Global e-commerce major eBay is already an investor in Qoo10, which has nearly two million active users in Japan

eBay will expand its presence in Japan with the acquisition of Giosis’s business, including its e-commerce platform Qoo10.jp.

eBay currently is an investor in Giosis, which runs a number of localised marketplaces in Asia, including Qoo10.jp. As part of the transaction, eBay will relinquish its investment in Giosis’ non-Japanese businesses.

Additional terms of the deal were not disclosed.

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

Also Read: Why Qoo10 thinks organising offline fairs will pay off handsomely for its merchants

“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. “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 in 2010. Since then, Giosis has established marketplace businesses across Asia. With today’s acquisition, eBay will build on Giosis’ progress in Japan. Qoo10 has approximately two million buyers in Japan.

eBay’s Japan business, including Giosis, will report into Jooman Park, Senior Vice President of eBay’s Asia Pacific region.

Also Read: Planning to IPO in 2019, Qoo10 has quietly grown into Singapore’s top e-commerce destination

eBay has a cross-border trade (CBT) export business in Japan that enables 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.

Qoo10, headquartered in Singapore, has grown into the powerhouse of Singapore’s e-commerce scene. The e-commerce platform has three million total users and 600,000 daily active users from the city. Those numbers make it Qoo10’s second largest market after Japan and the site remains incredibly popular in the city-state.

The post eBay acquires e-commerce platform Qoo10.jp to expand its presence to Japan appeared first on e27.