The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The South Korean retail group and tech giant are joining forces as the country’s e-commerce arms race heats up, The Korea Herald reports.
In addition to a strategic partnership agreement the companies signed this week, Naver will buy 150 billion won (around $133 million) and 100 billion won ($88.8 million) worth of stocks in Shinsegae’s discount store operator E-mart and fashion arm Shinsegae International respectively. In turn, the two companies will buy 250 billion won ($222 million) in Naver shares amounting to 0.4 percent of the business.
By fusing Shinsegae’s online and offline retail prowess with Naver’s advanced tech ecosystem, the move will aim to create a powerful retail ecosystem and bring together 450,000 sellers and 74 million users. The partnershipi comes on the back of e-commerce giant Coupang’s $4.6 billion US IPO and amid reports that Shinsegae Group is circling eBay’s Korean business, which was the market’s third-largest e-commerce firm in 2020 with a 12.8 percent market share, according to Euromonitor.
People of Indian and Pakistani heritage are critical to the UAE’s fashion sector, leading billion-dollar retail empires, trading textiles and jewellery and stitching garments for Middle Eastern brands.
Influencer Irene Kim and V&A curator Rosalie Kim join Chanel executive Yana Peel to chart South Korea’s rise to global creative juggernaut.
BoF sits down with Zainab Abdulrazzaq, founder of 3oud.com and organiser of the Oud Fashion Talks, to discover the next steps for the event, designed to cement Kuwait’s place on the international fashion map.
The World Economic Forum in Davos, a retail convention in New York and menswear shows in Paris will command the industry’s attention. Plus, what else to watch for this week.