Tmon delays IPO after its chief executive change Online retailer to overhaul business strategy under new leadership
Translated by Ryu Ho-joung 공개 2021-07-26 08:10:16
이 기사는 2021년 07월 26일 08:04 thebell 에 표출된 기사입니다.
South Korea’s Tmon has decided to postpone its initial public offering as the ecommerce company revisits its business model after a new chief executive officer took over last month.Tmon has recently told Mirae Asset Securities, which was hired as an underwriter last year, that its target to go public this year is unlikely to be met, industry sources said on Thursday.
The move came after a new leader took the reins. In June, Jang Yoon-seok was appointed as chief executive, replacing Lee Jin-won who served in the role for about two years.
The leadership change came as the company struggles to survive in the competitive ecommerce market. Unlike its rival Coupang, which has aggressively increased spending to expand market share, Tmon has focused on profitability in the past few years. It entered into discussions to sell itself to Lotte Group in 2019. After the deal fell through last year, the company started a process to go public on the local bourse in 2021, but now the IPO plan has also been delayed.
This contrasts with Coupang, which successfully made a stock market debut in New York earlier this year. Over the last decade since the two companies founded in 2010, Coupang has grown rapidly with revenue close to 14 trillion won ($12 billion) in 2020.
In contrast, Tmon has seen stalled growth with 2020 revenue of only 151.2 billion won. Despite its focus on profitability, the company is still in the red.
Jang, 43, is a platform specialist who previously held senior roles at several online content providers. Prior to joining Tmon, he led Atreez, which operates mobile content platform Pikicast.
Shortly after taking the helm at Tmon, Jang started to overhaul the company’s strategy and business model. He also created a strategic planning team only consisting of millennial and Generation Z employees. The team directly report to Jang.
“We decided to delay our IPO plan and it’s incorrect to say that the plan was canceled,” said an official at Tmon. “The newly created strategic planning team will lead new businesses.” (Reporting by Seon-ho Kim)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
best clicks
최신뉴스 in 전체기사
-
- 우리금융 "롯데손보 M&A, 과도한 가격 부담 안한다"
- 신한캐피탈, 지속성장 포트폴리오 리밸런싱 체계 강화
- 하나금융, ELS 악재에도 실적 선방…확고한 수익 기반
- 하나금융, 자본비율 하락에도 주주환원 강화 의지
- 국민연금, '역대 최대 1.5조' 출자사업 닻 올렸다
- [도전 직면한 하이브 멀티레이블]하이브, 강한 자율성 보장 '양날의 검' 됐나
- [퍼포먼스&스톡]꺾여버린 기세에…포스코홀딩스, '자사주 소각' 카드 재소환
- [퍼포먼스&스톡]LG엔솔 예견된 실적·주가 하락, 비용 절감 '집중'
- [퍼포먼스&스톡]포스코인터, 컨센서스 웃돌았지만 주가는 '주춤'
- 신한금융, ‘리딩금융’ 재탈환에 주주환원 강화 자신감