Q10 even embraced Interpark Commerce and WeMakePrice. Following the purchase of Timon last year. Eyes are on the strong Q10. It is a view that we will open an era of great integration by leaping into a strong e-commerce company.
The Fair Trade Commission (Chairman Ki-Jung Han) announced that it had approved Q10's acquisition of Interpark Commerce and WeMakePrice.
Even after taking over the open market, Q10's share in the online shopping market was only around 8.35% (Tmon 4.60% + Interpark Commerce 0.85% + WeMakePrice 2.90%). As a result, it was considered that there was little concern about restricting competition in the domestic open market and overseas direct purchase market. We believe that the possibility of a price hike or price fixing due to a business combination is low.
Acquisition of 100% shares of Interpark Commerce and 86% of WeMakePrice
The Fair Trade Commission reviewed the business combination between Q10, Interpark Commerce, and WeMakePrice respectively.
Q17 acquired 100% of the shares issued by Interpark Commerce on April 17th. A business combination report was filed on May 16.
Also, on May 19, Q19 acquired 86% of WeMakePrice's issued shares. On June 16, the business combination report was completed. Interpark Commerce and WeMakePrice are subject to ex-post reporting as their total assets and sales are less than 2 trillion won.
Q10 was founded in 2008 by Youngbae Koo, the founder of Gmarket. After selling Gmarket, CEO Koo set up Q10 in Singapore and conducted an open market business in Asia. Following the purchase of Tmon last year, it also secured Interpark Commerce and WeMakePrice.
Interpark Commerce is an open market company newly established in March this year. At Interpark, the shopping and book divisions were physically separated. Interpark, a spin-off company, will be in charge of the tour and ticket business. It was recently acquired by Yanolja.
WeMakePrice started as a social commerce company in 2010. Currently, the business has been changed to an open market.
The Fair Trade Commission predicted that competitiveness would increase through the integration of small and medium-sized open market operators. It was analyzed that the effect of adding competitors to the open market market occupied by Naver and Coupang was great. He expected healthy competition in the open market and overseas direct purchase market.
Online shopping market size 150.4 trillion
In 2022, the size of the domestic online shopping market will be 150.4 trillion won based on transaction amount. Q10's market share is 2.53%, Interpark Commerce's 0.47%, and WeMakePrice's 1.60%.
The open market market is estimated at 82.6 trillion won. Q10n's market share is 4.60%, Interpark Commerce's 0.85%, and WeMakePrice's 2.90%.
In addition, the domestic overseas direct purchase market is projected to be about 5.3 trillion won. According to the National Statistical Office, the overseas direct purchase market is growing rapidly from 4,067.7 billion won ('20) → 5,115.2 billion won ('21) → 5,323.9 billion won ('22). Q10n's market share is about 7.72%, Interpark Commerce's 0.46%, and WeMakePrice's 0.38%.