Qoo10 is acquiring the assets and liabilities of the U.S. shopping platform Wish for USD 173 million, as the Singapore-based e-commerce firm looks to extend its reach beyond Southeast Asia.
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Qoo10 announced the signing of an asset purchase agreement with Wish parent, ContextLogic this month. The transaction is expected to be completed in the second quarter of 2024, subject to approval.
Under the agreement, the Wish brand and platform will be integrated into the Qoo10 family of businesses, while ContextLogic, Wish’s former parent company, will continue to operate as a publicly listed entity, maintaining approximately USD 2.7 billion of net operating losses, according to media reports.
Founded in 2010 in San Francisco, e-commerce platform Wish retails more than 80 million items across fashion, beauty and electronics. It currently operates in 200 countries and serves customers in 33 languages.
Qoo10 is a Southeast Asian-focused e-commerce platform founded in 2010. It operates localised online marketplaces across Singapore, Indonesia, Malaysia, mainland China, and Hong Kong, and on one international online marketplace.
The Wish acquisition extends Qoo10’s global reach and gives access to Wish’s logistics infrastructure, extending its reach beyond Asia to Europe and North America.
“With the acquisition of Wish, Qoo10 and Wish will offer a comprehensive platform for merchants, sellers, buyers and customers globally to realize the potential of a truly global marketplace,” said Qoo10 CEO and founder Ku Young-bae.
“We are committed to further facilitating the overseas expansion of Korean sellers and products, thereby contributing to the growth of Korean industry.”