SSG.com Secures 100 Billion KRW Investment in W Concept

[Asia Economy Reporter Lim Chun-han] SSG.com announced on the 16th that its subsidiary, the online women's fashion platform W Concept, has secured an investment worth 100 billion KRW.

This investment will proceed in the form of IMM Credit Solution (IMM CS) acquiring convertible preferred shares worth 100 billion KRW issued by W Concept. Through this process, the recognized corporate value of W Concept exceeds approximately 500 billion KRW, which is about twice the amount compared to when SSG.com acquired all shares for 265 billion KRW in May last year.

W Concept's total transaction amount last year recorded approximately 330 billion KRW, an increase of over 40% compared to the previous year. During the same period, operating profit increased more than fivefold, and both total members and new members grew by more than 50% compared to the previous year.

Kang Hee-seok, CEO of SSG.com, stated, “The investment funds will be used to expand W Concept's IT infrastructure, strengthen marketing, and discover and nurture new brands.” He added, “We will focus on maximizing the competitiveness of each platform to present Shinsegae Group's integrated online-offline complete digital ecosystem connecting W Concept, SSG.com, and E-Mart.”

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