Singapore-based e-commerce aggregator, Una Brands, has reportedly entered a strategic partnership with South Korean firm, KlickBrands, in a move directed towards expanding its geographical presence in the country.
Under their partnership, Una Brands will help South Korean e-commerce brands achieve more domestic growth, while further helping them advance their footprint across more Asian countries.
Since its launch last year, Una has emerged as one of the largest e-commerce aggregators in the region, and has established its presence in countries like Singapore, China, India, Malaysia, Taiwan, Indonesia, as well as Australia.
Kiren Tanna, co-founder and CEO, Una Brands, stated that the firm will set aside $100 million for its South Korean partner to help it acquire more brands in the nation.
The two businesses’ plan on acquiring at least 25 profitable brands that have annual revenues ranging from $1 million to $50 million across various sectors like cosmetics, health, home, baby, pets, and living space over the next two years.
Una stated that South Korea’s e-commerce market, the fifth largest globally, is expected to surpass the $250 billion mark by 2025, and is considered a major market for the firm.
Brian Hyun, co-founder and CEO of KlickBrands, stated that when the firm was approached by Una, it immediately recognized Una’s capabilities, which greatly match its own, especially with its strong team and expertise in e-commerce in APAC, along with its global distribution network.
Hyun also stated that KlickBrands will bring its expertise in local e-commerce, and the understanding and empathy of the mindsets of local brand owners to the partnership and will continue reaching out to more of them and support their next phase in expansion.
Tanna claimed that the reason behind Una choosing KlickBrands out of all local e-commerce aggregators was the two companies’ shared value, vision, and mission, with KlickBrands hands-on approach in working with the brands they acquire being similar to Una’s work ethics.
Tanna added that the South Korean firm will help Una strengthening its presence in the country and also consolidate its understanding of the local e-commerce market. Consequently, the firm will be benefitted by Una’s operational, technological, and acquisition capabilities in return.