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As the alliance between Shinsegae and Naver becomes a reality, the equation for the sale of eBay Korea will inevitably change. In addition, Coupang, who entered the New York Stock Exchange, also expressed a negative position on the acquisition of eBay Korea. As the two leading acquisition candidates are eliminated, it is expected to become a variable in the sale of eBay Korea.
In particular, it is noteworthy whether there will be a change in the actions of Lotte, the retail counterpart, and Kakao, the IT dinosaur. In the meantime, Lotte hasn’t shown a clear interest in the acquisition of eBay Korea. However, as Shinsegae joined hands with Naver, an allied force to contain it became urgent. As a result, analysis is raised that the possibility of Lotte jumping into the eBay Korea takeover is even higher.
Kakao’s position is also not very different. In order to compete with Naver, eBay Korea is in a more desperate situation. Kakao’s online shopping transaction amount is about 3 trillion won, which is wider than Naver. It is difficult to catch up with Naver easily unless there is a special opportunity.
The prediction became more difficult as the alliance between Shinsegae and Naver appeared as a last-minute variable in eBay Korea’s preliminary bidding scheduled for the 16th.
◇ Strong influence through the formation of Naver-New World’Allied Forces’
According to the industry on the 14th, Naver and E-Mart are expected to exchange shares worth 150 to 250 billion won as early as next week. It is known that the two companies have already reached an agreement on a large scale and are tweaking the details.
Naver and Shinsegae (E-Mart) said, “We are reviewing various measures to strengthen business competitiveness, but there are no specific issues currently being decided.” “We will re-disclose it within a month.”
Although the details have not been decided, he admitted that they are discussing collaboration. This big deal was in a hurry after Jung Yong-jin, vice chairman of Shinsegae Group, met with Lee Hae-jin, Naver Global Investment Manager (GIO) in January.
The industry is predicting that Naver and Shinsegae will expand distribution business that encompasses both online and offline through collaboration to counter Coupang.
Naver ranked first in the industry by recording about 17% of the market share in the internet shopping market last year. However, 2nd place Coupang (13%) secured 5 trillion won of live ammunition by listing on the New York Stock Exchange. Through this, it is difficult to rule out the possibility that the market share will reverse if the rocket delivery area, which is currently at 70% level, is expanded nationwide.
Last year, SSG.com showed remarkable growth thanks to’Corona Special’. However, the market share is around 3%, which is wider than Naver, Coupang, and eBay Korea. It is analyzed that it has joined hands with Naver to bring new vitality to E-Mart, which has been stagnant in growth, and to transform SSG.com into an open market.
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◇’Mustsu’ Lotte-Kakao, more desperate to acquire eBay Korea… Coupang takes a step back
Although the corporations are different, the transaction volume of the two companies, Shinsegae and Naver, is 31 trillion won (as of 2020), and the market share is close to 20%. For Shinsegae, which has gained a strong support, the reason to acquire eBay Korea has disappeared.
Initially, Shinsegae SSG.com was classified as a leading candidate to acquire eBay Korea. SSG.com’s last year’s transaction amount was 4 trillion won, with a market share of 3%. This is because if eBay Korea is acquired, the transaction amount will increase to 24 trillion won and the market share will increase to 15%, which is why it can stand shoulder to shoulder with Naver and Coupang.
On the other hand, Lotte has no choice but to be in a hurry. Shinsegae Department Store and E-Mart were rivals offline, and Naver online. It looks like two powerful enemies are attacking from both sides. It is difficult to guarantee victory in the war unless a strong alliance is secured. There is one more reason to acquire eBay Korea.
Lotte is in a desperate need of a card to reverse Lotte On, which is not performing as expected. Last year, Lotte On’s market share is estimated to be 4%. When Lotte On acquires eBay Korea, its market share will vertically rise to 17%. This means that they will have the physical strength to compete in earnest with Naver and Coupang. Another attractive point is that Shinsegae can also secure the advantages that can be obtained through partnership with Naver.
However, Lotte, which is engaged in large-scale manpower reduction and business restructuring, needs a decision from Chairman Shin Dong-bin.
Naver’s rival Kakao also needs more eBay Korea. Kakao is expanding its shopping business recently, but it is not yet capable of competing with Naver. The amount of transactions such as’making a gift’ in KakaoTalk is 3 trillion won (2.3%). To compete with Naver and Coupang, the fastest way is to acquire eBay Korea.
If the acquisition is successful, Kakao’s market share will increase to 14.3% at once. This means that Naver, Coupang, and Kakao will be formed. Naver and Kakao, the largest opponents of the IT industry, will face a head-on confrontation in the e-commerce market as well.
Hyundai Motor Securities researcher Kim Hyun-yong said, “In terms of the overwhelming platform advantage of Kakao Talk, it could become a threatening competitor when taking over eBay Korea.” Analyzed.
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◇Coupang also has the strongest ability to abstain from taking over Sale box office inflection point
It is highly likely that Coupang will not participate in the acquisition of eBay Korea. Coupang founder Kim Bum-suk replied at a meeting with a New York correspondent on the 11th (local time), saying, “We have high standards and the cultural aspect is very important.” . This is interpreted as drawing a line for the acquisition of eBay Korea.
In addition to these companies, private equity fund (PEF) manager MBK Partners, overseas direct buying platform Q10, and GS Retail are also considered candidates for acquisition. Hyundai Department Store made it clear that it had no intention of taking over.
It is also noteworthy what choice MBK Partners, Homeplus’s largest shareholder, will make. In the distribution industry, observations have been steadily raised that MBK Partners will sell Homeplus to realize profits. The recent aggressive efforts to secure store asset securitization also fueled such observations. This is because it was read as a step to reduce the burden on the buyer by reducing their size.
On the other hand, it was confirmed that MBK Partners received an investment prospectus (IM) from the organizer of the sale of eBay Korea. Instead of selling Homeplus, it is possible to acquire eBay Korea and then sell it at a higher price by increasing its size.
There is no disagreement on the prospect that Shinsegae is falling out of the takeover battle, but in the end, a company that has eBay Korea will become a new powerhouse in the e-commerce industry.
An industry insider said, “Shinsegae and Coupang, which were mentioned as promising candidates to acquire eBay Korea, will not participate in the war.”