Retail in Asia

Singapore’s Shopee exits Poland

Singapore’s Shopee has shuttered its platform in Poland and will stop supporting new orders starting 11:59 p.m. local time on January 13, according to the Asian retailer’s Poland-based website on Friday.

SEE ALSO: Shopee owner Sea Limited reports 64 percent revenue uptick in Q1

In a note, the Sea Group-owned company said orders placed before the set time will still be completed.

Shopee first made its debut in Poland in late 2021, marking its first expansion into Europe. It is unclear how successful the firm’s activities in the new market have been since its arrival.

Shopee’s Poland exit comes several months after the Southeast Asian retailer announced in September it would shutter its business in four Latin America markets; namely Argentina, Colombia, Mexico and Chile.

From April through November last year, Sea Group also reportedly cut 7,000 jobs, about 10 percent of the total headcount, to reduce expenses.

Founded in 2015 by Singapore billionaire, Forest Li, Shopee is an e-commerce platform present in Singapore, Taiwan, Brazil, Vietnam, Thailand, The Philippines, and Malaysia.

In parent company Sea’s most recent trading update, total GAAP revenue was USD 3.2 billion, up 17.4 percent year-on-year for the September quarter. Total net loss was USD 569.3 million, flat year-on-year, and improving by 38.9 percent quarter-on-quarter.