eBay has acquired Giosis' business in Japan, which includes the Qoo10.jp platform, as it plans to expand its presence in the market. The acquisition is expected to close in the second quarter of 2018. Additional terms of the deal are not being disclosed.
As part of the transaction, eBay will relinquish in investments of Giosis' businesses outside of Japan, and focus on localised marketplaces such as the Japan market. The brand's initial investment in Giosis started in 2010 while Giosis has already established dynamic marketplace businesses across Asia. With the recent acquisition, eBay looks to enhance the domestic customer experience and bring a well-curated selection of merchandise sourced both globally and from across the globe.
According to Devin Wenig, president and CEO, eBay, the acquisition of Giosis' Japan business significantly expands eBay's footprint in Japan, "one of the largest e-commerce markets in the world". By building on the strength of Qoo10.jp's platform, the brand 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.” Wenig added.
eBay has a fast-growing cross-border trade (CBT) export business in Japan that enables thousands of Japanese businesses to sell their products to eBay’s 170 million active buyers around the world. Based in Tokyo, eBay has been promoting the CBT opportunity to Japanese retailers, entrepreneurs and small businesses since 2009.