Kakao Corp. has decided to spin off its commerce business unit to create a global commerce platform.
Kakao said on September 20 that it has decided to separate its commerce business unit and establish a new corporation, tentatively dubbed Kakao Commerce, in a board meeting. The shareholders' meeting will be held on October 31. After final approval of the spin-off, Kakao Commerce will be established on December 1.
Kakao is seeking to expand its commerce business into a full-fledged platform beyond Kakao Talk.
Kakao Commerce will be in charge of Kakao commerce services such as presenting kakao Talk Gifts, Kakao Talk Store, Kakao Style, Kakao Shopping, Kakao Farmer, and Daum Shopping and engage in new commerce service business.
Kakao plans to offer optimized shopping information and convenience to users, and provide infrastructure services and solutions that enable merchants to sell products efficiently.
First of all, Kakao Commerce will grow into a leading commerce platform in the Korean market and take off to become a global commerce platform. It is expected that Kakao Commerce will build a platform through which domestic users will be able to easily purchase overseas products, and merchants will be able to easily sell their products to customers in overseas countries.
Kakao decided to establish an organizational structure that can make professional decisions to implement this strategy.