TenbyTen Acquisition CEO Donghwan Kim of Backpacker: "Expanding into Design and Fancy Commerce"

GS Retail Acquires Entire Stake
Secures 80% Stake in Tenbyten
Operates as Independent Corporation... Forms Small Brand Alliance

"Backpacker plans to expand not only its creator platform but also into commerce sectors such as design and stationery." This is the explanation from Kim Dong-hwan, CEO of Backpacker, regarding the acquisition of the design-specialized e-commerce platform 'Tenbyten (10x10)' previously owned by GS Retail. While existing platforms like Idus operated by Backpacker have been specialized in handmade products, through Tenbyten, they aim to broaden their business scope into design products and create synergy.

CEO Donghwan Kim

On the 26th, CEO Kim said, "We will help creators active on Idus and Tumblbug to operate in a wider commerce environment, and secure customers by showcasing more diverse products on Tenbyten as well." GS Retail announced on the 22nd through a public disclosure that it would sell its shares in its subsidiary Tenbyten. Backpacker purchased all of GS Retail's shares, securing 80% ownership of Tenbyten.

Idus, operated by Backpacker, started its service in 2014 as a handmade market. It sells over 550,000 handmade products across various fields such as crafts, fashion beauty, interior accessories, and handmade food, recently surpassing a cumulative transaction amount of 1 trillion won. Tumblbug is a crowdfunding platform launched in 2011. Idus and Tumblbug have approximately 40,000 and 30,000 creators active, respectively.

Founded in 2001, Tenbyten was acquired by GS Retail in 2013 and has established itself as a leading domestic design product specialized shopping mall, gaining great popularity among women in their 20s and 30s. Backpacker's strategy is to enhance business competitiveness by linking the existing businesses, which share the common denominator of handmade and creators, with the design commerce platform.

CEO Kim emphasized, "By connecting the handmade marketplace Idus, crowdfunding platform Tumblbug, creator membership community service Stedio, and design commerce platform Tenbyten, we will form a small brand alliance to compete against big brands," adding, "We will strive to create a world where the value of creation and sincerity is recognized."