Seoul-based e-tailer W Concept is up for auction and bounded giants, including Lotte Shopping, E-mart, 11st Street and CJ Mall, are interested, Pulse Account reported.
The account signals the growing absorption above retailers accept in alive their businesses online. W Concept was founded in 2006 and sells Korean brands like Low Classic, CosRX and Reike Nen to bounded barter as able-bodied as shoppers in markets like the US, UK and France. According to Pulse News, the belvedere holds a 32 percent allotment in Korea’s online appearance market. In the fall, W Concept’s GMV of 245 billion won ($219 million) called its amount at about 400 billion won ($356 million).
The belvedere is currently endemic by IMM Private Equity and ISE Commerce; the two planned to advertise their stakes to addition bounded e-commerce player, Musinsa, in 2020, but appraisement kept the accord from activity through.
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