Ecommerce aggregator Una Brands has committed KRW 120 billion ($100 million) to South Korea’s ecommerce market across two years through a deal with local counterpart KlickBrands. This pact seeks to combine Una Brands’ global cross-border network with KlickBrands’ understanding of the South Korean market.
The two companies aim to grow local ecommerce brands domestically and into Southeast Asian markets such as Indonesia, Malaysia, and Thailand. Una Brands and KlickBrands will partner with and scale at least 25 profitable ecommerce brands with revenues of up to $50 million, across categories such as health, K-beauty, baby, pets, and home and living brands.
Una Brands has established its presence in Singapore, Australia, India, China, Indonesia, Malaysia, and Taiwan. The alliance with KlickBrands marks the first time Una Brands has entered a market with a domestic partner. It had previously announced it would acquire Singaporean furniture brands Ergotune and EverDesk+ in January 2022.
South Korea was identified as a key market for Una Brands, being the fifth-largest ecommerce market globally with an annual growth rate of around 14% and an expected market value of $250 billion by 2025.
Founded in 2021 by Brian Hyun and Jung Ho Joo, KlickBrands is focused on creating opportunities for brand owners to accelerate their growth across ecommerce platforms and markets. With strong venture capital, entrepreneurial, and financial backgrounds, Hyun and Joo are committed to elevating local ecommerce brands.
“(KlickBrands') hands-on approach to working with the brands they acquire mirrors our own work ethic," said Kiren Tanna, cofounder and CEO of Una Brands. "This will make KlickBrands an instrumental partner in strengthening Una Brands’ presence in ... the South Korean ecommerce landscape (and) in return, KlickBrands will benefit from our operational, technological, and acquisition capabilities.”
“We bring to the partnership local ecommerce expertise, as well as the understanding and empathy of local brand owners’ mindsets," said Brian Hyun, cofounder and CEO of KlickBrands.
Since its launch in 2021, Una Brands has acquired over 20 firms, claiming that its earliest deals have seen over a 50% increase in sales and profits.