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Singapore's Qoo10 Pte. Ltd. received South Korea's antitrust regulator's approval on Sunday to acquire two online shopping platforms, bolstering its footprint in the global e-commerce industry. The Fair Trade Commission (FTC) found that the acquisitions wouldn't majorly disrupt market competition, given existing industry behemoths like Naver Corp. and Coupang Inc.
The approval came after Qoo10 obtained the entire stake in Interpark Commerce Corp. from Yanolja Co., the accommodation booking app, for approximately 150 billion won (US$114.9 million). Additionally, the Singaporean company acquired an 86 percent stake in Wemakeprice Inc., another well-established online shopping platform.
In a statement, the Fair Trade Commission (FTC) expressed its unconditional approval of the takeover, reasoning that concerns about the acquisition affecting competition were limited. The combined shares of Qoo10 and its subsidiary TMON Inc., another South Korean firm acquired by Qoo10, amount to around 8.35 percent in the online open market in South Korea.
The FTC emphasized that these acquisitions are expected to have minimal impact on competition in other areas, including the market for direct purchases from foreign countries. The regulator highlighted intense competition in products, prices, and shipping speed among various businesses. In terms of market share, Naver Shopping held 42.41 percent of the local online open market in 2022, followed by Coupang with 15.91 percent and 11Street with 12.74 percent.
Qoo10, founded by CEO Koo Young-bae - the mastermind behind Gmarket - is an esteemed e-commerce company established in Singapore in 2010. With operations spanning 24 countries, including Europe and the Americas, Qoo10 holds its base in Southeast Asia. Notably, Qoo10's logistics affiliate, QXpress, boasts an impressive 19 bases in 11 countries. This unique feature allows Qoo10 to offer its own top-notch logistics services, setting it apart from its competitors.
The global reach of Qoo10's logistics network has led to intriguing possibilities for WeMakePrice and Tmon, enabling them to expand their reach into the cross-border shopping market. The growth potential is immense.
While the recent reorganization of the Korean e-commerce industry, centered around Qoo10, has been met with relative calmness among insiders, it is important to note that this development does not bear the same magnitude as Coupang's listing on the US stock market or E-Mart's acquisition of eBay Korea - the powerhouse behind Gmarket and Auction. Qoo10 continues solidifying its position as a noteworthy player in the ever-evolving e-commerce landscape.
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