Jeong Hyeong-kwon, CEO of G Market, noted to employees that employment relations and operations would remain unchanged even after the establishment of a joint venture with China's Alibaba Group.
According to related industry sources on the 27th, CEO Jeong stated in an internal notice the previous day, "There will be no changes to G Market employees' employment relations due to the establishment of the joint venture," adding, "Even after becoming a joint company, G Market remains a subsidiary of Shinsegae Group. There will be little change in the operation of G Market."
Earlier, on the previous day, Shinsegae Group announced the establishment of a joint venture with Alibaba International to strengthen its competitiveness in the domestic e-commerce market. The investment ratio is set at 50-50, and by 2025, G Market and AliExpress Korea will be incorporated as subsidiaries of the joint venture.
CEO Jeong said, "The market is becoming increasingly competitive, and the leading corporations have solidified their positions," adding, "We decided to establish the joint venture to respond more proactively to market changes and secure leadership as a leading corporation."
He continued, "Through the collaboration with Alibaba, we believe we can create significant business synergies," further noting, "We will create a platform to sell products from domestic sellers on Alibaba's global platform established in over 200 countries, nurture power sellers, and expand our customer base to emerge as a global e-commerce company."