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| ▲ This photo, provided by Sinsegae Group, shows the South Korean retailer signing an initial agreement with China's e-commerce giant Alibaba Group Holding during a Korea-China business forum in Beijing on Jan. 5, 2026. (PHOTO NOT FOR SALE) (Yonhap) |
Shinsegae-Alibaba
Shinsegae, Alibaba sign MOU to expand global sales of S. Korean products
SEOUL, Jan. 5 (Yonhap) -- South Korean retailer Shinsegae Group signed an agreement with China's e-commerce giant Alibaba Group Holding on Monday to help expand overseas sales channels for competitive South Korean sellers.
Under a memorandum of understanding (MOU), the two companies aim to introduce high-quality South Korean products identified by Shinsegae to global markets through Alibaba's e-commerce platforms, with a goal of achieving more than 1 trillion won (US$691 million) in annual transactions through the partnership in five years.
As part of the initiative, the companies plan to expand cross-border e-commerce operations to South Asia via Alibaba's Daraz platform and to southern Europe, including Spain and Portugal, through Miravia.
The partnership will later extend to China and eventually to more than 200 countries and regions where Alibaba operates.
Shinsegae Group will focus on discovering competitive domestic products and recruiting sellers and manufacturers, while also providing strategies to help them succeed in global markets, the company said.
Alibaba International will offer its e-commerce platforms to facilitate global sales of the selected South Korean products and provide sellers with artificial intelligence (AI)-based translation services to support overseas expansion.
The MOU was signed during a Korea-China business forum held in Beijing on the sidelines of summit talks between President Lee Jae Myung and Chinese President Xi Jinping.
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