[Exclusive] With 'T-Mef' Merger Off the Table… Ku Young-bae Steps Down as KCCW CEO and Renames Company

[비즈한국] It has been confirmed that Qoo10 CEO Ku Young-bae has stepped down as the CEO of KCCW, a company he established last year to merge 'T-Mef (TMON and WeMakePrice)'. The company has also changed its name to ASQ and added a wide range of business objectives related to product distribution, import, and export. As KCCW was originally founded to facilitate the T-Mef merger, this move is interpreted as an attempt to pivot to new business ventures now that the original purpose has vanished following TMON's acquisition by Oasis.

Qoo10 CEO Ku Young-bae has resigned from his position as CEO of KCCW, which he founded last year for the T-Mef merger. Photo = Reporter Park Eun-sook

According to BizHankook's reporting, CEO Ku Young-bae resigned from his position as KCCW CEO on June 12. He stepped down less than a year after establishing KCCW as a new entity. CEO Ku had founded KCCW last August with the goal of merging TMON and WeMakePrice. The plan was to grow KCCW by 2027 and resolve the debts from the T-Mef crisis through an IPO or sale. However, with TMON recently being acquired by Oasis, the need for a unified T-Mef platform has effectively disappeared.

Following CEO Ku's departure, the company was renamed 'ASQ'. It is now operated under a co-CEO system with Hong Hyun-jik and Lee Joo-han. Both new CEOs are former Qoo10 employees. CEO Hong Hyun-jik has worked with CEO Ku since their G-Market days and served as an executive at Qoo10. He has been listed as an inside director since KCCW was founded last year. CEO Lee Joo-han is known to have served as a team leader at G-Market and as a director at Qoo10 Technology.

There are signs that the company is exploring new business opportunities under the new name ASQ. ASQ has recently added numerous business objectives related to distribution, trade, and manufacturing. These include: △Manufacturing, processing, wholesale/retail, brokerage, and consignment sales of agricultural, fishery, and livestock products, food and beverages, clothing, furniture, general goods, and other items △Distribution and sales of health products, sanitary goods, and bio-related products △Overseas parallel import of men's and women's clothing and underwear △Overseas parallel import of leather goods, fashion accessories, and precious metals △Manufacturing and sales of cosmetics.

There are also moves to expand its online platform business. ASQ has added the following to its business objectives: △Development and operation of cloud-based platforms △Development and supply of online and mobile game software △Development of design content, visual design, brand design, and operation of related platforms.

The entrance to the KCCW office. KCCW's company name has now been changed to ASQ. Wish Korea is also located in the same office. Photo = Reporter Park Hae-na

If ASQ expands its online business, there could be potential synergy with Wish Korea. Wish Korea, led by former Qoo10 executive CEO Ku Hee-jin, is the domestic entity for the U.S. platform 'Wish', which was acquired by Qoo10. Wish Korea and ASQ share the same office. Since ASQ has set product distribution and import/export as its business objectives, utilizing the Wish platform could facilitate expansion into overseas markets.

ASQ CEO Lee Joo-han explained that the company operates separately from Wish Korea. In a phone call with BizHankook, CEO Lee said, "(ASQ) is a company that sells products online. KCCW also engaged in online sales." He added that the addition of new business objectives is merely a formality, noting, "Other companies have many business objectives, but they don't necessarily engage in all of them." Meanwhile, he gave a brief response regarding CEO Ku's involvement in ASQ, stating, "I have nothing to say."