Korean startup Trillionaire (Co.) takes over the 11st Thailand branch
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New spark marking future advancement into South-East Asian markets…successful example on the usage of virtual currency
Trillionaire (Co.), the operating company of Hui-Seoul- a professional K-beauty consulting and beauty product market platform for Chinese consumers- has taken over the 11st Thai branch together with the PM Group in Thailand.
Trillionaire (Co.) (CEO Ho Won Song) and the subsidiary company TTA of the PM Group has recently bought all the shares of the 11st Thai branch that used to be owned by SK Planet to begin its full-fledged advancement into the Thai market. SK Planet originally began the 11st Thai service in February 2017. It soon grew to take third place in the Thai market (in terms of number of visitors), but due to changes in the 11st foreign market advancement strategies and accumulative losses, the 11st Thailand branch was placed in the market for acquisition.
Trillionaire aims to pave the roadmap to success in the Thai market through the expansion of 11st Thailand’s e-commerce services in K-beauty and fashion by cooperating as partners to further develop service platforms, product curation and sourcing, and overall management strategies. It will additionally launch into the South-East Asian markets through e-commerce services with its joint acquisition partner, the PM group.
The PM group that participated in the joint acquisition of the 11st Thai branch with Trillionaire, is a large Thai corporation with diverse portfolios in industrial goods, consumer goods, real estate, and entertainment. Their recent interest in the fastly growing Thai online shopping market and K-beauty trends lead to its decision to expand its e-commerce businesses and thus participate in this acquisition. David Ng, the director of the PM group stated that “they had continuously examined potential Korean e-commerce companies to acquire the 11st Thai branch as a consortium, and Hui-Seoul was selected as the optimum joint acquisition partner due to their various experiences and expertise in foreign market distribution channels and K-beauty related capacities.”
Seong Ho Kim, partner of a block chain accelerator company Hashed, stated that “the acquisition of the 11st Thailand branch by Trillionaire (Co.) shows that blockchain can be effectively used in the process of share acquisition deals” and that “this is an instance that proved the substantial value of the virtual currency which will also be effective in expanding the cosmochain business in the future.”
During this deal, part of the trade value was traded with COSM, the virtual currency of Cosmochain- the operating agency of Trillionaire. This is a case that shows how something other than cash or spot trade, such as virtual money, can be used in a share acquisition deal. Cosmochain is a company aimed to create a consumer based global beauty information system and has recently gone through its ICO to successfully fundraise a 50,000ETH hardcap from its local and foreign investors. It aims to expand its K-beauty services to Korea, China, and Thailand in which their virtual currency COSM is applicable.
The CEO Ho Won Song state that this acquisition shows “the significance of how Trillionaire has taken action into foreign investment just three years after receiving its first investment from Altos Venture. It will not only go into the Thai market but also rigorously expan into other markets with demand for K-beauty by strengthening its blockchain community and providing more effective services.”
Further information relatd to Cosmochain can be found in the following
Cosmochain Web: https://cosmochain.io/ko/
COSMEE Web: https://cosmee.co/
Telegram(Announce): https://t.me/cosmochainannouncement
KakaoTalk(KR): https://open.kakao.com/o/gAMfQpU
Telegram (KOR): https://t.me/cosmochain_english
Telegram (ENG) : https://t.me/cosmochain_global
Telegram (JP) : https://t.me/cosmochain_japan
Medium : https://medium.com/@Cosmochain
Facebook: https://www.facebook.com/cosmochain
Twitter: https://twitter.com/cosmochain
