Seoul Auction, 28 Billion KRW Paid-in Capital Increase Targeting Shinsegae

The scene of the 'Print Bakery' presented by Seoul Auction at Shinsegae Department Store Gangnam Branch in Seocho-gu, Seoul, in 2019.

[Asia Economy Reporter Donghyun Choi] Seoul Auction announced on the 30th that it has decided to conduct a third-party allotment paid-in capital increase worth 28 billion KRW targeting Shinsegae for investment in new businesses. The price per share is 32,681 KRW, and 856,767 new shares (4.82%) will be issued.

Seoul Auction and Shinsegae signed an agreement the day before to promote business cooperation and joint projects. Through this agreement, both companies will actively collaborate not only in the art business but also in new business sectors such as non-fungible tokens (NFTs) and the metaverse. Seoul Auction will secure Shinsegae’s customer base and supply foundation for various collectible items, while Shinsegae will secure a stable art supply line and a network in new business sectors.

The business areas covered by this agreement include three main sectors: ▲art business ▲BLACKLOT.COM business ▲NFT and metaverse business.

In the art business, both companies agreed to cooperate in art supply and conduct joint marketing activities targeting each company’s customers. Shinsegae has actively introduced artworks through galleries within its department stores.

To revitalize BLACKLOT, the open market platform launched by Seoul Auction last month, they will also explore cooperation through online and offline channels. In the new business sectors related to NFTs and the metaverse, they plan to share relevant technologies and networks and jointly work on securing original intellectual property (IP). They also plan to conduct mutual marketing for products such as NFTs by utilizing Seoul Auction’s Gangnam Center and Shinsegae department store spaces.

A Seoul Auction official stated, "We will not only cooperate within the current business framework but also prioritize discussions on newly emerging businesses and work on discovering new ventures."

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