According to Korea Economic Daily eBay are progressing with the sale of eBay Korea which is said to be worth $4.6 billion.
The sale progression is no surprise, it was announced that eBay were planning to sell their South Korean units since the beginning of 2020 as part of their reorganization aims. eBay’s first entrance into Korea was in 2000 and despite eBay being known as one of the biggest ecommerce players in Korea, things began to change as competitors started to enter and grow within the market, competition that focused much more on the logistical side of things much more than eBay have.
It’s probably not a surprise thatAmazon who we know are hugely logistical made their way into the Korean market in 2017 and began their head to head with eBay who were South Korea’s third largest retailer at the time.
eBay Korea sale obstacles:
It depends on which company makes the purchase but the platform could see success under some of the big well established Korean retail companies. At the moment obstacles to the sale include the $4.6 billion price tag which insiders state should be lower and the clash of buyers that could arise from the sale of food delivery app Yogiyo.