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Rakuten to start online shopping JV in Taiwan

8:43 am on Dec 3, 2007 (gmt 0)

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RPT-Rakuten, President Chain in Taiwan online shopping JV [reuters.com]

TAIPEI, Nov 29 (Reuters) - President Chain Store Corp, Taiwan's biggest convenience store operator, said on Thursday it will form a T$174 million ($5.4 million) online retailing joint venture with Japan's Rakuten.

President Chain, operator of the 7-Eleven stores in Taiwan, will hold 49 percent of the venture and Rakuten, one of Japan's top Web-based shopping mall operators, would hold the rest.

The companies said they expect the online mall to officially launch in the second quarter of 2008, and to have 3,000 e-shops within its third year.