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(Seoul=NSP NEWS AGENCY) = Backpackr acquired 10x10, an e-commerce design goods platform.

GS Retail announced it sold the shares of its subsidiary, 10x10, via DART on December 22.

Backpackr purchased 100% of such shares and now holds 80% of 10x10 shares.

The 2001-established company was acquired by GS Retail in 2013 and became a popular Korean design goods store for women in their 20s and 30s.

The CEO of Backpackr said, “We will create a coalition of small brands against large companies by associating design e-commerce platform, 10x10, with a hand-made goods marketplace, idus, a crowdfunding platform, Tumblbug, and a creator membership community service, Steadio. The coalition will be a foundation for our effort to create a world where people value creativity and sincerity.

By Hyun-jin Kim(kimhj30310@nspna.com) and Bok-hyun Lee(bhlee2016@nspna.com)

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