Hypermarkets & warehouse clubs · E-commerce & coffee shops

E-mart Inc.

E-mart is the Shinsegae group's retail operating company, anchored by hypermarkets (E-mart) and warehouse clubs (Traders) alongside the SSG.com and Gmarket e-commerce arms and Starbucks Korea (SCK Company). FY2025 consolidated revenue was KRW 28.97 trillion, flat year on year, while operating profit rose 584.8% to KRW 322.5 billion. It is a domestic-consumption node with little AI exposure, a control case for Korea's consumption clock.

139480.KS Updated Jul 12, 2026 4 AI consumers· 3 recurring

Per the valuechain.wiki graph, E-mart Inc. is directly linked to 6 companies (6 supply, 0 revenue relationships) and reaches 15 companies within two hops; the links are backed by 11 dated sources, 1 of them primary filings (as of 2026-07-12).

Annual return · 2026-09-04'21-18.4%'22-19.5%'23-25.3%'24-14.6%'25+44.7%YTD-17.1%
Money in ▸대형마트·트레이더스 소비자 (오프라인 유통)●Amount ₩17.97스타벅스코리아(SCK컴퍼니) 소비자●Amount ₩3.238이커머스 소비자 (SSG닷컴·G마켓)◐
E-mart Inc.Consolidated revenue KRW 28.97tn
▸ Money outStarbucks●Market share 67.5%상품 매입원가 (제조사·벤더, 비공개)●Orion●물류·점포 운영·인건비 (비공개)◐CJ CheilJedang◐PepsiCo○Nestle○The Coca-Cola Company○

Financials & Segments

  • Total revenue · Consolidated revenue KRW 28.97tn (-0.2% YoY), operating profit KRW 322.5bn (+584.8%), net income KRW 246.3bn (return to profit). Standalone (hypermarket + Traders) gross revenue KRW 17.966tn (+5.9%)
  • Customer concentration · Essentially 100% of revenue is Korean domestic consumption. Standalone core KRW 17.966tn (+5.9%), Traders KRW 3.85tn (+8.5%) (FY2025)
  • Segments · Hypermarket and Traders · E-commerce (SSG.com, Gmarket) · Starbucks Korea (SCK Company) · Others (Shinsegae Property, Chosun Hotel & Resort, etc.)

Revenue from

  • 대형마트·트레이더스 소비자 (오프라인 유통) High confidence· Amount ₩17.97 · FY2025 · Standalone gross revenue KRW 17.966tn (hypermarket + Traders)
    The core E-mart hypermarkets and Traders warehouse clubs earn from offline shoppers. FY2025 standalone gross revenue was KRW 17.966tn (+5.9%) and Traders KRW 3.85tn (+8.5%), reflecting a recovery in the core.
    Mentions KO Kyobo Securities Published May 14, 2026: E-mart 1Q26 review: improving results, target ₩130,000 (Kyobo Securities)
    Mentions EN E-mart English Investor Relations Published Mar 31, 2026: E-mart Financial Information (Investor Relations)
    Confirms KO DART E-mart Annual Report (FY2025) Published Mar 18, 2026: E-mart Inc. Business Report (FY2025)
    Confirms KO Shinsegae Group Newsroom Published Feb 11, 2026: E-mart 2025 operating profit KRW 322.5bn, up 584.8% YoY
  • 스타벅스코리아(SCK컴퍼니) 소비자 High confidence· Amount ₩3.238 · FY2025 · SCK Company (Starbucks Korea) revenue (KRW tn)
    E-mart consolidates Starbucks Korea (SCK Company) and books its coffee-chain revenue. FY2025 SCK revenue was KRW 3.238tn (+4.4%) with operating profit KRW 173bn (-9.3%) as cost inflation pressured margins.
    Confirms KO DART E-mart Annual Report (FY2025) Published Mar 18, 2026: E-mart Inc. Business Report (FY2025)
    Confirms KO Newdaily Biz Published Feb 11, 2026: Starbucks Korea Q4 operating profit down 22% to KRW 37.7bn on cost inflation
  • 이커머스 소비자 (SSG닷컴·G마켓) Medium confidence
    The online subsidiaries SSG.com and Gmarket generate e-commerce revenue but both remain loss-making, weighing on E-mart's consolidated profitability (FY2024: SSG.com revenue KRW 1.576tn, operating loss KRW 72.7bn; Gmarket KRW 961.2bn, operating loss KRW 67.4bn).
    Confirms KO DART E-mart Annual Report (FY2025) Published Mar 18, 2026: E-mart Inc. Business Report (FY2025)
    Confirms KO Business Post Published Feb 12, 2025: SSG.com and Gmarket losses weigh on E-mart's digital transition

