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Naver and Shinsegae previously signed a partnership, and it appears that one of its first few plans for this year is to launch its own online luxury store. The South Korean companies are planning to open this online boutique this June or July.
As per The Korea Times, Naver and Shinsegae are seeking to make their mark in the competitive e-commerce business in the country. With the luxury online store, it is the first step to their plans to dominate the online selling industry.
Why the companies picked luxury items to sell
Naver predicted that the demand for luxury goods in South Korea will continue to soar in the coming years. This is because, amid the difficulties and losses that the business sector suffered after the COVID-19 pandemic hit, the luxury line was the least affected, at least in S. Korea. In fact, retailers that house such items reported better revenue results than expected from their sale.
As for Shinsegae, it experienced firsthand that the pandemic has little effect on the sale of luxury brands since it owns Shinsegae International, the country’s biggest importer of these expensive items. With that, the company can attest that sales from this type of goods have remained on top.
Now, teaming up with Naver, Shinsegae is looking forward to selling more and increasing the profits since the tech company is still the leading and most dominant web portal in the country. This means more exposure and broader reach for the luxury brands it is offering, such as global labels Diesel and Chloe.
On the other hand, Naver is also hoping that with its collaboration with Shinsegae, the company is expecting to bolster its competitiveness in four main areas in the business that include e-commerce, fintech, advertising, and logistics.
Shinsegae and Naver’s deal
Naver and Shinsegae’s alliance was sealed earlier this month through a $221 million deal. The companies joined forces and expressed their intention to take big competitors in the e-commerce trade, like Coupang, The Korea Herald reported.
Finally, with the combined online and offline retail power of Shinsegae and Naver’s hi-tech ecosystem, the partnership is aiming to create a powerful retail network and bring together 74 million users and 450,000 sellers to boost the companies’ presence and revenues.
