Southeast Asian e-commerce giant Shopee enters France - PingWest

Southeast Asian e-commerce giant Shopee enters France

Southeast Asian e-commerce giant Shopee enters France

October 25, 2021 4:25 am

Shopee, the e-commerce arm of Singapore-headquartered tech behemoth Sea Group, is expanding its business to France.

Details:

The company recently launched a localized website service in France, competing against global players such as Amazon, AliExpress, and local shopping portal Cdiscount. 

France is the seventh-largest market for e-commerce with a revenue of $59 billion in 2020. Amazon is the biggest player in the region, generating $6.5 billion in revenue in 2020. Followed by cdiscount.com with revenue of $2.2 billion and veepee.fr with revenue of $2 billion. Overall, the top three players account for 20% of online revenue in the Europe country.

Context: 

The e-tailer is aggressively expanding its global footprints after gaining a solid presence in Southeast Asia. In February, Shopee entered Mexico online market with an app launch. Recently, Shopee has started operations in Poland and Spain.

Also, Shopee is reportedly planning the launch in India and Argentina in the coming months and is set to roll out a TikTok-like short-video product in Southeast Asia.

Shopee is growing fast financially as well, according to its annual report. In the second quarter of 2021, the platform generated $15 billion in gross commercial value for its third-party sellers, an increase of nearly 90% over the previous year.

To fuel its global expansion, Sea raised $6.3 billion in an equity and convertible bond sale in September. It's the company's second financing in less than a year after raising $2.6 billion last December.

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