GS Retail set footprint in US e-commerce

South Korean retailer GS Retail has announced a KRW33 billion (US$29 million) equity investment in a US online retailer.

The company has purchased stock in Thrive Market, in a move intended to secure a foothold in America’s thriving organic food sector. It is GS Retail’s first overseas investment.

Thrive’s core business is to sell organic products to its subscriber base, posting annual sales growth of 40 per cent since it launched in 2015.

A spokesman for GS Retail indicated that the firm expects Thrive to post solid growth in future, with expected sales of over KRW200 billion (US$178 million) for the current financial year.

GS plans to market Thrive products through its existing GS25- and GS-branded retail chains within a year.