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Qoo10

Qoo10
FormerlyGmarket
Company typeSubsidiary
IndustryInternet
Founded2010; 14 years ago (2010)
FounderKu Young Bae[1]
Area served
Singapore, Malaysia, Indonesia, Hong Kong, Mainland China, Taiwan
Key people
Ku Young Bae (Chairman and CEO)
ProductsE-commerce
ServicesOnline shopping
Number of employees
650 (September 2018)[citation needed]
ParentQoo10 Pte Ltd
Website

Qoo10 is a Southeast Asian e-commerce platform, formerly known as GMarket, headquartered in Singapore.[2] It operates localized online marketplaces across Singapore, Indonesia, Malaysia, mainland China, and Hong Kong, and on one international online marketplace. It optimizes its platform and services for small and medium enterprise merchants.[3]

History

Qoo10 was founded as a subsidiary of Qoo10 Pte. Ltd., in 2010 by Giosis Pte. Ltd.,[4] a joint venture between Gmarket founder Ku Young Bae and eBay.[5]

Gmarket was founded in South Korea in 2000 as a subsidiary of Interpark. In December 2007, Gmarket was established in Japan[citation needed]. Gmarket was next established in Singapore in December 2008.[citation needed]

In April 2009, Ku Young Bae sold Gmarket to eBay.[6][7][8]

In May 2010, Giosis Pte. Ltd. was established as a joint venture between Ku and eBay to further develop Singapore and Japan marketplaces, and expand in the region.[9][10][1]

In March and April 2011, Gmarket was established in Indonesia and Malaysia respectively.[citation needed] In September, Gmarket launched its global marketplace.[citation needed]

In May 2012, Gmarket was rebranded as Qoo10.[11]

In January 2013, Qoo10 was established in China.[citation needed]

In January 2015, Qoo10 was established in Hong Kong.[citation needed]. In July, Giosis raises US$82.1 million in series a funding from Singapore Press Holdings, eBay, Oak Investment Partners, Saban Capital Group, Brookside Capital, and UVM 2 Venture Investments[12][13][14] The company stated their intention to use the funds to accelerate Qoo10's technology growth and service development, while investing in additional infrastructure and talent acquisition.[12][13][14]

In April 2018, eBay completed acquisition of Giosis Private Limited and its Japan properties, including Qoo10.jp [ja], which will operate independently from other Qoo10 sites.[15][16][17] eBay relinquished its stakes in Giosis' non-Japanese businesses, which moved under newly established parent company, Qoo10 Pvt. Ltd.

In October 2019, Qoo10 acquired ShopClues, an Indian e-commerce platform.[18]

Qoo10 rebranded its name to Wish+
Qoo10 rebranded its name to Wish+

In February 2024, Qoo10 acquired Wish.com, an American e-commerce platform for approximately $173 million.[19] At that time, the Qoo10.com site rebranded the logo from Qoo10 to Wish+. But the Tmon and WeMakePrice refund issue cause the name to be retracted to Qoo10.

In August 2024, Qoo10 reportedly cut over 80% of its workforce in Singapore. This restructuring followed reports of financial instability within Qoo10's South Korean operations, where the platform had allegedly defaulted on payments to local merchants and consumers in July 2024.[20] The payment delays, aggravated by the retrenchments of account managers, prompted several merchants to file small claims and police reports.[21] In September 2024, the Monetary Authority of Singapore ordered Qoo10 to suspend payment services in Singapore, due to excessive unfulfilled orders and payment obligations to merchants and customers.[22][23] Qoo10 also ceased operations in Malaysia, shutting down its Malaysian platform, Qoo10.my, as part of its broader effort to consolidate resources amidst its financial difficulties. On 11 November 2024, Qoo10 was ordered to wind up in Singapore after the Singapore High Court found the company to be insolvent.[24]

Awards and recognition

  • Qoo10 was named as the "Best Online Retailer" at AsiaOne's People Choices Awards, 2015 & 2016.[25][26]
  • In January 2016, Qoo10 was ranked 4th among 259 local and global brands with the most positive image, just after Singapore Airlines, Apple iPhone and WhatsApp.[27]
  • In 2016, Qoo10 was voted "Best Electronics Shopping Portal" at Tech Awards 2016 organized by Singaporean tech magazine HWM and HardwareZone.[28]
  • In 2017, CGS-CIMB and Euromonitor statistics figured Qoo10 Singapore captured 32.6% of market share in Singapore's e-commerce market.[3][29]
  • Data insights from metasearch engine iPrice showed that Qoo10 consistently holds the top spot for monthly user website visits among e-commerce platforms in Singapore.[30][31]

