GS Retail, Korean Air join hands for innovative retail initiatives

[Courtesy of GS Retail]

GS Retail unveiled a strategic partnership with Korean Air on Monday, aimed at bolstering their joint commitment to Environmental, Social, and Governance (ESG) activities while developing a novel distribution and marketing model that synergizes GS Retail’s retail prowess with Korean Air’s global airline infrastructure.

Under the partnership, the two companies will extend ground-based retail brands into the skies and expand aerial airline brands via terrestrial retail channels.

To add a unique touch to their offerings, GS Retail and Korean Air will explore the potential of intellectual property (IP), such as brands and characters, to craft distinctive products. The duo also intends to leverage the GS Home Shopping app for integrated online for offline (O4O) promotions, ensuring a seamless customer experience across both online and offline platforms.

Anchoring this collaboration, the companies have also resolved to pool their resources for ESG activities. By aligning their ESG projects, they aspire to enhance their positive impact on society while demonstrating corporate responsibility.

This partnership follows GS Retail’s announcement on November 2, in which the company disclosed its decision to divest 1,258,231 shares of its own stock to Korean Air to fortify their strategic collaboration. The transaction is valued at about 30 billion won ($23 million).

Earlier, GS Home Shopping, an affiliate of GS Retail, acquired a 6.87 percent stake in Hanjin, worth 25 billion won, from the late Hanjin Group Chairman Cho Yang-ho.

Before embarking on this partnership with Korean Air, GS Retail had already established collaborative relationships with a variety of companies across diverse industries, including Samsung Electronics, Kakao, and Netflix.