SSG.com Completes Acquisition of 'W Concept'... Expecting Synergy in Fashion Business

Incorporated as a Subsidiary with Full Workforce Succession
Platform Dualization to Maintain Core Competitiveness

Kang Hee-seok, CEO of SSG.com (right in the photo), completed the acquisition of W Concept shares on the 11th and is taking a commemorative photo with Song In-jun, President of IMM Private Equity.

[Asia Economy Reporter Jo In-kyung] SSG.com has completed the acquisition process of the online fashion select shop 'W Concept' and is set to fully strengthen its fashion competitiveness.

On the 11th, SSG.com announced that it held a 'Deal Closing' attended by Kang Hee-seok, CEO of SSG.com, and Song In-jun, CEO of IMM Private Equity, and completed the payment for the acquisition of W Concept's shares. Previously, on the 1st of last month, SSG.com signed a Stock Purchase Agreement (SPA) to acquire all shares of W Concept held by IMM Private Equity and ISE Commerce Co., Ltd., and passed the Fair Trade Commission's corporate merger review on the 3rd of this month.

With this, SSG.com will incorporate W Concept as a subsidiary and retain all existing personnel to actively create fashion synergies. While maintaining W Concept's unique competitiveness, SSG.com will support areas where its capabilities are needed and jointly build necessary parts.

SSG.com will first maintain the core competitiveness of W Concept by operating the platforms separately without merging them. However, it plans to consider expanding purchase touchpoints and assortment by adding popular brands and products from each platform to the other, such as listing popular fashion brands from W Concept on SSG.com or introducing popular fashion and beauty brands from SSG.com to W Concept.

SSG.com will also utilize Shinsegae Group's infrastructure to support and strategically nurture W Concept's operations. For key sellers of W Concept, it plans to expand sales channels by showcasing related products in offline channels owned by Shinsegae Group. They are also considering joint fashion integrated marketing between SSG.com and W Concept to provide benefits to customers.

Data utilization and technological infrastructure will be built together. By leveraging purchase data from each platform, product recommendations and predictions preferred by customers will be refined, and memberships and points can be used jointly. They are also reviewing ways to improve delivery efficiency by integrating the logistics system operated by SSG.com.

Kang Hee-seok, CEO of SSG.com, said, "W Concept is a platform with overwhelming competitiveness in the women's fashion select shop sector that competitors cannot match, and it will create great synergy by joining SSG.com. We will spare no effort to provide all necessary support so that W Concept, our new family member, can grow further."