Naver-Shinsegae Speeds Up Distribution Alliance

[Infostock Daily=Reporter Lee Ji-sun] On the 16th, Naver and Shinsegae Group held a board meeting and decided to exchange 250 billion won worth of shares.

Naver will purchase a KRW 1,000 billion stake in Shinsegae International and a KRW 150 billion stake in E-Mart, while E-Mart and Shinsegae will purchase Naver's own shares worth KRW 150 billion and KRW 1,000 billion, respectively.

The industry cited "Coupang's listing" as the background of the two companies' hasty exchange of shares.

Through this agreement, the two companies will strengthen cooperation in all areas of the distribution industry, such as expanding online and offline commerce areas, strengthening logistics competitiveness, finding new services based on new technologies, and growth of small and medium-sized sellers.

Also, Naver's artificial intelligence (AI) and robot technology will be used to introduce a new upgraded retail tech service to customers.

Reporter Lee Ji-sun stockmk2020@gmail.com