eBay to expand Gmarket into Japan

8/05/2010 at 09:37

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”.