References

  1. ^ a b "eBay and Gmarket Founder Plan Asia Expansion Through Joint Venture". www.ebayinc.com. May 6, 2010. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  2. ^ "EBay Is Close to $700 Million Deal for Qoo10's Japan Assets". bloomberg.com. Bloomberg. Archived from the original on September 23, 2018. Retrieved September 22, 2018.
  3. ^ a b "Can Qoo10 maintain its dominance in Singapore's e-commerce market?". Singapore Business Review. June 14, 2018. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  4. ^ "Company Overview of Giosis Pte. Ltd". bloomberg.com. Bloomberg. Archived from the original on September 22, 2018. Retrieved September 22, 2018.
  5. ^ "Singapore's biggest online mall Qoo10 fights Alibaba with blockchain". The Straits Times. April 3, 2019. Archived from the original on November 10, 2019. Retrieved November 10, 2019.
  6. ^ So-eui, Rhee (April 16, 2009). "EBay to buy S.Korea's Gmarket for up to $1.2 billion". Reuters. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  7. ^ Shankland, Stephen (April 16, 2009). "eBay buying out Gmarket, as Yahoo exits". CNET. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  8. ^ Kim, Hyun-cheol (April 16, 2009). "eBay to Take Over Gmarket for $1.2 Billion". The Korea Times. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  9. ^ Bass, Dina (May 7, 2010). "EBay, Gmarket's Ku in Japan, Singapore Joint Venture". Bloomberg. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  10. ^ Rao, Leena (May 6, 2010). "eBay Partners With Gmarket Founder For $20 Million Expansion Into Japan And Singapore". TechCrunch. Archived from the original on July 6, 2017. Retrieved September 19, 2018.
  11. ^ Wee, Willis (April 17, 2012). "Gmarket Singapore, Japan, Malaysia, and Indonesia to Rebrand to Qoo10". Tech in Asia. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  12. ^ a b Karekar, Rupali (July 23, 2015). "SPH leads group investing $112m in Qoo10". The Straits Times. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  13. ^ a b Freischlad, Nadine (July 22, 2015). "Ecommerce site Qoo10 locks up $82M in series A funding". Tech in Asia. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  14. ^ a b Shu, Catherine (July 23, 2015). "Ebay-Backed, Asian E-Commerce Company Giosis Lands $82.1M Series A". TechCrunch. Archived from the original on September 23, 2018. Retrieved September 19, 2018.
  15. ^ Dastin, Jeffrey (February 28, 2018). "EBay to buy Qoo10 Japan, other assets from Giosis". Reuters. Archived from the original on June 17, 2018. Retrieved September 19, 2018.
  16. ^ Smith, Jake (February 28, 2018). "eBay acquires Qoo10 Japan e-commerce platform". ZDNet. Archived from the original on March 3, 2018. Retrieved September 21, 2018.
  17. ^ "eBay completes Qoo10 acquisition". Inside Retail Asia. July 23, 2018. Archived from the original on September 23, 2018. Retrieved September 21, 2018.
  18. ^ "Singapore's Qoo10 acquires Indian online marketplace ShopClues". TechCrunch. October 31, 2019. Archived from the original on June 29, 2021. Retrieved November 1, 2019.
  19. ^ "ContextLogic: Deal With Qoo10 Provides Opportunity To Make Attractive Returns". Seeking Alpha. February 26, 2024. Archived from the original on April 2, 2024. Retrieved May 3, 2024.
  20. ^ "Qoo10 lays off over 80% of Singapore employees amid financial struggles".
  21. ^ "Police investigating e-commerce platform Qoo10 over payment delays to vendors - CNA".
  22. ^ "MAS Directs Qoo10 Pte Ltd to Suspend Provision of Covered Payment Services in Singapore".
  23. ^ "Shopping on Qoo10 effectively halted as MAS orders e-commerce platform to suspend payment services - CNA".
  24. ^ Leong, Grace (November 11, 2024). "Singapore High Court orders winding-up of embattled Qoo10; liquidators appointed". The Straits Times. Retrieved November 19, 2024.
  25. ^ "Qoo10 named best online retailer at AsiaOne PCA 2015". AsiaOne Women. Archived from the original on July 16, 2016. Retrieved June 17, 2016.
  26. ^ "Agoda, POSB and Qoo10 among top winners at AsiaOne People's Choice Awards 2016". The Straits Times. April 21, 2016. Archived from the original on May 3, 2016. Retrieved September 19, 2018.
  27. ^ Lin, Melissa (January 15, 2016). "Singapore Airlines tops brand image survey". The Straits Times. Archived from the original on March 16, 2018. Retrieved September 19, 2018.
  28. ^ Krishna Moorthy, Prabu (February 25, 2016). "Qoo10 voted 'Best Electronics Shopping Portal' at Tech Awards 2016". AsiaOne Digital. Archived from the original on April 2, 2016. Retrieved September 19, 2018.
  29. ^ "Chart of the Day: Qoo10 beats Amazon and Apple in Singapore's e-commerce market". Singapore Business Review. June 4, 2018. Archived from the original on June 23, 2018. Retrieved September 19, 2018.
  30. ^ "The Map of E-commerce in Singapore". iprice.sg. Archived from the original on July 26, 2018. Retrieved September 19, 2018.
  31. ^ Shi Wei, Neo (April 23, 2018). "Qoo10 takes e-commerce fight to next level with bulked-up war chest". The Business Times. Archived from the original on July 12, 2018. Retrieved September 19, 2018.
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