American e-commerce giant Amazon has completed the acquisition of Souq, a Middle Eastern online retail and marketplace platform. Souq was claimed to be worth $1 billion in late 2016 and has been bought by Amazon for an amount between $650 and $750 million. It accounts for 78 per cent of the total e-commerce traffic in North Africa and the Middle East.
"It is an exhilarating time for the e-commerce industry in the region. Together with Amazon, our goal is to offer our customers the widest product selection, great prices, improved delivery times and first-rate customer service. Integration of Amazon’s technology and global resources with our local expertise will help us to offer a great service to our loyal customers," said Ronaldo Mouchawar, CEO and co-founder, Souq in a statement.
"Amazon and Souq share the same DNA. We are both driven by customers, invention, and long-term thinking. We are looking forward to both, learning from and supporting them with Amazon technology and global resources," Russ Grandinetti, senior vice president, international consumer at Amazon had said when Amazon first divulged its plans to acquire the e-retailer in March this year.
American e-commerce giant Amazon has completed the acquisition of Souq, a Middle Eastern online retail and marketplace platform. Souq was claimed to be worth $1 billion in late 2016 and has been bought by Amazon for an amount between $650 and $750 million. It accounts for 78 per cent of the total e-commerce traffic in North Africa and the Middle East.#
Souq records over 45 million visits every month and is present in various countries such as Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia and UAE. (KD)
Fibre2Fashion News Desk – India
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