subject: Priceminister, aquired by Japanese Powerhouse, Rakuten [print this page] Priceminister, aquired by Japanese Powerhouse, Rakuten
The leading e-commerce company in Japan, Rakuten reported an annual turnover in 2009 of over 3.2 billion dollars. With ambitions of growth into the European market however the merger of these e-commerce giants heralds the start of a new era. It is hoped the move will serve to promote the Japanese brand across Europe where so far it is relatively unknown.
We are delighted to be associated with PriceMinister who are a reputable brand in France, they provide an unprecedented transactional service to their clients both individual and professional said Hiroshi Mikitani, founder and CEO of Rakuten. "PriceMinister is headed by an experienced team that shares our vision of a global platform for e-commerce."
The merger is also welcomed by Priceminister, leading French e-commerce group whose assets include www.PriceMinister.com with 11 million unique visitors per month, www.VoyagerMoinsCher.com the number one online price comparison travel site and www.AVendreALouer.fr which holds the title of Number 2 commercial property site in France. The acquisition will place Priceminister as the spearhead of Rakuten Europe, as well as accelerate its own growth throughout France and Europe. As Pierre Kosciusko-Morizet, co-founder and CEO of PriceMinister, commented:
As Priceminister reached the highest position in terms of audience in the French e-commerce table in March we were looking for strategies to continue our development: Rakuten have an unequaled experience and knowledge when it comes to commerce on the internet. We immediately saw the fantastic opportunities that such a company would bring. By combining our strengths, PriceMinister will accelerate its growth, in France and in Europe.
More specifically, the Rakuten group via its Rakuten Ichiba platform is the world expert in BtoBtoC, an essential aspect of the market place business model that we follow. We will gain from this experience and further develop the quality of our partnership with professional sellers around Europe.
The acquisition of Priceminister cost Rakuten Europe S..r.l. approximately 200 million euros and as well as 100% capital, the transaction included the agreement that the founders of Priceminister would stay on for a further 5 years to support the development of the brand in Europe.
About Rakuten:
Rakuten currently operates the largest online marketplace in Japan. The site has over 64 million members and up to 58 million products listed at any one time. There are approximately 33,000 professional sellers registered on the site, some of whom regularly turn over $1 million per month. Rakuten also has a presence in the online travel and financial services markets and employs 6000 employees. Annual turnover is reported to be in the region of 3.2 billion dollars.
