Amazon’s Souq.com acquisition is confirmed

No primary category set

The Amazon acquisition of Souq.com we reported on last week has been confirmed. The deal is expected to be completed later the year subject to the usual regulatory checks although the price-tag has not been revealed. The general rumour consensus seems to be $650m has changed hands in some form or another.

Launched in 2005, Souq.com offers more than 8.4 million products across 31 categories including consumer electronics, baby items, fashion, health and beauty and household goods. It enjoys more than 45 million visits per month and has operations in Saudi Arabia, the United Arab Emirates and Egypt. As well as being a retailer in its own right, rather like Amazon, it is also a marketplace for third party sellers.

Amazon SVP Russ Grandinetti says: “Amazon and Souq share the same DNA. We’re driven by customers, invention and long-term thinking. Souq.com pioneered ecommerce in the Middle East, creating a great shopping experience for their customers. We’re looking forward to both learning from and supporting them with Amazon technology and global resources.”

Souq chief executive and co-founder Ronaldo Mouchawar adds: “We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our ecommerce presence on behalf of customers across the region.”

We don’t glean much from the glossy PR quotes but clearly some people made a whole chunk of cash. Let’s see what happens. The Middle East is, and will increasingly become, a significant ecommerce market and Amazon have a habit of following the money. Are you interested in, or already, using Souq?

One Response

  1. We looked into Souq in 2015 but found that it wasn’t really viable, especially in our vertical. There is also a huge difference in how they do business out there, when compared to the UK.

RELATED POSTS..

How Absolute Collagen grew to a £23m business

How Absolute Collagen grew to a £23m business

Amazon Ships in Product Packaging sign up

Amazon Ships in Product Packaging sign up

Hardly Ever Worn It Amazon Luxury resale collaboration

Hardly Ever Worn It Amazon Luxury resale collaboration

Amazon Disbursements held due to unmet UK business establishment requirements unfreeze disbursements says Minister

Enterprise minister tells Amazon unfreeze disbursements

Comic Relief 2024 Red Nose collection now on Amazon

Comic Relief 2024 Red Nose collection now on Amazon

ChannelX Guide...

Featured in this article from the ChannelX Guide – companies that can help you grow and manage your business.

Latest

Take a look through a selection of the latest articles on ChannelX

Register for Newsletter

Receive 5 newsletters per week

Gain access to all research

Be notified of upcoming events and webinars