What If Oasis Acquires TMON? – Preparing for a ‘Third Way’ in E-Commerce
Supply Chain Strategy Briefing
STREAMLINE: What If Oasis Acquires TMON? – Preparing for a ‘Third Way’ in E-Commerce
(June 7, 2025)
In June 2025, Oasis is once again making waves in Korea’s e-commerce industry. Following an unsuccessful bid for 11st last year, the company is now in the process of acquiring TMON, a once-prominent open market platform currently undergoing court-led corporate rehabilitation.
The potential combination of Oasis—a profitable, offline-based fresh grocery retailer—and TMON—a struggling, trust-damaged online marketplace—raises key strategic questions. Can this acquisition create synergy, and what might it take for the deal to succeed?
This issue of STREAMLINE breaks down the reasoning behind Oasis’s bold move, the financial and operational structure of the acquisition, and the market’s reaction to this high-stakes gamble.
❶ Point of View | Why Is Oasis Interested in TMON?
Oasis has long been recognized as one of the few consistently profitable players in Korea’s e-commerce landscape. Built on a foundation of offline direct stores and the “Oasis Market” online mall, the company specializes in fresh, eco-friendly grocery products.
However, with growth from its existing online business beginning to plateau, Oasis has turned to platform expansion as a strategic next step. In April 2025, the Seoul Bankruptcy Court named Oasis the preferred bidder to acquire 100% of TMON’s newly issued shares, under a conditional M&A deal valued at ₩116 billion. Including workforce guarantees and related liabilities, the total acquisition cost is estimated at ₩181 billion.
❷ Inside the Move | What the Numbers Say
According to its latest financial disclosures, Oasis reported revenue of over ₩500 billion and an operating profit of ₩22.3 billion in 2024. The company also holds more than ₩139 billion in cash and cash equivalents, giving it ample liquidity to pursue strategic acquisitions.
Meanwhile, TMON entered court receivership in September 2024 after a massive non-payment scandal involving tens of thousands of sellers. On May 22, 2025, the company submitted a rehabilitation plan to the court—nearly eight months after proceedings began. Under this plan, only ₩102 billion of the acquisition funds will go toward creditor repayment, resulting in a cash recovery rate of just 0.76%. That means a ₩100 million debt would return only ₩760,000 to a creditor.
TMON’s creditors include over 230,000 small business sellers, who collectively hold 53% of all rehabilitation claims. Without their approval, the plan cannot move forward. A creditor meeting is scheduled for June 20, and without two-thirds approval, the entire acquisition will fall through.
❸ Business Playbook | Oasis’s Three-Point Turnaround Strategy
Oasis is already making internal preparations for TMON’s potential relaunch in mid-July. Recent emails to selected partners outlined a business recovery roadmap focused on three pillars:
Rebuilding Seller Trust
Lower-than-average commission fees and faster payment terms were proposed to regain confidence from former TMON partners.
Direct Purchasing & Fulfillment Integration
Oasis plans to allow certain partners to use its own logistics infrastructure for direct-purchase sales, and even list products on both TMON and Oasis Market platforms.
Brand and Organizational Reset
Though not officially confirmed, industry sources speculate that Oasis may retire the “TMON” brand altogether due to lasting reputational damage.
❹ Market Impact | How Is the Industry Responding?
Industry analysts have dubbed this move “The Third Way” in Korean e-commerce. Unlike vertical platforms like Coupang or traditional retailers like Lotte and Shinsegae entering online commerce, Oasis represents a profitable offline-first company acquiring a large-scale open market platform for digital transformation.
If successful, the acquisition could expand Oasis’s product categories beyond fresh food and broaden its customer base—TMON previously claimed over 5 million active users. The market is also watching closely to see if this could reignite Oasis’s IPO prospects, previously delayed in early 2024.
❺ Competitor Matrix | Comparing Major E-Commerce Platforms
| Company | Core Strengths | Recent Strategy | Profitability | Fulfillment Model |
|---|---|---|---|---|
| Oasis | Fresh food PB, offline stores | TMON acquisition, channel expansion | Profitable | Low automation, third-party delivery |
| Coupang | Nationwide fulfillment | Rocket delivery, global expansion | Profitable | In-house logistics |
| Naver | Search + payments + ads | AI commerce, brand stores | Profitable | Third-party delivery |
| Kurly | Fresh delivery branding | Expanding into beauty & general goods | Loss-making | Fulfillment-based |
❻ Beyond the Numbers | What Signals Should You Watch?
📍 “TMON is targeting a July relaunch—emails to sellers have already gone out.”
→ Oasis is preparing for a swift reboot if the acquisition is finalized.
📍 “Only 0.76% of claims will be repaid in cash.”
→ Securing seller approval will require more than promises—it demands a compelling recovery plan.
📍 “230,000 sellers, 1 chance to reboot trust.”
→ Convincing high-volume, high-value sellers is critical to passing the creditor vote.
📍 “Brand retirement may be the cleanest reset.”
→ Dropping the ‘TMON’ name could help Oasis rebuild credibility with buyers and sellers alike.
❼ Summary Insight | One Sentence to Remember
Oasis is not just acquiring TMON—it’s attempting to rebuild it as a new kind of e-commerce platform,
but success depends entirely on whether the market is willing to trust it again.
© 2025 BEYONDX. All rights reserved.
This is part of the STREAMLINE: Beyond Logistics Playbook by BEYONDX series.
