eBay to expand Gmarket into Japan

eBay have announced expansion plans in Japan and Singapore with an expansion of GMarket, which eBay acquired in 2009. Gmarket founder Young Bae Ku and eBay will both put around $10million into the new venture with eBay owning a 49% stake and Young Bae Ku who becomes the chief executive of the venture owning a 51% stake.

eBay will also contribute assets from Gmarket’s existing Japanese and Singaporean businesses to the joint venture whilst Young Bae Ku will contribute “local management expertise”.