Southeast Asia-based e-commerce platform Qoo10 Pte. AK Holdings announced on Wednesday that it has signed an agreement to acquire AK Mall, the online shopping affiliate of South Korean department store chain AK Plaza, for 510 million won ($377,778). did.
Last year, AK Holdings' e-commerce business, centered on AK Mall, recorded sales of 37 billion won and total assets of 48.1 billion won.
Interpark Commerce Co., Qoo10's Korean subsidiary, said the strategic partnership between Qoo10 and AK Plaza will strengthen the online businesses of both companies by supporting the Korean manufacturer's global expansion.
Through this partnership, Qoo10 aims to expand sales of its products worldwide, including to Korean department store chains.
AK Plaza will focus on its core business of offline shopping malls, while accelerating sales of department store products through Qoo10 and Interpark Commerce.
Kim Dong-sik, CEO of Interpark Commerce, said, “The partnership between AK Mall and Qoo10 will strengthen Interpark Commerce's position in the global online market and increase sales opportunities for domestic and foreign manufacturers.” Stated.
Qoo10 was founded by Ku Young Bae, who pioneered the Korean e-commerce market by launching Interpark in 1995. He founded another Korean online shopping platform, GMarket, in his 2000 and sold it to US e-commerce giant eBay in 2009.
In 2010, due to a 10-year re-entry ban under an agreement with eBay, Ku shifted his focus to other Asian markets. He founded his Qoo10 in Singapore and Japan, and his platforms locally in Southeast Asia, China and India.
With the 10-year ban expiring, Qoo10 acquired Korean e-commerce operators including TMON Inc., Interpark Corp., and WeMakePrice Inc.
Last month, the company announced it would acquire U.S. online marketplace Wish from Nasdaq-listed ContextLogic Inc. for $173 million to expand its presence in the U.S. and Europe.
Earlier this week, Interpark launched an online shopping platform in conjunction with Qoo10's overseas sales channel. The new platform will sell AK Mall products.
AK Mall's products will be exported to Southeast Asia, the United States, and Europe through the Qoo10 and Wish platforms. Qoo10's logistics division Qxpress Pte. is responsible for the distribution and delivery of products in Korea and overseas.
Qoo10's competitiveness in e-commerce, network spanning nearly 200 countries, and logistics capabilities will provide new opportunities for major brands and manufacturers, retail industry insiders said.
Write destination Yang Jiyun yang@hankyung.com
Kim Ji-hyun edited this article.
