Chinese e-commerce powerhouse Alibaba Group has invested 100 billion won ($71.2 million) into ABLY Corporation, a rising star in Korea’s online fashion industry. ABLY, known for its focus on women’s fashion, operates the popular platforms ABLY and 4910, alongside its Japanese venture, Amood.
This investment marks Alibaba’s first step into Korea’s e-commerce market, marking a significant milestone for both companies.
Since its launch in 2018, ABLY has established itself as a leader in Korea’s fashion marketplace, showcasing diverse brands and carving a niche in AI-driven recommendations. It has also outpaced competitors such as Musinsa and Olive Young, with 8.8 million monthly active users as of October.
According to a company official, “Alibaba has bought our global competitiveness,” the official said. “Our logistics center in Seoul’s Seongsu area allows us to export fast. We adopted AI technology upon launching our main platform in 2018, the very technology that currently recommends picks for users. Behind those technologies are engineers whom Ably CEO Kang had worked with when he co-founded Watcha (Korean streaming service) in 2011.”
The investment solidifies ABLY’s market dominance in Korea, while also fuelling its ambition to expand internationally. Its Japanese platform Amood is already promoting K-fashion to a wider audience, with plans for further global ventures.
Alibaba’s stake in ABLY is part of a broader effort to tap into Korea’s thriving e-commerce market. The Chinese giant’s investment aligns with ABLY’s ongoing quest to secure a further 100 billion won from international backers, including Silicon Valley investors and sovereign wealth funds.
With annual sales peaking at 260 billion won in 2023 and a shift to profitability, ABLY is poised for continued growth. This partnership sets the stage for ABLY to strengthen its foothold in the fashion industry while accelerating its global expansion.
For ABLY, this collaboration is not just a financial boost but also a stepping stone to becoming a global fashion powerhouse. For Alibaba, it’s a calculated step into Korea’s dynamic digital economy, further solidifying its international presence.
