By Joyce Lee and Hyunjoo Jin SEOUL (Reuters) -South Korean retailer Shinsegae plans to set up a joint venture with Alibaba International, Shinsegae affiliate E-Mart said on Thursday. The joint venture will be formed partly by Shinsegae investing its 100% stake in South Korean e-commerce platform Gmarket,

The JV will work with Alibaba to expand Gmarket, an online shopping platform of billionaire Chung Yong-jin’s Shinsegae.

Alibaba and E-mart will combine the assets of their separate e-commerce platforms, AliExpress Korea and Gmarket, to form a 50-50 joint venture.

Shinsegae Group and Alibaba International will form a $4 billion joint venture in 2025 to run their e-commerce sites, Gmarket and AliExpress Korea.

Alibaba Group Holding Ltd. and E-Mart Inc. have partnered to create a 50-50 joint venture between AliExpress International and Gmarket in South Korea's competitive e-commerce market. The JV will own 100% of Gmarket,

Chinese e-commerce giant Alibaba Group has agreed to collaborate with South Korean hypermarket operator E-Mart to establish a new e-commerce platform in

Alibaba Group Holding Ltd. agreed to form a joint venture for its South Korean operations with E-Mart Inc.'s e-commerce platform to better compete in the country's fast-paced online retail sector.

Gmarket, the e-commerce unit of South Korea’s Shinsegae Group, has joined forces with China’s Alibaba to seek a turnaround amid persistent financial struggles. Shinsegae announced Dec. 26 that it will establish a joint venture with Alibaba International,

Alibaba Group Holding ADR shares were up 0.83% on Thursday morning after the retail giant agreed to a joint venture between its e-commerce operations and South Korea’s E-Mart Inc.’s e-commerce platform,