eBay to acquire Giosis’ Japan business

Auction marketplace eBay has confirmed that it is expanding its presence in Japan with the acquisition of Giosis’ Japan business, including the online shopping platform, Qoo10.jp.

Giosis, which already counts eBay as an investor, operates seven localised online marketplaces in five countries across Asia including Japan and Singapore. As part of the transaction, eBay will relinquish its investment in Giosis’ non-Japanese businesses, however, the additional terms of the deal have not being disclosed.

The move will see eBay expanding its presence in Asia’s second-largest economy, Japan, which eBay calls an "underpenetrated market with strong e-commerce potential”.

Devin Wenig, president and chief executive of eBay Inc, said: “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.

“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.”

Moving forward, eBay states that it 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.

The acquisition is expected to close in the second quarter of 2018.