Seoul: SSG.com Corp., a prominent South Korean e-commerce platform, has announced plans to spin off its beauty, fashion, and lifestyle business. This strategic decision comes seven years after the company's establishment.

According to Yonhap News Agency, the board of SSG.com approved the spin-off during a meeting held on Thursday. The separation is scheduled to be finalized on December 1. SSG.com was originally formed in 2019 through the merger of the online operations of E-Mart Inc., a local discount store chain, and Shinsegae Inc., a local department store operator.

Ownership of SSG.com is divided between E-Mart and Shinsegae, with E-Mart holding a 65 percent stake and Shinsegae owning the remaining 35 percent. The company's decision to spin off its beauty, fashion, and lifestyle business signifies a significant shift in its strategic focus, aimed at enhancing specialization and growth in these specific sectors.