GS Retail and SBS Invest 21.5 Billion KRW in Pet Shopping Mall 'AboutPet'

[Asia Economy Reporter Lim Chunhan] GS Retail announced on the 16th that it will expand its investment in its subsidiary AboutPet, a pet specialty shopping mall, in partnership with SBS. The total investment amount this time is about 21.5 billion KRW, with GS Retail bearing 8 billion KRW and SBS 13.5 billion KRW respectively.

AboutPet is a pet specialty online shopping mall launched by GS Retail last April. GS Retail plans to upgrade AboutPet into a pet platform combining commerce and content and grow it into the undisputed number one player in the pet market, which is expected to reach 10 trillion KRW by 2027.

SBS, which has secured pet-related content including TV Animal Farm, has been in a partnership with GS Retail since 2018, participating in pet product planning, and based on this, has joined the current investment.

Kim Kyunghwan, CEO of AboutPet, said, “AboutPet is the only platform in Korea that provides essential products, information, and content for pets as a one-stop service,” adding, “We will secure overwhelming competitiveness and develop into a total platform that manages everything throughout the pet’s life cycle.”

In the future, GS Retail and SBS plan to involve more companies from various fields as partners of AboutPet to expand synergy. A GS Retail official said, “There are many areas beyond the pet business where GS Retail can expand synergy with SBS,” and added, “We will strive to continuously review and expand strategic synergies between the numerous portfolio ventures owned by GS Retail and SBS.”

This content was produced with the assistance of AI translation services.