Japanese online retailer Rakuten has terminated its joint venture with Indonesian company PT Global Mediacom (MNC Group).
The termination of the joint venture could mean the end of internet shopping mall Rakuten Belanja Online, which is still running.
Rakuten Belanja Online sells goods ranging from clothing and electronics to books and cosmetics. It was launched in June 2011. Rakuten held 51 per cent stake in the joint venture while the remaining 49 per cent owned by MNC Group.
The online mall said in November that the number of merchants and products offered on its website had grown by more than 500 per cent within 18 months. The number of merchants had grown from 60 to around 400 since launch, while number of products had risen to more than 300,000.
However, the figures are far below Rakuten Ichiba’s Japan offer of more than 40,000 merchants and 100 million products.
This is not the first time Rakuten has quit a joint venture. Last year, it ended its e-commerce service partnership through Lekutian in China with Baidu. Lekutian, which served the market for about two years, did not perform well due to intense competition.
Should Indonesia’s Rakuten Belanja Online end, Rakuten will still have presence in Southeast Asia through Rakuten Online Shopping in Malaysia and Tarad.com in Thailand.
