Seoul: Shinsegae Inc. and E-Mart Inc., key affiliates of the retail conglomerate Shinsegae Group, announced plans to acquire the entire stake in the group's e-commerce affiliate SSG.com held by a financial investor. The deal is valued at approximately 1.27 trillion won (US$785 million).

According to Yonhap News Agency, in separate regulatory filings, the two companies revealed they will jointly purchase all shares in SSG.com held by Olympus First. E-Mart will acquire its portion for 827.5 billion won, while Shinsegae will invest 443.6 billion won. Upon completion of the transaction on August 26, E-Mart and Shinsegae will hold 65.1 percent and 34.9 percent stakes in SSG.com, respectively.

E-Mart and Shinsegae stated the acquisition aims to "improve the efficiency of e-commerce operations and enhance long-term corporate value." In November 2024, the two companies sold a combined 30 percent stake in SSG.com to Olympus First, a financial investor supported by six banks and four securities firms, in a deal worth 1.15 trillion won. The agreement included a call option, allowing E-Mart and Shinsegae to repurchase the entire stake 18 months after the contract was signed.

The move aligns with Shinsegae Group's efforts to strengthen management oversight across its key businesses following a controversy involving Starbucks Korea, operated by E-Mart. Last month, Starbucks Korea faced public criticism over its "Tank Day" promotion, which coincided with the anniversary of the May 18 Gwangju pro-democracy uprising, drawing backlash for its timing and perceived insensitivity.

On Monday, the group announced that Chairman Chung Yong-jin would lead E-Mart and serve as co-chief executive officer (CEO) of Shinsegae Property, its property development affiliate.