Style commerce platform Ablely is pursuing a global investment attraction worth 200 billion KRW.
According to the distribution industry on the 22nd, Ablely is currently in investment negotiations with the Ontario Teachers' Pension Plan (OTPP) from Canada, global investment firm Permira, and corporate venture capital (CVC) firms.
Alibaba, the parent company of the Chinese e-commerce platform AliExpress, is also reportedly interested in investing about 100 billion KRW.
If the investment contract is finalized, Alibaba is expected to acquire a stake of over 5% in Ablely. This would be Alibaba's first equity investment in Korean e-commerce.
Ablely is said to be recognized by investors with a corporate valuation of 2 trillion KRW. It has risen to become a unicorn company (a private company valued at over 1 trillion KRW) within six years of its founding.
Ablely, founded in 2018 by CEO Kang Seok-hoon, co-founder of the online video service (OTT) 'Watcha,' has grown based on the Soho fashion mall in Dongdaemun, Seoul. Last year, its sales reached 259.5 billion KRW, setting a record high, and its operating profit was 3.3 billion KRW, achieving its first annual profit since establishment.
According to mobile app analytics firms WiseApp, Retail, and Goods, Ablely's monthly active users (MAU) last month numbered 8.05 million, ranking it among the top fashion-specialized vertical platforms.
An Ablely representative said, "We are carefully reviewing investment attraction in a direction that can contribute to revitalizing the Dongdaemun ecosystem through the overseas expansion of 'K-sellers.' We will actively support domestic sellers with excellent product capabilities to pioneer overseas markets."
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