Qxpress, the logistics subsidiary of online marketplace Qoo10, has fully acquired KorChina Logistics Holdings, which is going to help the company expand its presence and improve its ties with vendors and other partners, allowing for lower freight and customs-related processing costs, according to media reports.
KorChina is a leading international freight forwarding and third-party logistics company with a major presence in Asia, along with 17 other countries and covers most of the major markets in Asia, including China, Thailand, Korea, Japan and Singapore.
Both the companies together aim to create significant immediate and long-term synergies, which will allow both the companies to provide expanded service offerings to customers and provide cost savings and efficiencies throughout the logistics value chain.
Young Bae Ku, CEO and founder of Qxpres told the media, “We are pleased to bring Korchina’s family into ours and look forward to providing all stakeholders enhanced services, expanded coverage and lower and efficient costs across all of the markets that are important to freight and e-commerce logistics customers in Asia and beyond. The expanded demand for cross-border e-commerce logistics through the rapid expansion of B2C as well as D2C demand will continue to drive further growth for both companies.”
Through this acquisition, Qxpress will be able to provide key expanded services for Korchina’s extensive customer base, including access to D2C logistics capabilities and an extended footprint for an end-to-end logistics platform. The company will also be able to take advantage of KorChina’s global presence and its long-term relationships with vendors and other partners that will allow for reduced freight and customs related processing costs.