<article><a href="https://www.dealstreetasia.com/?s=EBay Inc" target="_blank" rel="noopener">EBay Inc </a>said on Tuesday it would buy<a href="https://www.dealstreetasia.com/?s=Giosis Pte Ltd" target="_blank" rel="noopener"> Giosis Pte Ltd&#8217;s </a>Japanese business, including the <a href="https://www.dealstreetasia.com/?s=Qoo10" target="_blank" rel="noopener">Qoo10 </a>online shopping platform, to expand its presence in Asia&#8217;s second-largest economy.</article>

<a href="https://www.dealstreetasia.com/?s=EBay Inc" target="_blank" rel="noopener">EBay Inc </a>said on Tuesday it would buy<a href="https://www.dealstreetasia.com/?s=Giosis Pte Ltd" target="_blank" rel="noopener"> Giosis Pte Ltd&#8217;s </a>Japanese business, including the <a href="https://www.dealstreetasia.com/?s=Qoo10" target="_blank" rel="noopener">Qoo10 </a>online shopping platform, to expand its presence in Asia&#8217;s second-largest economy.
Giosis, which already counts eBay as an investor, operates seven localized online marketplaces in five countries including Japan and Singapore.
U.S.-based eBay said it would relinquish its stake in Giosis&#8217; non-Japanese businesses.
Devin Wenig, eBay&#8217;s chief executive officer, said in an interview with Reuters the company expects significant growth in Japan, already the world&#8217;s third-largest e-commerce market.
&#8220;There is this perfect convergence of growing wealth and technology adoption,&#8221; Wenig said. &#8220;We think there&#8217;s a lot of runway.&#8221;
The deal will bring eBay&#8217;s technology and its worldwide sellers to Qoo10’s base of 2 million shoppers, mirroring its play book in South Korea nearly a decade ago, Wenig said.
&#8220;We&#8217;re going to bring the world&#8217;s inventory into Japan,&#8221; he said.
Wenig declined to disclose the terms of the deal, valued at close to $700 million according to a Bloomberg report.
EBay has modified its platforms, including its namesake shopping service, to include grouped listings and a simpler payment process to lure shoppers amid stiff competition from <a href="https://www.dealstreetasia.com/?s=Amazon.com Inc" target="_blank" rel="noopener">Amazon.com Inc</a>.
Shares in eBay are up about 14 percent this year.
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<h4>Reuters</h4>

Giosis, which already counts eBay as an investor, operates seven localized online marketplaces in five countries including Japan and Singapore.

EBay says to buy Qoo10 Japan, other assets from Giosis

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EBay says to buy Qoo10 Japan, other assets from Giosis

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