Qoo10 Acquires 'Wemakeprice'... "Building a Global E-commerce Ecosystem" (Comprehensive)

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Aiming to Build a 'Global E-commerce Ecosystem'

Qoo10 CEO Koo Young-bae

E-commerce company Qoo10 has acquired the management rights of WEMAKEPRICE (WEMAKEPRICE). This is the third domestic e-commerce company acquisition following TMON and Interpark Commerce. Koo Young-bae, CEO of Qoo10 and the creator of Gmarket, has re-emerged as a key figure in the domestic e-commerce market.

On the 6th, Qoo10 announced that it had acquired all shares of WEMAKEPRICE held by Wonder Holdings and signed a contract to obtain management rights and mobile app ownership of WEMAKEPRICE. Kim Hyo-jong, Head of Management Support at Qoo10, was appointed as the new CEO.

With this, CEO Koo Young-bae has expanded his influence once again in the domestic e-commerce market. Koo is the founder of Gmarket, one of Korea’s first-generation e-commerce companies. After selling Gmarket to eBay in 2009, he established Qoo10 in Singapore in 2010 through a joint venture with eBay. This was due to a contract clause in the Gmarket sale agreement that prohibited him from competing in the same industry (e-commerce) in Korea for 10 years. Qoo10 operates seven localized e-commerce platforms in five countries including Singapore, Indonesia, Malaysia, and China. Domestically, it has been engaged in overseas direct purchase business.

Qoo10 plans to apply the successful strategy proven through the acquisition of TMON to WEMAKEPRICE and enhance synergy among group companies. The company aims to add new growth engines to WEMAKEPRICE and strengthen organic integration among affiliates such as TMON and Interpark Commerce. In particular, based on Qoo10’s global commerce capabilities and infrastructure, it aims to build a 'global e-commerce ecosystem.'

After acquiring management rights, TMON’s transaction volume in the fourth quarter of last year increased by 60% compared to the same period the previous year, and in the first quarter of this year, it grew by nearly 70% year-on-year, proving synergy with Qoo10. This model is planned to be applied not only to Interpark Commerce but also to WEMAKEPRICE to enhance the competitiveness and growth of the entire group. It is expected that the advantages and know-how of each affiliate, including TMON, WEMAKEPRICE, Interpark Commerce, and global commerce Qoo10, will be shared and maximized to foster new growth and development.

Additionally, Qoo10 will connect competitive overseas sellers it possesses to domestic platforms and support fast and stable delivery by utilizing logistics bases in 19 locations across 11 countries owned by its logistics affiliate Qxpress. A Qoo10 representative said, "We plan to build a win-win ecosystem that grows together by providing new business opportunities to domestic sellers and differentiated consumption experiences to consumers."

This content was produced with the assistance of AI translation services.