Alibaba to invest 100 billion won in Korean fashion app ABLY

It has been revealed that South Korean fashion platform ABLY is looking to attract up to 200 billion won (approximately 22 billion yen) in funding from overseas investors.
According to a Korean distribution source on the 22nd, the company is currently in the process of acquiring investments from the Ontario Teachers' Pension Fund (OTPP) of Canada, global investment firm Permira, and Corporate Benchmark.
The company is currently in talks with China Capital (CVC) and other investors about investing. Alibaba, the parent company of the Chinese e-commerce platform AliExpress, is also investing about 100 billion won (approx.
If the investment agreement is concluded, it will be the first time that Alibaba invests in a Korean e-commerce market. Alibaba will increase its stake in Avery by about 50%.
The company is expected to secure 100% of the shares. Meanwhile, the company was founded in 2018 by Kang Seok-hoon, co-founder of the online video service (OTT) WATCHA.
Last year, the company's sales hit a record high of 259.5 billion won (US$277 million), while its operating profit reached 3.3 billion won (US$3.7 million), marking its first annual profit.