The operator of South Korea's leading convenience store chain GS25 is acquiring 3.3 million common shares to be issued by Kakao Mobility at 19,480 won per share, or 1.3% of its mobile app APP shares, according to Kakao's public disclosure on Wednesday.
Retail-focused GS Group has been investing heavily in the logistics sector this year, totaling 417.8 billion won. It acquired a stake in Mesh Korea Co., which operates fast delivery service provider Vroong, and in Yogiyo, South Korea's No. 1 food delivery company.
The series of investments is part of the retailer's efforts to strengthen its last-mile delivery services, as it plans to leverage its total network of 16,000 convenience stores and supermarkets across the country to increase its domestic online business.
GS Retail Co. announced plans to invest 1 trillion won to integrate its online and offline businesses by 2025. It merged with GS Home Shopping Co. in July last year to compete not only with traditional offline retailers but also with e-commerce giants such as Naver Corp. and Coupang Corp.
Through the investment, GS Retail plans to use the data and vehicles, including electric scooters, accumulated by Kakao Mobility to improve its home delivery service infrastructure, including foot deliveries.
"We acquired a delivery platform through the acquisition of Yogiyo, which has high brand awareness, and strengthened our delivery capabilities through Vroong and Team Fresh," a GS Retail source noted. "We will now work with Kakao Mobility, the No. 1 mobile platform, to improve our logistics efficiency."
In August last year , GS Retail acquired a 30% stake in Yogiyo, South Korea's second-largest food delivery platform, from Germany's Delivery Hero SE, along with Affinity Equity Partners and British investment firm Permira, for 800 billion won.
GS Retail's investment in logistics in 2021 Meanwhile, Kakao Mobility is preparing to list on the South Korean stock market next year, which will pave the way for its shareholders who have invested in the company before the IPO, including Google, Carlyle Group and TPG Capital. South Korea E-commerce GS |
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