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.
Shinsegae and Lotte Shopping have submitted their bids to buy the country’s third largest e-tailer, sources told Yonhap.
While the two firms submitted their letters of intent for eBay Korea, other players named in the lead-up to the mega deal, mobile carrier SK Telecom and private equity firm MBK Partners, have dropped out, the sources said.
EBay’s Korean arm makes up around 11 percent of its overall business and has been up for sale since last year. The company has an estimated 12 percent share of Korea’s e-commerce market, which has heated up in the wake of Covid-19 with the likes of Coupang, Naver and more angling for a bigger slice of the lucrative, growing industry.
Holding 5 percent and 3 percent stakes of that market respectively, Lotte and Shinsegae have their roots in brick-and-mortar retail; a winning bid for eBay Korea could give either a major edge.
Reliance plans to open top-end luxury mall in Mumbai with LVMH and Kering brands set to open stores, marking retail expansion for brands in India.
This week’s round-up of global markets fashion business news also features South African clothing retailer Woolworths, Bahraini asset manager Investcorp and Indonesia’s threats to curb TikTok Shop.
Reliance Industries and Tata Group have launched multi-brand beauty retailers Tira and Tata Cliq Palette respectively in a challenge to incumbents like Nykaa, Purplle and Sephora.
This week’s round-up of global markets fashion business news also reveals the succession plan for an Indian retail billionaire, Kenya’s strategy to revitalise its textile industry and forced labour in Turkmenistan’s cotton harvest.