Namdo Market (CEO Seungwoo Yang), a B2B distribution commerce company based in Dongdaemun and Namdaemun, announced on the 18th that it has acquired FashionOn, a fashion wholesale and retail transaction management platform.
Through this acquisition, Namdo Market plans to expand its business beyond Dongdaemun Market to the nationwide wholesale and retail market, and accelerate fintech-driven distribution innovation.
Through this acquisition, Namdo Market plans to integrate Fashion On's ▲settlement process optimization technology ▲automated tax invoice issuance and matching ▲transaction network and intellectual property (IP) assets into its platform.
The strategy is to digitize the flow of funds and settlement structures across the wholesale and retail markets, enhance fintech services, and spread a standardized transaction environment across commercial districts nationwide.
Furthermore, Namdo Market's merger with Fashion On is expected to catapult the company into a market with annual transaction volume exceeding 1 trillion won and sales exceeding 100 billion won. This is why it is considered a growth engine that will transform the industry beyond a simple acquisition.
Yang Seung-woo, CEO of Namdo Market, said, “This acquisition is not simply a market entry, but demonstrates Namdo Market’s commitment to innovating the entire wholesale and retail distribution industry with fintech technology,” adding, “Starting with Dongdaemun, we will expand transaction innovation to wholesale and retail markets nationwide.”
Kim Min-jun, CEO of FashionOn, said, “FashionOn’s accumulated transaction network and settlement solution capabilities, combined with Namdo Market’s technological prowess, will enable us to take a leap forward,” adding, “Together, our two companies will lead the way in financial and settlement innovation across the wholesale and retail markets.”
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