Input 2021.03.23 18:48 | Revision 2021.03.23 18:58
According to the distribution industry on the 23rd, Lotte Shopping (023530)Decided to acquire a 95% stake in Used Nara in collaboration with Eugene Asset Management and NH Investment & Securities-Offers PE (institutional investment type private equity fund). The total transaction amount is 115 billion won, of which Lotte Shopping’s investment is 30 billion won.
A Lotte Shopping official said, “We have participated as a financial investor to secure future profitability in line with the explosive growth of the used market recently.”
The domestic used market grew from 4 trillion won in 2008 to 20 trillion won last year. Used Nara is the oldest used trading platform in Korea, starting with Naver Cafe in 2003, and securing 23 million members. Last year, sales exceeded 5 trillion won.
Lotte Shopping’s decision is interpreted as part of strengthening e-commerce. Lotte Shopping launched the group integrated online shopping mall’Lotte On (ON)’ in April of last year, but it did not produce any clear results. Last month, the e-commerce business manager Cho Young-je, who led Lotte On, resigned after taking responsibility for the sluggish business.
At the general shareholders’ meeting held on the 23rd, Lotte Shopping Vice Chairman Kang Hee-tae formalized participation in eBay Korea’s takeover war. Vice Chairman Kang said, “The eBay Korea case is proceeding with sufficient interest.”