Qoo10 reaches over 2 million shoppers
eBay (EBAY) disclosed in its latest quarterly filings that it paid $573.0 million to buy the Japanese assets of Giosis, an online marketplace firm that primarily operates in Asia. The main asset in that deal was Qoo10, a leading Japanese online marketplace. The deal was announced in February and closed in May.
eBay posted a $642.0 million profit in the second quarter, meaning it spent an equivalent of 90.0% of its second-quarter profit on the Qoo10 deal. Qoo10 serves more than 2.0 million shoppers, and it’s expected to extend eBay’s consumer reach.
eBay selling Flipkart stake to Walmart
Like Amazon (AMZN), Alibaba (BABA), and JD.com (JD), eBay has expansive global plans. eBay recently struck several deals to expand in the Middle East and Africa, while it’s in the process of relaunching its operations in India. eBay intends to sell its stake in Flipkart to Walmart (WMT) to allow it to resume operations in India under its own brand.
In 2017, eBay folded its India business into Flipkart and subsequently took a minority stake in Flipkart. Walmart is buying the majority of Flipkart for $16.0 billion to accelerate its online expansion.
e-Commerce companies hunting for growth overseas
Amazon (AMZN), which has also made acquisitions in the Middle East and elsewhere as part of its global push, is investing more than $5.0 billion to grow its business in India—one of the world’s fastest-growing markets for digital products and services.
Alibaba (BABA) acquired the Southeast Asian online marketplace firm Lazada, and it has been making strategic investments elsewhere—including China—as part of its global push. JD.com is in talks to launch domestic operations in Europe, and the company opened its Australia and New Zealand regional offices earlier this year.