Yahoo buys stake in Korea’s Gmarket
Published June 7th, 2006
U.S. Internet firm Yahoo Inc. is buying a 10 percent stake in South Korea’s No.2 online retailer Gmarket, giving it a foothold in one of Asia’s fastest-growing e-commerce industries.
The deal is Yahoo’s latest investment in online retail firms in Asia, and puts it in head-on competition with eBay Inc. in South Korea’s $11 billion online retail market, which the U.S. auction giant has long dominated…
“Gmarket is fast catching up with eBay, and it seems to be on track to rise to the top position as early as this year,” said Lee Sang-koo, an analyst at Hyundai Securities.
