"Wish's Sale to Qoo10 Intensifies E-commerce Competition"
Singapore's Qoo10 has acquired discount retailer Wish for $173 million in cash, marking a significant drop from its $14 billion valuation at the time of its IPO in 2020. This acquisition intensifies competition with e-commerce platforms like Temu and Shein, which originated in China and have strong ties to the country's economy. Temu, known for its aggressive marketing and heavy ad spending, is facing a decline in new users post-Super Bowl, while Shein has been aggressively advertising on social media. The e-commerce landscape is becoming increasingly competitive, with companies willing to spend heavily to attract shoppers and offering deep discounts, impacting retailers like Etsy.
