In Japan, local companies enjoy a home team advantage that is one of the strongest in Asia. Multinationals have struggled to localise their businesses to Japanese tastes. Ecommerce has been an exception, with Amazon a notable success. That could now change.
Rakuten, Amazon’s homegrown rival, will raise $2.2bn through a stake sale to companies including Japan Post, Tencent and Walmart. The shares rose 24 per cent on Monday reflecting hopes of a turnround in earnings.
Rakuten pioneered online shopping in the late 1990s. Amazon was a late contender. But it overtook Rakuten as Japan’s biggest online retailer in an aggressive push. the US group offered same-day delivery for a service area covering about 80 per cent of the population.
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