July 14, 2021 12:53
Online shopping mall Interpark has been put up for sale as first-generation e-commerce companies yield to more thrusting rivals. Only last week eBay Korea was bought by Shinsegae, while Interpark has recently sent out teasers to potential buyers like Naver and Kakao.
Founded in 1995, Interpark became the first e-commerce business to be listed on the Kosdaq in 1999. At the time, it made inroads into the market through an innovative free delivery service and a competitive pricing strategy and gained the top market share in 2003.
In 2008 Interpark sold its stake of Gmarket for more than W1 trillion to eBay Korea as competition intensified due to newcomers like Auction and 11st (US$1=W1,145).
It also launched a ticket booking platform and gained a whopping 70 percent share in the market, but the coronavirus pandemic dealt it a huge blow.
Industry insiders speculate that Kakao or Naver, which run similar services, could be tempted to buy, but so far both have said they are not interested.
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