Korean e-commerce platform SSG.com to spin off beauty, lifestyle biz

SSG.com Corp., a major Korean e-commerce platform, plans to spin off its beauty, fashion and lifestyle business, seven years after its establishment, the company said Thursday.

The decision has been approved at a board meeting held on the same day, with the final separation date set for Dec. 1, SSG.com said.

The e-commerce platform was created in 2019 by merging the online divisions of E-Mart Inc., a local discount store chain, and Shinsegae Inc., a local department store operator.

E-Mart owns a 65 percent stake in SSG.com, while Shinsegae owns 35 percent.