Style Share, 29CM Acquires Online Commerce 'Dinosaur Platform'
StyleShare, a fashion application maker, acquired online fashion mall 29CM and became online fashion commerce 'dinosaur platform'. With the acquisition, StyleShare is expecting a turnover of 120 billion won.
According to StyleShare on the 15th, StyleShare acquired Aplus Bee, which runs online fashion mall 29CM. StyleShare acquired a 100% stake in GS Home Shopping from GS E & C for about W30bn through acquisitions and capital increase. GS Home Shopping will participate as a major shareholder of StyleShare at the same time as selling 29CM.
StyleShare, which has accumulated over 500 million downloads, achieved annual turnover of 30 billion won after introducing Commerce last year. 29CM is a midsize online fashion mall with sales of W30bn last year.
StyleShare and 29CM each have a strong presence in fashion online commerce market, and this acquisition is expected to cause changes in the industry. However, not only are the mobile platforms such as Zig Zag and Dongdaemun shopping mall presently strong, but fashion groups are strengthening their online malls, and the outlook is uncertain.
The two companies will operate independently of each other as they have different customer base, and plan to create synergies in product entry, service development and marketing.
Representative Lee Chang-woo said, "Style share is a community and 29CM is a content differentiation." We plan to continue to find good brands and products and expand our customer base. "
"29CM and StyleShare are each a company that creates a new paradigm of mobile fashion commerce." "We will maximize the capabilities of both companies and achieve 50 billion won worth of transactions in 2020."
