eBay Confirms Purchase of Japanese Assets of Qoo10

On Tuesday, eBay confirmed the story we posted on Monday that it was purchasing the Japanese assets of Qoo10 fro $700 million.

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This is eBay’s second foray into Japan as it tried once before from 1999 to 2002, but left the market due to poor performance.

It has been a sideline player since 2009 in Japan by supporting cross-border eCommerce of local companies and with being an investor in Qoo10.

“We have been an investor for Qoo10 for eight years, and this is now becoming one of the fastest [growing] businesses in Japan. It is the time to make [it] a part of our overall plan to expand across Asia.

Japan is the third largest e-commerce market in the world. It is the market that is growing, but still underpenetrated if you look at the percentage of e-commerce compared to the overall retail.

So we think that there is a lot of room to grow.”

Devin Wenig, President and CEO of eBay told The Nikkei

The acquisition is expected to close in June after approval from regulatory authorities.

Qoo10 in Japan has about 2 million users, tilting toward a younger user that Devin Wenig said eBay as a whole is trying to attract.

This fits well within the goals Wenig stated about making eBay one of the top global Omni-Channel companies over the next five year.

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