US-based online retailer eBay has completed the acquisition of Giosis’ Japan business and the Qoo10.jp platform.
The transaction, which was announced in February this year, will expand eBay’s presence in Japanese e-commerce markets.
Following the deal, eBay will enhance the domestic customer experience and offer an assortment of merchandise sourced both locally and globally to approximately two million Japanese buyers currently using the Qoo10.jp platform.
Since 2010, eBay is an investor in Giosis, an online retail marketplace in Asia, and its Japan business.
With this transaction, the online retailer has withdrawn its investments from Giosis’ non-Japanese businesses.
eBay president and CEO Devin Wenig 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.”
eBay Asia Pacific region senior vice-president Jooman Park is responsible for overseeing its Japan business along with Giosis’ business in the country.