Outside a Shinsegae department store in Daegu, South Korea. Shutterstock.
Shinsegae Group’s e-commerce firm SSG.com has acquired Korea’s leading online fashion platform W Concept in a move designed to beef up its online fashion business, according to a report in The Korea Times.
The retail giant, one of Korea’s largest department store operators, already has a membership program five million strong and sells a number of fashion brands exclusively while also operating its own Frontrow brand.
W Concept, meanwhile, has a 30 percent share of Korea’s online womenswear market, according to estimates cited by The Korea Times, and has been upgrading its products and price point to a higher-end positioning recently.
The deal is still contingent on approval from the Korea Fair Trade Commission.