Pays to

  • Starbucks High confidence· Market share 67.5% · 2021~ · E-Mart stake in SCK
    E-Mart became the largest shareholder of Starbucks Coffee Korea (SCK) with 67.5% in 2021. SCK operates about 1,500 Starbucks stores in Korea under license and pays royalties to Starbucks.
    Confirms EN GIC Published Jul 27, 2021: Starbucks Transitions Retail Business in South Korea to E-Mart and GIC
  • 상품 매입원가 (제조사·벤더, 비공개) High confidence
    As a retailer, its largest cost is merchandise cost of goods sold, sourced from many manufacturers and vendors. Individual suppliers are undisclosed.
    Confirms KO DART E-mart Annual Report (FY2025) Published Mar 18, 2026: E-mart Inc. Business Report (FY2025)
  • Orion High confidence
    Choco Pie, Poca Chip and Kkobuk Chip are stocked across E-mart and domestic mass retail; a core domestic channel.
    Confirms KO E-mart Mall (SSG.COM) Published Jan 1, 2025: Orion Choco Pie, E-mart mall listing
  • 물류·점포 운영·인건비 (비공개) Medium confidence
    Logistics and delivery, store leases and operations, and personnel costs are the main components of SG&A. Individual providers and contracts are undisclosed.
    Confirms KO DART E-mart Annual Report (FY2025) Published Mar 18, 2026: E-mart Inc. Business Report (FY2025)
  • CJ CheilJedang Medium confidence
    Collaborates with Shinsegae's retail trio including E-mart, with an E-mart-exclusive Hatban SKU; a core domestic offline channel.
    Confirms KO Topdaily Published Jun 1, 2024: CJ CheilJedang partners with Shinsegae retail trio; E-mart-exclusive Hatban
  • PepsiCo Low confidence
    E-Mart purchases and sells PepsiCo products such as Pepsi, a carried brand with undisclosed purchase share.
    Confirms KO E-Mart Mall (SSG) Published Jul 5, 2026: E-Mart Mall cola/carbonated beverages category
  • Nestle Low confidence
    E-Mart purchases and sells Nestlé products such as Nescafé and Nespresso coffee and confectionery, a carried brand with undisclosed purchase share.
    Confirms KO E-Mart Mall (SSG) Published Jul 5, 2026: E-Mart Mall Nestlé search
  • The Coca-Cola Company Low confidence
    E-Mart purchases and sells Coca-Cola products in stores and on its online mall, a carried brand with undisclosed purchase share.
    Confirms KO E-Mart Mall (SSG) Published Jul 5, 2026: E-Mart Mall cola/carbonated beverages category

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
E-mart Inc.node-18.4-19.5-25.3-14.6+44.7-17.1
The Coca-Cola Companybenef1+11.4+10.6-4.4+8.9+15.6+27.7
Starbucks Corpbenef1+11.1-13.2-1.2-2.5-5.3+26.3
Orionbenef1-18.4+29-25.5+10.6+18.7+11.9
Nestlé S.A.benef1+22.1-4.2-9.3-18.8-1.8+11
PepsiCobenef1+20.6+6.8-3.3-7.6-1.8-2.2
CJ CheilJedangbenef1-17.7+1.1-14.5-15.7-8.9-12.2
Archer-Daniels-Midland Companybenef2+37.3+40-20.4-27.5+18.2+50.2
Live Nation Entertainment, Inc.benef2+62.9-41.7+34.2+38.4+10+21.8
Keurig Dr Pepper Inc.benef2+17.5-1.2-4.2-1.1-10.1+19.2
Monster Beverage Corporationbenef2+3.8+5.7+13.5-8.8+45.9+14.3
Ecolab Inc.benef2+9.4-37.1+37.9+19.3+13.2+7
Microsoftbenef2+52.5-28+58.2+12.9+15.6+4
Salesforce, Inc.benef2+14.2-47.8+98.5+27.8-20.2-1.6
Adobe Inc.benef2+13.4-40.7+77.3-25.5-21.3-23.9
LigaChem Biosciencesbenef2-26.2-18.1+37.1+151+60.5-54.7

YTD as of 2026-09-04 · source: Yahoo Finance

E-mart Inc. operates across KOSPI, #1 hypermarket & e-commerce, domestic-consumption clock. After +44.7% in 2025, it corrected -17.1% in 2026. The supply side (avg +13.4%) leads the stock (-17.1%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is The Coca-Cola Company (+27.7%) and the furthest behind is CJ CheilJedang (-12.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It is a domestic-consumption node with little AI exposure, a control case for Korea's consumption clock.

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ₩140,000 · Price ₩73,500 (09-04) · Upside +90%

BrokerRatingTargetPublished
Kyobo SecuritiesBuy₩130,000May 14, 2026Report ↗
Hanwha Investment & SecuritiesBuy₩150,000Apr 6, 2026Report ↗

Keeps Buy on improving 1Q26 operating profit (+11.9%) and Homeplus restructuring tailwinds, but cuts the target to KRW130,000 from KRW150,000 on a wider unlisted-subsidiary discount.

Analyses covering this node

← All companiesMarkdown · JSON

For information only, not investment advice. Content on this site is generated by AI from verified, cross-checked sources and may contain errors.

© 2026 Willow Investments, Inc.Company value-chain data · contact@willowinvt.com