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EBay Explores Strategic Alternatives for Marketplace in Korea

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The logo for eBay Inc. is displayed on a laptop computer in an arranged photograph taken in the Brooklyn borough of New York, U.S., on Sunday, May 10, 2020. There has been "a meaningful structural change" in U.S. retail, with more and more money shifting to e-commerce during the pandemic, according to Baird. Photographer: Gabby Jones/Bloomberg
The logo for eBay Inc. is displayed on a laptop computer in an arranged photograph taken in the Brooklyn borough of New York, U.S., on Sunday, May 10, 2020. There has been "a meaningful structural change" in U.S. retail, with more and more money shifting to e-commerce during the pandemic, according to Baird. Photographer: Gabby Jones/Bloomberg

(Bloomberg) -- EBay Inc. is exploring a potential sale of its online marketplace in South Korea, the latest step in a reorganization that has already hived off several units from the main U.S. e-commerce business.

The San Jose, California-based company said it has “initiated a process to explore, review, and evaluate a range of strategic alternatives for its Korea business. The company is considering options that would maximize value for its shareholders and create future growth opportunities for the business.”

EBay enjoyed a boost during the pandemic as shoppers flocked online, but it continued to grow at a slower pace than rivals, including Amazon.com Inc. EBay has 183 million active buyers and about 11% of its annual revenue comes from South Korea.

Chief Executive Officer Jamie Iannone, who took the helm in April, is still trying to show that a slimmed-down EBay can lure customers and get them to spend more on the site. Under pressure from activist investors, EBay last year sold its event-tickets marketplace StubHub to Viagogo for $4.05 billion and its classifieds business to Norway’s Adevinta ASA in a cash-and-stock deal worth $9.2 billion that left EBay with a 44.4% stake in the company.