On-line retailer is anticipated to search out new proprietor
It appears that eBay Korea has ready for a sell-off because the U.S.-based on-line retailer is reportedly set to promote its Korean subsidiary within the not-so-distant future.
A supply accustomed to the difficulty made the remarks amid information experiences that eBay designated Goldman Sachs and Morgan Stanley as monetary advisors for the gross sales
“Late final 12 months, the planning division of eBay Korea compiled paperwork, which may very well be used for M&A due diligence. Their gross sales information was not tandem with that of the agency’s accounting division to trigger some stirs,” stated the supply who requested to not be named.
“eBay Korea chalked up a lot larger gross sales and earnings final 12 months than initially anticipated because of the virus outbreak. It will be a great time to promote the e-commerce platform.”
eBay is likely one of the world’s main on-line marketplaces. It wolfed up two Korean on-line retailers of Public sale and G-Market within the 2000s to rule the market right here.
Nevertheless, the Seoul-based firm has misplaced its dominance over the previous few years within the face of challenges from such revolutionary gamers as Coupang.
Towards this backdrop, experiences have popped up that eBay tries to divest its Korean operation. Earlier this week, a significant Korean newspaper additionally got here up with an analogous report.
The article picked such candidates as native retail conglomerates like Lotte and Shinsegae or private-equity funds, together with MBK Companions, KKR, and Anchor Fairness Companions.
“So far as I do know, the potential purchaser is situated outdoors of Korea,” the nameless supply stated.
When contacted, an eBay Korea official denied all of the experiences, noting them as “groundless rumors.”
At present, eBay Korea is headed by CEO Byun Kwang-yun.