Qoo10 announced on Feb. 13 that it has signed a comprehensive business transfer agreement to acquire Wish, a global service operated by ContextLogic, a company listed on the NASDAQ in the United States.
Through this acquisition, Qoo10 aims to expand its global logistics network beyond the Asia region and secure a foothold to increase order volumes worldwide, along with activating consumers in North America and Europe in one fell swoop.
Wish, established in 2010 in San Francisco in the U.S., is a shopping platform currently serving consumers in over 200 countries worldwide in 33 languages. It sells and delivers more than 80 million types of products, with over 10 million customers using the service each month.
Wish has established itself as a “discovery shopping platform,” suggesting products across all categories tailored to local consumers. It has built an integrated marketplace that handles currency conversion, payment, product sales and purchases, and delivery.
Ku Young-bae, president of Qoo10, stated, “With this acquisition, Qoo10 and Wish will be able to offer a comprehensive shopping platform service that truly realizes the potential in the global market for manufacturers, distributors, sellers, and buyers worldwide. We aim to further activate the overseas expansion of domestic sellers and products, thereby contributing to the development of the domestic industry.”