eBay Inc. signage at the entrance to the company’s headquarters in San Jose, California, U.S.
David Paul Morris/Bloomberg
South Korean retail giant Shinsegae, led by a daughter of Samsung’s founder, has agreed to acquire eBay’s Korean business for $3 billion in a move to win market share in the country’s increasingly competitive e-commerce market.
Shinsegae’s supermarket affiliate, E-Mart, will acquire 80% of eBay Korea, the U.S. e-commerce site said in a statement last week. The deal allows eBay Korea and E-Mart to set up an ecosystem that sells everything from groceries to general merchandise, the statement said. The deal will also enhance E-Mart’s same-day delivery capability and improve the use of capacity at its warehouses for goods to be shipped by e-commerce.
Shinsegae is making its move as Korean e-commerce revenues rise. According to research firm Counterpoint, Korea’s e-commerce market has expanded 250% since 2016. A surge in…