Friday, February 23, 2024

Qoo10 to buy online shopping platform Wish for $173 mn

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Qoo10, a Singapore-based e-commerce company, will buy Wish, a global shopping platform operated by Nosdaq-listed Contextlogic Inc., for $173 million. Qoo10 announced Tuesday that it signed a comprehensive business deal for the transaction with Contextlogic on Saturday. Launched in 2010, Wish is an e-commerce platform based in San Francisco, the United States. It offers services in 33 languages to consumers across 200 countries. Europe and the U.S. are responsible for as much as 80 percent of the deals on the platform. The platform sells 80 million types of items in various categories, including home and kitchen, fashion, cosmetics, and electronic devices, with a monthly user base of 10 million. Wish is also an exploration-based platform, as opposed to a search-based shopping platform, so its customers engage with products through their personalized feeds instead of through direct keyword searches or on store pages. The online shopping giant is partnering with more than 20,000 retailers in Europe and the Americas to make delivery more efficient and faster. “Wish has innovative technology that provides highly-entertaining, personalized shopping experiences for its users while serving as one of the largest global e-commerce platforms,” said Ku Young-bae, chief executive officer and founder of Qoo10. “By combining our operating expertise and Wish’s technology and data science capabilities, we expect to drive greater success for merchants while providing an even greater marketplace for consumers globally.”

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