UPDATE: eBay has completed its acquisition of Giosis’ Japan business, including the Qoo10.jp platform. With the close of the transaction, eBay also has relinquished its investment in Giosis’ non-Japanese businesses. This acquisition expands eBay’s footprint in Japan, one of the largest e-commerce markets in the world.
The below release was originally published on February 27, 2018:
eBay Inc., a global commerce leader, will expand its presence in Japan with the acquisition of Giosis’ Japan business, including the Qoo10.jp platform. eBay currently is an investor in Giosis Pte. Ltd., which runs a number of localized marketplaces in Asia, including Giosis’ Japan business. As part of the transaction, eBay will relinquish its investment in Giosis’ non-Japanese businesses. Additional terms of the deal are not being disclosed.
“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 Inc. “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 Pte. Ltd. in 2010. Since then, Giosis has established dynamic marketplace businesses across Asia. With today’s acquisition, eBay 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.
eBay has a fast-growing cross-border trade (CBT) export business in Japan that enables thousands of 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.
The acquisition is expected to close in the second quarter of 2018. The company will provide an update on any financial impact related to this transaction when it reports its first quarter earnings results in April 2018.
This press release contains forward-looking statements relating to, among other things, the future performance of eBay Inc. and its consolidated subsidiaries. These statements are based on eBay’s current expectations, forecasts and assumptions and involve risks and uncertainties. Actual results could differ materially from those predicted or implied in this press release for a variety of reasons. You can find more information about risks, uncertainties and other factors that could affect our operating results in our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, copies of which may be obtained by visiting eBay’s Investor Relations website at https://investors.ebayinc.com or the SEC's website at www.sec.gov. You should not rely on any forward-looking statements. All information in this press release is as of February 27, 2018, and we do not intend and undertake no duty to update this information.