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Kakao in talks to acquire fashion shopping app Zigzag: reportBy Yim Hyun-su
Published : April 9, 2021 - 14:27
The reported deal could see Kakao buy a controlling stake in the operator of the shopping app -- estimated to be worth about $1 billion -- and create a new subsidiary for a merger.
Kakao, however, has not yet confirmed the move, saying it is taking into account “a range of options.”
The reports came after Kakao, once considered a potential buyer, decided to opt out of the race to buy a controlling stake in eBay Korea last month.
Created in 2015, Zigzag offers customized shopping experience based on an artificial intelligence algorithm. The app boasts some 3 million monthly active users and logged transactions worth 750 billion won ($671 million) last year.
The acquisition could give a boost to KakaoTalk’s e-commerce capabilities, adding to the range of items available for the app’s gift and shopping features.
Kakao has not been the only one to eye up-and-coming e-commerce platforms, looking to the post-coronavirus market.
Earlier this month, retail giant Shinsegae Group’s online shopping platform SSG.com announced a deal worth 265 billion won to acquire fashion e-commerce platform W Concept.
Online shopping sales saw an 18.4 percent jump last year while department stores and supermarkets respectively suffered a 9.8 percent and a 3 percent drop in sales, according to data from the Ministry of Trade, Industry and Energy.
By Yim Hyun-su (email@example.com)
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