The heads of the 2 sides signed a 250 billion received ($ 221 million) share swap settlement and strategic partnership settlement on the JW Marriott Lodge in Seoul earlier in the present day, mentioned. they acknowledged.

The ceremony was attended by E-mart CEO Kang Heui-seok and Shinsegae CEO Cha Jeong-ho, each from Shinsegae Group, in addition to Naver CEO Han Seong-sook and CEO of Naver Monetary Choi In-hyuk.

Below the deal, Naver will purchase 150 billion received of shares of the Shinsegae E-mart low cost chain operator to personal 2.96% and purchase 100 billion received from style retailer Shinsegae Worldwide for proudly owning 6.85%, in response to an organization regulatory report.

In return, E-mart and Shinsegae will purchase 250 billion received of Naver shares to collectively maintain 0.4%.

“We plan to determine a robust cooperation community that encompasses the complete retail, commerce, logistics and new enterprise sector,” Shinsegae Group mentioned in a press launch.

The group mentioned it might mix its retail experience, each on-line and in bodily shops, with Naver’s experience in working on-line platforms and synthetic intelligence know-how to supply the very best advantages to clients.

The retail large additionally mentioned it goals to create a brand new retail ecosystem through which they’ll work and develop with particular person sellers and small companies.

The transfer of the 2 firms comes as they search to maintain Coupang in verify, as he just lately made a outstanding debut on the New York Inventory Alternate.

Shinsegae Group mentioned that with Naver, he seeks to turn out to be the “strongest” within the retail scene. In line with the retailer, it has 20 million customers and Naver 54 million. Additionally from their partnership, they might convey collectively 450,000 sellers, their logistics networks and seven,300 offline shops throughout the nation.

By Jo He-rim (herim@heraldcorp.com)