Shinsegae Establishes Joint Venture with Alibaba International.

South Korean retailer Shinsegae plans to form a joint venture with Alibaba International, its affiliate E-Mart announced on Thursday. The joint venture will be formed by Shinsegae investing its 100% stake in South Korean e-commerce platform Gmarket. AliExpress Korea and Gmarket will be incorporated into the joint venture, which is set to be established in 2025. However, the two platforms will continue to be operated independently. The move comes as Alibaba Group Holding missed analysts’ estimates for quarterly sales in November, with Chinese consumers cutting back on spending amid a struggling economy. Meanwhile, Gmarket has been facing challenges in South Korea’s e-commerce market, which is the world’s fourth-largest, from local giants Coupang and Naver as well as Chinese rivals like AliExpress and Temu.