Una Brands partners with KlickBrands to enter South Korea’s e-commerce market – TechCrunch
Una Brands, a Singapore-based e-commerce aggregator, has teamed up with a South Korean counterpart KlickBrands to expand its presence in South Korea.
The strategic partnership will help South Korean e-commerce brands expand domestically and penetrate more countries in Asia. Una, one of the largest e-commerce aggregators in Asia, has already established its presence in Asia, including Singapore, Australia, India, China, Indonesia, Malaysia and Taiwan, since its launch in 2021 .
Kiren Tanna, co-founder and chief executive of Una Brands, told TechCrunch that Una will set aside $100 million for KlickBrands to acquire brands in South Korea. The two companies plan to acquire at least 25 profitable brands with annual sales of between $1 million and $50 million in the healthcare, cosmetics, baby, pet, home and lifestyle sectors. living space over the next two years, according to Tanna.
South Korea’s e-commerce market is expected to grow to $250 billion by 2025. Una says South Korea, the world’s fifth-largest e-commerce market, is considered a key market for Una. Brands.
“When Una Brands approached us, we immediately recognized that their capabilities were a perfect match to ours, especially with the strong team that came together, their expertise in e-commerce in APAC, and their global distribution network,” said the co-founder. and CEO of KlickBrands Brian Hyun. “We bring local e-commerce expertise to the partnership, as well as understanding and empathy for the mindsets of local brand owners. We are very happy to have the support of Una Brands as we continue to reach out to more brand owners in South Korea to support their next phase of expansion.
KlickBrands was founded in 2021 by two co-founders Hyun and JungHo Joo, who previously had backgrounds in finance and investing.
Una isn’t the only company consolidating e-commerce brands in the Asian space. Singaporean e-commerce aggregator Rainforest raised a round of funding last year. The American company Thrasio has also set up an office in Japan in 2021 to expand its presence in Asia. Additionally, South Korean internet giant Naver last month invested in e-commerce aggregator New Vessel.
Una, which has acquired more than 20 brands to date, aims to expand its global presence. Una raised $55 million in equity and debt funding last year.
“Of all the local e-commerce aggregators, we chose KilckBrands as our strategic partner because of our shared vision, mission and value,” Tanna said. “Their hands-on approach to working with the brands they acquire reflects our own work ethic. This will make KlickBrands an essential partner in building Una Brands’ presence and understanding in the South Korean e-commerce space. return, KlickBrands will benefit from our strong operational, technological and acquisition capabilities.