eBay announced on Tuesday it is acquiring the Japanese business of a company called Giosis, which runs a number of localized marketplaces in Asia. As part of the transaction, eBay will relinquish its investment in Giosis’ non-Japanese businesses. Additional terms were not disclosed. eBay said the transaction would expand its footprint in Japan.
eBay has a growing export business in Japan that helps thousands of Japanese businesses sell products around the world. eBay CEO Devin Wenig said as a result of the deal, eBay would be able to offer Japanese consumers more inventory from around the world.
The acquisition is expected to close in the second quarter of 2018.
Press release follows:
eBay Inc., a global commerce leader, will expand its presence in Japan with the acquisition of Giosis’ Japan business, including the Qoo10.jp platform. eBay currently is an investor in Giosis Pte. Ltd., which runs a number of localized marketplaces in Asia, including Giosis’ Japan business. As part of the transaction, eBay will relinquish its investment in Giosis’ non-Japanese businesses. Additional terms of the deal are not being disclosed.
“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,” said Devin Wenig, President and CEO of eBay Inc. “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 made an initial investment in Giosis Pte. Ltd. in 2010. Since then, Giosis has established dynamic marketplace businesses across Asia. With today’s acquisition, eBay will build on Giosis’ progress in Japan, enhancing the domestic customer experience and providing approximately two million Japanese buyers currently using the Qoo10.jp platform with a well-curated selection of merchandise sourced both locally and from across the globe. eBay’s Japan business, including Giosis’ Japan business, will report into Jooman Park, Senior Vice President of eBay’s Asia Pacific region.
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.
The acquisition is expected to close in the second quarter of 2018. The company will provide an update on any financial impact related to this transaction when it reports its first quarter earnings results in April 2018.
SOURCE: eBay Press Release