Rakuten isn’t stopping: after building up presences in North America, all parts of Asia, and Europe, it’s now South America’s turn. Japan’s biggest e-commerce company has bought a 75% stake in Ikeda, a Sao-Paolo-based e-retailer. Further details weren’t disclosed.
Ikeda is the first company Rakuten acquired in South America. In their press release, Rakuten explans why:
E-commerce in Brazil is forecasted to grow at 18% annually, with total sales expected to reach approximately US$22 billion by 2016, a growth rate of 178% over the US$7.9 billion achieved in 2010. (Source: Forrester Research).
By way of comparison: the Japanese government says that the country’s e-commerce market was worth $76 billion in 2008.