South Korean retailers Lotte Shopping (023530.KS) and Shinsegae Group (023530.KS) entered separate binding bids for eBay's (EBAY.O) South Korean business, the retailers' spokesmen said on Monday.
eBay Korea - South Korea's third-largest e-commerce firm with a 12.8% market share in 2020, according to Euromonitor - is on sale for what eBay hopes could be up to 5 trillion won , analysts said.The retailers' spokesmen declined to comment on the terms of their bids. An eBay Korea spokeswoman also declined to comment.
Local retail giants Lotte and Shinsegae have struggled to catch up to leading competitors like South Korea's No. 1 e-commerce firm Coupang in the fast-growing online shopping sector, especially after the onset of COVID-19. South Korea's online shopping transactions were worth 161 trillion won in 2020, accounting for a record 27.2% of total retail transactions, up from 21.4% in 2019.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
11 Korean Sunscreens You Need In Your Skincare Routine ASAPWhen it comes to sun protection, K-beauty leads the pack.
Read more »
Seoul court rejects slave labor claim against Japanese firmsSEOUL, South Korea (AP) — A South Korean court on Monday rejected a claim by dozens of wartime Korean factory workers and their relatives who sought compensation from 16 Japanese companies for their slave labor during Japan’s colonial occupation of Korea.
Read more »
The Launch: June's Hottest Fashion DropseBay Initiates a New Program Guaranteeing Handbag Authenticity
Read more »
Law Firm Quits MyPillow CEO Mike Lindell’s Dominion Lawsuit, Claims Lawyer Filed It Without PermissionLaw firm quits MyPillow CEO Mike Lindell’s Dominion lawsuit, claims lawyer filed it without permission
Read more »
A Surge In Unruly Behavior Has Forced Companies To Discipline Their CustomersBad customer behavior is forcing companies to play adult and discipline their customers.
Read more »
11 Korean Sunscreens You Need In Your Skincare Routine ASAPWhen it comes to sun protection, K-beauty leads the pack.
Read more »