Qoo10 has acquired the South Korean social commerce platform Wemakeprice Inc. in its latest effort to expand its presence in South Korea.
Qoo10 acquired an 86.2% stake in Wemakeprice from its largest shareholder, Wonder Holdings Co., along with the remaining shares owned by NXC Corp, the holding company of Nexon Co. (TYO: 3659).
The financial terms of the acquisition were not disclosed.
Upon completion of the transaction, Qoo10 will acquire the management rights to Wemakeprice and the rights to operate its mobile platform.
This acquisition marks Qoo10’s third expansion into the South Korean market, following the purchase of e-commerce platform TMON Inc. last year and Interpark Commerce Corp. in March.
With this latest acquisition, Qoo10’s eCommerce market share in South Korea will reach nearly 10%, making it the fourth largest e-commerce player in the country.
It will be behind Naver (17%), Shinsegae (15%), and Coupang (13%).
Qoo10 aims to “increase synergy” between its three subsidiaries and create a “global eCommerce ecosystem” by connecting global sellers to local platforms.
Founded by GMarket co-founder Young Bae Ku, Singapore-based Qoo10 operates localized marketplaces in five Southeast Asian countries, including Indonesia, China, Hong Kong, and Malaysia.
Its logistics subsidiary, Qxpress, which owns logistics hubs in 19 regions across 11 countries, is preparing for an IPO on the Nasdaq Composite.
