Alibaba expands to South Korea by acquiring 5% of Ably

Alibaba, the Chinese online shopping giant Alibaba Group Holding Ltd. has invested 100 billion won (around US$71 million) for a 5% stake in Ably, a leading South Korean fashion e-commerce platform, marking its first investment in a Korean shopping app.

Alibaba’s investment is part of its broader strategy to expand in South Korea’s e-commerce sector, particularly in the growing K-fashion market.

The investment is seen as a move to strengthen Alibaba’s presence in fashion, an area where it lags behind rivals like Temu and Shein.

(Source from: THE CHOSUN Daily)

Alibaba flagship website Taobao begins largest revamp in years as e-commerce giant sharpens focus on user experience | South China Morning Post

Ably CEO Kang Seok-hoon said that the investment from Alibaba boosts Ably’s valuation to 3 trillion won, earning it “unicorn” status as one of Korea’s fastest-growing startups.

Ably operates the women’s fashion platform Ably, men’s fashion site 4910, and the Japanese platform Amood.

It has experienced rapid growth, with transaction volumes tripling to 2 trillion won in 2024.

Its monthly active users reached 8.8 million, surpassing local rivals like Musinsa.

 

Alibaba said to invest in women's clothing app operator Ably to tap into South Korea's booming online fashion market | South China Morning Post

Ably’s success is attributed to its adoption of AI technology, global expansion, and its logistics center in Seoul, which enhances its export capabilities.

The Shopping Mall-Specific Artificial Intelligence (AI) Profile allows customers to try on clothes in the same outfit as the model using generative AI.

It enables them to showcase their products in various styles through realistic virtual profile pictures created with generative AI technology. (Source from: KED Global)

 

Ably now plans to secure an additional 100 billion won in funding, targeting Silicon Valley investors or sovereign wealth funds.

Silicon Valley is renowned for its venture capital investments in technology startups, while sovereign wealth funds are state-owned investment funds that provide substantial financial resources.

These additional investments are expected to further solidify ABLY’s financial standing and support its ambitious expansion plans.

(Source from: BusinessKorea)

 

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