12 percent marketplace share, they might immediately rise to second place on the market.
The recommended bidder will be announced in a few days.
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