Shinsegae Jung Yong-jin, who met Naver Lee Hae-jin… “Discussion of business cooperation”

Input 2021.01.28 14:36 ​​| Revision 2021.01.28 15:05

Yongjin Jeong Shinsegae (004170)On the 28th, the vice chairman of the group met with Lee Hae-jin, Naver’s Global Investment Manager (GIO), to discuss business cooperation plans.

According to Shinsegae Group and Naver that day, Vice Chairman Jeong and E-Mart CEO Kang Hee-seok visited Naver headquarters in Seongnam-si, Gyeonggi-do. The two met GIO Lee Hae-jin, and Naver CEO Han Sung-sook was also present.

An official of Shinsegae Group said, “There is a common denominator that both Shinsegae Group and Naver both conduct distribution and online business at the same time,” he said.

In the industry, there is an atmosphere of tense meeting between the top executives of the two companies, which dominate the online and offline shopping markets. It is estimated that Shinsegae’s combined department store and mart sales exceeded 20 trillion won last year. Naver’s simple payment method, Naver Pay, recorded 6.8 trillion won last year.

It is analyzed that synergy can be great if Shinsegae expands its sales channels to online channels such as Naver’s smart store or promotes a business using advanced technologies such as cloud, artificial intelligence (AI), and motion recognition. Naver, which operates only an open market that brokers product transactions, can benefit from Shinsegae’s purchasing power (buying power).