Pakistan – Chinese low-cost retailer Miniso has acquired the Pakistan operations of eCommerce site ToSharing from shopping website Cheezmall, said a report by Profit.
The acquisition, which has a valuation between $5M and $7M, was finalized in September.
With the business based in China, ToSharing’s operations are manned outside of Pakistan. Prior to the acquisition, Miniso products are offered on a number of third-party marketplaces in the country, with ToSharing considered as its channel partner with direct online sales redirecting to the site.
With the deal, such marketplaces will be halted. Miniso did share that the sale of its products through the said channel resulted in inconsistent customer experiences, where ToSharing now standing as the exclusive online destination for purchasing Miniso products in Pakistan.
Mainly, the move by Miniso will be an acqui-hiring where as of 21 October 2020, cross-functional teams of ToSharing across marketing, supply chain, customer care, security, and risk will be transferred to Miniso.pk, its upcoming eCommerce store.
The site will be ready to process orders by the 31st of October 2020.
The acquisition is only the first phase of the investment from Miniso, with the retailer looking to complete further investments to build eCommerce fulfillment centers and the entire infrastructure, for a successful eCommerce operation in major cities of Pakistan.