YAP O2O Commerce Platform Provider Confirms KRW 42 Billion Investment
YAP O2O Commerce Platform Provider Confirms KRW 42 Billion Investment
  • By Yeon Choul-woong (info@koreaittimes.com)
  • 승인 2015.07.31 11:01
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Adrian Cheng, Executive Vice-chairman and Joint General Manager, New World Development

YAP, the comprehensive O2O commerce platform provider and the first company to offer commercial beacon services in Korea, announced on July 26th that the company confirms that it shall receive a total KRW 42 billion investment from high profile investors.

KRW 22billion (USD 20 million) investment is from New World Strategic Investment and Chow Tai Fok Enterprise, herein referred to as New World Group, which is one of the largest conglomerates in Asia. The other KRW 20 billion investment is from DS Investment Management Co. Ltd. and other high profile domestic investors.

New World Group has extensive retail network in China such as Chow Tai Fook Jewellery, the world’s largest listed jeweler, has over 2,400 stores in HK and China, New World Department Store, the 3rd largest department stores in China with 43 stores, K11 shopping malls, Duty Free retail shops at land border crossing between HK and China, and between HK and Macau etc. Besides HK and China, New World Group’s business also has strong global presence. It owns Hearts on Fire Company, which sells premium jewellery in US and a portfolio of more than 50 premium luxury hotels and resorts including Rosewood Hotels & Resorts, Carlyle Hotel in Manhattan, Beverly Wilshire Hotel in Beverly Hills etc.

The domestic investment consortium was led by DS Investment Management Co. Ltd., which is famous for making a series of successful investment into the mobile platform industry.

YAP expects to receive further investments from domestic and international sources after this successful round of financing as the demands for investment are overwhelming.

The investment decision by New World Group will bring significant strategic value to YAP's global expansion strategy, especially in China and Hong Kong market.

New World Group's visionary Vice Chairman, Mr. Adrian Cheng who is a young billionaire and the third generation scion of the Cheng Family who founded the New World Group, said, “There is a rising need for O2O solution in the world and we think Yap has competitive advantage in term of technology and understanding of offline retailers’ need. We will help Yap to establish a presence in China by leveraging on both our internal resource and business network.”

YAP has been prepared methodically for global O2O business expansion starting from Vietnam to other major countries such as China, USA, Japan and Europe.

David Ahn, the founder of YAP said, “This sizable investment led by high profile investors represents that YAP’s proprietary O2O business model and technology has become an important pillar of future competitiveness of YAP Company. The investment will help YAP Company to strengthen the domestic O2O market leadership and to prepare YAP to conduct its global expansion plans effectively.

New World Group

New World Group has extensive retail network in China such as Chow Tai Fook Jewellery, the world’s largest listed jeweler, has over 2,400 stores in HK and China, New World Department Store, the 3rd largest department stores in China with 43 stores, K11 shopping malls, Duty Free retail shops at land border crossing between HK and China, and between HK and Macau etc.

Besides HK and China, New World Group’s business also has strong global presence. It owns Hearts on Fire Company, which sells premium jewellery in US and a portfolio of more than 50 premium luxury hotels and resorts including Rosewood Hotels & Resorts, Carlyle Hotel in Manhattan, Beverly Wilshire Hotel in Beverly Hills etc.

Adrian Cheng

A young billionaire and fourth generation scion of the Cheng family from Hong Kong (#71 on Forbes 2015), Adrian Cheng is the visionary art entrepreneur behind New World Group and Chow Tai Fook. He injects zest into the family business empire, using innovation, art and culture to create new family businesses. He also founded the brand K11, a new “museum retail” concept and K11 Art Foundation (“KAF”), the first non-profit and non-state owned art foundation in China to incubate emerging contemporary Chinese artists and to promote public art education.

Adrian graduated from Harvard University with a Bachelor of Arts (Cum Laude) degree. He received an Honorary Doctorate of Humanities degree from the Savannah College of Art and Design (SCAD), and an Honorary Fellowship from Lingnan University in 2014. He was honoured with the title of “Young Global Leader” by the World Economic Forum in 2012, and was ranked among the Art Review 2014 Power 100 list as one of the contemporary art world’s most powerful figures.

He is also a Trustee of the Royal Academy of Arts; Member of Tate’s International Council, Centre Pompidou’s International Circle and the Metropolitan Museum of Art’s Visiting Committee; Board Member of the West Kowloon Cultural District Authority and M+ Museum; Director of the National Museum of China Foundation and Central Academy of Fine Arts Museum Funds.

 


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