Wish, a US dollar store, was acquired by Singapore's Qoo10 for $173M amid competition from Temu, Shein, and challenges in sustaining e-commerce growth.

Wish, an online dollar store, has been acquired by Singapore's Qoo10 for $173 million in cash, after being valued at $14 billion during its initial public offering in 2020. Qoo10 faces stiff competition from discount retailers Temu and Shein, which have been investing heavily in advertising to attract US customers. Recently, Temu paid millions to air its "shop like a billionaire" advertisement during the Super Bowl. Wish's sale indicates the challenges faced by e-commerce companies in sustaining growth.

February 12, 2024
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