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    Home ยป eBay to Exit South Korean Market
    Indices News

    eBay to Exit South Korean Market

    June 16, 20211 Min Read
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    Global e-commerce giant eBay Inc. is selling its South Korean business to local companies for 4 trillion won.

    • The business will be sold to two South Korean retailer Shinsegae Group, and e-commerce leader Naver for an equivalent of $3.6 billion. Parties have yet to comment on the transaction.
    • The two South Korean firms teamed up in March by purchasing 250-billion won worth of stakes in each other’s affiliates, unifying their retail and e-commerce operations.
    • eBay Korea accounted for 12.8% of the market in 2020, making it the third-largest e-commerce firm. Its portfolio includes Gmarket, Auction, and G9.

    South Korea is the four-largest e-commerce market across the globe accounting for 35.8% in 2020.

    EBAY is up 0.18% premarket.

    Source: Financial Market

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