eBay to acquire online shopping site Qoo10 & other Japan business of Giosis
eBay acquisition of Qoo10 : E-commerce giant eBay has agreed to acquire the Japanese business of Giosis, including the Qoo10 online shopping site, for an undisclosed price.
eBay, which is currently an investor in Giosis, will grow its presence in Japan through the deal.
Giosis operates seven localized marketplaces in five countries, which includes Japan and Singapore.
As part of the transaction, eBay will voluntarily cease its investment in the non-Japanese businesses of Giosis.
Commenting on eBay acquisition of Qoo10, Devin Wenig – President and CEO of eBay, said: “The acquisition of Giosis’ Japan business significantly expands eBay’s footprint in Japan, one of the largest e-commerce markets in the world. Building on the strength of the Qoo10.jp platform, we will be able to offer Japanese consumers more inventory from around the world.
“With the Qoo10.jp platform, we also will be able to serve a new and growing user base as well as broaden our presence in a dynamic, underpenetrated market with strong e-commerce potential and high mobile adoption.”
eBay, which first invested in Giosis in 2010, will consolidate on the latter’s progress in Japan through the new transaction. The e-commerce giant plans to improve the domestic customer experience and offer about two million Japanese buyers on the Qoo10.jp platform with a well-curated selection of merchandise, collected locally and also from different parts of the world.
The US-based e-commerce company says that its cross-border trade (CBT) export business in Japan is growing quickly, thereby allowing thousands of Japanese businesses to sell their products to its 170 million active buyers worldwide.
eBay acquisition of Qoo10 and the other Japanese business of Giosis is likely to be completed in the second quarter of this year.