Qoo10(큐텐) has acquired Wish, a global service powered by ContextLogic, a NASDAQ-listed company. The acquisition of Wish, with the majority of the transaction taking place in Europe and the United States, will further accelerate Qoo10’s efforts to build a global e-commerce ecosystem.
Founded in 2010, Wish is a San Francisco-based shopping platform that currently serves consumers in more than 200 countries in 33 languages. It sells and ships more than 80 million products and serves more than 10 million customers each month. Wish is a “discovery shopping platform” that offers local customers customized suggestions across all product categories and has built an integrated marketplace from local currency conversion and payment to selling, buying and shipping.
“With this acquisition, Qoo10 and Wish will be able to provide a comprehensive shopping platform service for manufacturers, distributors, sellers and buyers around the world to realize their potential in a truly global marketplace,” said Youngbae Ku, CEO of Qoo10. “The combination of Wish and the Qoo10 Group, combined with the passion and dedication of its members, will bring us closer to our goal of becoming a leading global digital commerce platform.” “We will further promote the overseas expansion of domestic merchants and products, and contribute to the development of the domestic industry. We will lead the expansion of the global e-commerce ecosystem by building a marketplace that connects sellers and consumers around the world, which is the ultimate goal of the Qoo10 Group.”
The acquisition expands Qoo10’s global logistics network beyond Asia and provides the company with a foothold to rapidly increase its global order volume and active consumers in North America and Europe. It will enhance the global competitiveness of its logistics subsidiary, Qxpress, which specializes in e-commerce fulfillment. It will also open up a single global marketplace for all domestic merchants doing business with Qoo10’s affiliates Tmon, Wemakeprice and Interpark Commerce, while providing differentiated global services to domestic consumers.
Wish has merchants in a wide range of categories including home, fashion, beauty, electronics and more, and operates an extensive global supply chain in more than 200 countries around the world. It provides fourth-party logistics (4PL) with integrated logistics solutions in 44 countries across Europe, the Americas, Asia and Africa, and third-party logistics (3PL) services in 16 countries. Wish also works with more than 20,000 retailers in Europe and the Americas to streamline cross-border delivery, including expanding the number of “Wish local” partner stores for product pickup.
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