Play.com sold to Rakuten for £25 million
Play.com, the online retailer of books, music and electronics has been acquired by the Japanese internet services company Rakuten for £25 million.
The deal marks Rakuten’s third acquisition in Europe as the company develops its global and European expansion strategy.
In 2010, Rakuten bought the French e-commerce business PriceMinister. This was followed by the purchase of the German online shopping mall Tradoria in July this year. With 10,000 employees worldwide, Rakuten now operates e-commerce businesses in ten countries globally, including Japan.
Hiroshi Mikitani, chairman and CEO of Rakuten, said: “The UK market is one of Europe’s largest and most mature e-commerce markets. Play.com is not only a pioneer in the market, but also one of the UK’s most successful e-commerce businesses. We aim to leverage our e-commerce strength and experience to further expand and develop Play.com’s business model and channel its loyal user base, merchants, and deep product offerings into Rakuten’s global e-commerce network.”
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