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South Korea's retail mogul Shinsegae Group has attracted 1 trillion won (US$938 million) to bolster its e-commerce business.
The conglomerate said it has signed a memorandum of understanding with two foreign investment firms including BRV Capital Management to raise funds worth over 1 trillion won for its new commerce unit.
With the new project, Shinsegae plans to hive off the online business divisions of Shinsegae Department Store and its discount store chain E-Mart Inc. The group also plans to launch a brand new affiliate dedicated to its e-commerce business, which will eventually take on a role as the group's key distribution channel.
Last year, each of Shinsegae's E-Mart mall and online department store exceeded one trillion won in annual sales, with the group seeking to wrest the top position in the domestic e-commerce industry.
The business group also said it is seeking to make inroads into the U.S. food market with E-Mart's premium food brand "PK Market".
[저작권자(c) YTN 무단전재, 재배포 및 AI 데이터 활용 금지]
The conglomerate said it has signed a memorandum of understanding with two foreign investment firms including BRV Capital Management to raise funds worth over 1 trillion won for its new commerce unit.
With the new project, Shinsegae plans to hive off the online business divisions of Shinsegae Department Store and its discount store chain E-Mart Inc. The group also plans to launch a brand new affiliate dedicated to its e-commerce business, which will eventually take on a role as the group's key distribution channel.
Last year, each of Shinsegae's E-Mart mall and online department store exceeded one trillion won in annual sales, with the group seeking to wrest the top position in the domestic e-commerce industry.
The business group also said it is seeking to make inroads into the U.S. food market with E-Mart's premium food brand "PK Market".
[저작권자(c) YTN 무단전재, 재배포 및 AI 데이터 활용 금지]