eBay Korea changes its name to Gmarket Global

After eBay Korea was acquired by Emart, a subsidiary of Shinsegae, people are paying attention to how it will develop in the future. Recently, eBay Korea announced that it has officially changed its name to Gmarket Global and is changing its website and necessary documents.

Emart acquired 80.01 percent of eBay Korea's shares for about $3 billion last November , becoming its largest shareholder . eBay holds a 19.99 percent stake in the company .

The new name does not include the Shinsegae or Emart logo , but is named Gmarket Global . Gmarket is one of the e-commerce platforms operated by eBay Korea and is also the largest comprehensive shopping platform in Korea. Therefore, the name is intended to emphasize its connection with Gmarket , and the " Global " at the end symbolizes its desire for further development.

Gmarket Global will use the current Gmarket logo. E-commerce services Gmarket, Auction and G9 will continue to be operated by Gmarket Global.

New World’s main business is offline, but with the rapid development of e-commerce driven by the epidemic, online has become a battleground for retail giants.  

Before acquiring eBay, Shinsegae’s online market share was only 3% in the local market. The vice chairman made a bold decision to take over eBay Korea, which had a 12% share of the domestic online shopping market. The deal immediately enabled Shinsegae to leap to third place, beating Coupang, which had a 13% market share.

In addition, it also acquired the fashion brand W Concept , helping Shinsegae enter the fashion field that Coupang has not yet developed . In addition, Shinsegae's supermarket brand E-mart will focus on issuing point rewards to attract online consumers and play the advantages of combining online and offline .

During the Christmas year-end promotions last year, South Korea experienced another outbreak of the epidemic. Under quarantine measures, offline retail was suppressed, and Shinsegae immediately took action to switch to an online platform in order to create synergy with the newly acquired eBay Korea .

From the first day of 2022, Shinsegae will launch joint promotions with Gmarket and Auction , two e-commerce platforms operated by eBay Korea , and online fashion platform W Concept will also participate to attract young customers.

The name change of eBay Korea to Gmarket Global marks a new beginning . It will be worth watching how the company will develop in Korea in the future.

eBay

South Korea

New World