Etsy pays less than US$100 mil. for French online marketplace
June 25, 2014, 12:01 am TWN
SAN FRANCISCO -- Online marketplace Etsy on Monday announced it has acquired an online emporium for handmade goods in France.
Etsy did not disclose how much it paid for A Little Market, which it said is the sixth and largest take-over by the Brooklyn-based company since it launched in 2005.
U.S. media reports valued the deal at less than US$100 million.
"A Little Market has built a community and business that we admire," Etsy chief executive Chad Dickerson said in a release.
"Their approach — values-led and community-focused — is consistent with what Etsy is about, and together we are incredibly well positioned to re-imagine commerce in France."
Etsy said that its business is France is more than 90 percent import-export, and the acquisition provides opportunity to focus more exclusively on the domestic market in that country.