[Featured Stock] "Catch Coupang"... Shinsegae's Aggressive Move into Open Market Boosts Shares
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[Asia Economy Reporter Ji Yeon-jin] Shinsegae is showing strong performance in the KOSPI market on the 25th. This appears to reflect aggressive investment news, including the announcement that Shinsegae's integrated online mall SSG.com will start an open market.
As of 10:40 AM on the day, Shinsegae is trading at 279,500 KRW, up 10,000 KRW (3.52%) compared to the previous day.
Earlier, SSG.com announced plans to pilot the open market starting from the 20th of next month and to officially launch the service within the first half of the year.
An open market is a distribution format where various sellers enter an online mall to sell products, with Coupang being the leader. Gmarket and Auction, operated by eBay Korea which is up for sale, are also open market shopping malls. Shinsegae Group is considering acquiring eBay Korea.
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Meanwhile, Shinsegae announced after the market closed the previous day that it has decided to invest 10 billion KRW in its subsidiary Mindmark, which specializes in producing commerce-related content.
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