Shinsegae and Alibaba Form Strategic Alliance to Dominate South Korean E-commerce

We are excited to report on the recent announcement of a strategic alliance between South Korea's retail giant Shinsegae Group and Chinese e-commerce behemoth Alibaba International. This partnership aims to create a joint venture that will combine the strengths of Gmarket and AliExpress Korea, two prominent e-commerce platforms in the region. The new entity, valued at $4 billion, will be a 50:50 joint venture between the two companies, with Gmarket and AliExpress Korea serving as its subsidiaries. This alliance is set to reshape the South Korean e-commerce landscape and drive growth for both companies.

Our analysis of the DealBook Summit 2024:
- Sam Altman, co-founder and C.E.O. of OpenAI, will discuss the future of artificial intelligence and its impact on e-commerce.
- Jeff Bezos, founder and executive chairman of Amazon, will share insights on the global e-commerce market and competition.
- Jerome Powell, chair of the Federal Reserve, will provide an economic perspective on the partnership's potential impact on the South Korean economy.
- David Ricks, chair and C.E.O. of Eli Lilly, will offer a pharmaceutical industry viewpoint on the partnership's implications for cross-border trade.

We will announce more speakers in the coming weeks.