EBay to buy Giosis’ Qoo10 Japan
EBay said it will buy Giosis Pte Ltd’s Japanese business, including the Qoo10 online shopping platform, to expand its presence in Asia’s second-largest economy.
Giosis, which already counts eBay as an investor, operates seven localised online marketplaces in five countries including Japan and Singapore. US-based eBay said it will relinquish its stake in Giosis’ non-Japanese businesses.
Devin Wenig, eBay’s chief executive officer, said the company expects significant growth in Japan, already the world’s third-largest e-commerce market.
“There is this perfect convergence of growing wealth and technology adoption,” Wenig said in a statement to Reuters. “We think there’s a lot of runway.”
The deal will bring eBay’s technology and its worldwide sellers to Qoo10’s base of two million shoppers, mirroring its play book in South Korea nearly a decade ago, Wenig said.
“We’re going to bring the world’s inventory into Japan,” he said.
Wenig declined to disclose the terms of the deal, valued at close to $US700 million according to a Bloomberg report. EBay has modified its platforms, including its namesake shopping service, to include grouped listings and a simpler payment process to lure shoppers amid stiff competition from Amazon.com. Shares in eBay are up about 14 per cent this year.