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S Korea Conditionally Approves Joint Venture Between AliExpress, Gmarket
2025-09-18 14:45:09 The Korea Fair Trade Commission (KFTC) conditionally approved the establishment of a joint venture between Alibaba.com's AliExpress Korea and Shinsegae's e-commerce unit, Gmarket, with concerns over customer data sharing. The commission's statement indicated significant concerns regarding the joint venture, noting that sharing Gmarket's 50 million South Korean customer data and using Alibaba's data analytics technology would increase their dominance of the local online shopping industry. Both companies must demonstrate independent management of their businesses and are prohibited from sharing South Korean customer overseas shopping data for 3 years. ~ AASTOCKS Financial News Website: www.aastocks.com | |