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Naver and E-Mart held an agreement ceremony for the strategic alliance at the JW Marriott Hotel on the 16th. From Shinsegae, Vice President Jeong Yong-jin and Kang Hee-seok, CEO of E-Mart, and Naver are acquaintances. for assisting Lee Hae-jin and CEO Han Sung-sook. It is reported that an agreement between the two companies on the exchange of shares in the amount of 200 to 300 billion won was in progress.
With this, the triangular alliance between Naver-Shinsegae-CJ was formed with the founder of Naver, Lee Hae-jin, who was from Samsung SDS. Naver conducted a 600 billion won stock exchange with CJ Group in October last year. At that time, CJ Group delivered shares of Korea Express and ENM to Naver. Naver complements the logistics network, which is considered a weakness, and CJ Group is a structure to stimulate the export of content through the Naver platform.
It is not known what kind of synergy effect Naver and E-Mart will create through the stock exchange. An investment banking (IB) industry official said: “I know that the two companies first agreed to mix blood due to the Coupang shock” and “the management of both companies is constantly discussing what can be done.”
Some point out that the association effect will not be great. First of all, you can think about cooperation in the field of logistics. This is a plan for Naver Smart Store providers to use ‘Neo’ in Yongin and Gimpo, owned by SSG.com. In the logistics industry, the reality is believed to be inferior. The amount of ‘Layer’ that ‘Neo’ can immediately ship orders placed online is approximately 79,000 boxes per day. Delivery relative to E-Mart stores is currently around 50,000 boxes per day. E-Mart’s goal is to increase it to 360,000 boxes a day by 2025.
Considering that Naver’s annual transaction amount is 22 trillion won (approximately 15 trillion won according to the smart store), SSG.com’s contribution is just ‘blood of a new step’. Also, Neo’s ‘location’, which is concentrated in the southwestern part of the metropolitan area like Yongin and Gimpo, overlaps with CJ Logistics. The Konjiam Full-filment Center, owned by Korea Express, is the largest individual logistics facility in Korea. It is equivalent to 16 soccer fields and handles 1.7 million packages per day.
There may be a result of the E-Mart group entering the Naver umbrella. SSG.com has unmatched strengths in the field of fresh food and “luxury” thanks to its partnership with E-Mart. Even if you try to expand your reach to the non-fresh field, you are blocked by Naver Shopping, which puts the ‘Long Tail Law’ ahead, and Coupang, which is aggressive in volume with ‘Rocket Delivery’ and the lower price. politics. As for E-Mart, the moment it enters the huge platform called Naver, it’s like giving up the competition in the big frame of the retail platform. ‘
Online shopping malls such as eBay Korea, 11th Street, Timon, and WeMef all turned to Naver when Naver strengthened its shopping arena and called it ‘The King of the Feudal Lords’. It is a protest that Naver is submitting by defending its ‘exclusive status’ as a search and price comparison platform operator. SSG.com was also a member of the ‘anti-Naver front’, at least until the end of last year. When Shinsegae adopts eBay Korea, the caseload becomes more complicated. EBay Korea, which operates Gmarket, Auction and G9, is considered the ‘Big 3’ in the industry based on the number of transactions.
Information technology and distribution industry officials are the norm in which founder Lee Hae-jin’s sense of crisis is present when the pan-Samsung family has joined Naver as the top. The shock to Coupang, which made its splendid debut on the New York Stock Exchange, is said to have been greater than expected. An IB industry official said: “Naver and E-Mart initially decided to do a synergistic business first, and the stock exchange was slow.” I know it is attached. “
Reporter Park Donghui [email protected]
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