Global online retail company LightInTheBox Holding has completed the acquisition of 100% equity stake in Singapore-based cross-border e-commerce platform Ezbuy Holding for $85.55m.
The company announced the deal on 8 November. Established in 2010, Ezbuy currently operates cross-border e-commerce platforms, serving more than three million customers in Singapore, Malaysia, Indonesia, Thailand and Pakistan.
The company offers a range of products from Mainland China, Taiwan, the US, South Korea, Malaysia, and Singapore.
With the completion of the transaction, both companies will work collaboratively to maximise business synergies, which will allow them to expand their businesses by capitalising on the opportunities.
LightInTheBox CEO Jian He said: “We are thrilled to have closed this significant acquisition of Ezbuy as we begin working to jointly realize major strategic business synergies.
“We hit the ground running and are devoting substantial resource towards enhancing the user experience and improving supply chain management and fulfillment capabilities in order to build our B2C cross border e-commerce business out to scale globally.”
In addition, LightInTheBox board of directors named Jian He as CEO and director, Meng Lian as director, and Zhiping Qi as board vice chairman of the company.
LightInTheBox offers a range of products through its platforms such as www.lightinthebox.com and www.miniinthebox.com and other websites and mobile applications.
The company’s platforms and mobile applications are currently available in 23 major languages.