Is Wish making a comeback? Wish gets bought by Qoo10

💸 Buying an ecommerce platform

Qoo10, Singapore-based online marketplace, has agreed to acquire Wish, a once-high-flying US ecommerce platform, for a mere $173 million (compared to being worth $14 billion in 2020).

Why?

• Qoo10 wants to expand its global footprint and Wish is looking for a much needed turnaround.

• Qoo10, known for its focus on Southeast Asian markets, sees this deal as a golden ticket to get new customers in the US and Europe.

• They also gain access to Wish's established logistics network

They hope to improve their customer experience by offering a wider product selection and access to Qoo10's merchant network. Wish merchants stand to benefit from integrated logistics and more efficient delivery.

🌎️ Going global

This acquisition is particularly noteworthy because Korean e-commerce companies rarely go global.

Qoo10 hopes to become a gateway for small Korean businesses seeking to expand internationally, especially against competition like Shein and Temu.

While the deal is still pending shareholder approval and other formalities, it is expected to close in the second quarter of 2024.