SSG.COM to spin off lifestyle division into Shinsegae Mall

SSG.COM has approved a plan to spin off its lifestyle business division into a separate entity, tentatively named Shinsegae Mall, through a physical division. The company's board of directors approved the proposal on the 27th.

This move marks a reversal of the 2019 integration of Emart Mall and Shinsegae Mall. Under the new structure, the surviving SSG.COM will focus on grocery-centric online shopping and strengthening its existing commerce competitiveness. The newly established Shinsegae Mall will concentrate on fashion, beauty, and lifestyle sectors to expand customer experience and premium services.

As a physical division, existing shareholders, including E-mart and Shinsegae, will receive shares in the new company based on their current ownership ratios. While the legal entities will be separate, the platforms will remain linked; customers will still be able to view Shinsegae Mall products through the SSG.COM app.

The company plans to seek shareholder approval at an extraordinary general meeting in late October, with the official division date set for December 1.