Chinese e-commerce giant Alibaba Group has agreed to collaborate with South Korean hypermarket operator E-Mart to establish a new e-commerce platform in South Korea. According to a report by Bloomberg yesterday,celebrity tits a regulatory filing from E-Mart revealed that Alibaba’s AliExpress International and a South Korean online shopping platform will form a joint venture next year, each with a 50% stake. The JV will incorporate Gmarket and AliExpress Korea as subsidiaries, with both continuing to operate independent platforms. The report, citing anonymous sources familiar with the matter, said the new entity is valued at approximately $4 billion. Alibaba has no immediate response. [Bloomberg]
