Swords-based EShopWorld valued at €1bn-plus in sale deal

Irish company was valued at €300m in 2017 when Asendia increased its stake to 50%

Founder and chief executive of EShopWorld, Tommy Kelly.

Founder and chief executive of EShopWorld, Tommy Kelly.

 

Asendia, a joint venture between La Poste group and Swiss Post, has acquired the remaining stake in Irish ecommerce company EShopWorld that it did not already own.

No financial details of the deal have been disclosed, although industry sources estimate the latest transaction valued EShopWorld at more than €1 billion.

The company first took an interest in EShopWorld in 2013 and upped its 40 per cent stake to 50 per cent in 2017 , in a deal that valued the fast-growing company at €300 million.

The Swords-based company connects premium brands – from Victoria’s Secret to Nike – with consumers in more than 200 countries. It claims to make it easier for retailers to sell across borders, where they deal with varying currency, tax and localisation issues.

Founded by Tommy Kelly in 2010, the company has been targeting revenues of €1 billion and is hoping to double that over the coming years.

“This is a significant endorsement of EShopWorld’s growth, sustainability and success in embracing the structural shift in favour of online shopping. The recently-concluded transaction marks a deepening commitment by Asendia, who have been a highly supportive partner and provider of complementary ecommerce services,” said Mr Kelly.

Soaring revenues

Turnover at the company rose by more than a third to €543.6 million in 2019, with revenues soaring last year on the back of the Covid crisis. Financial figures for 2020 have yet to be published.

The company employs more than 500 people, the majority of them at its headquarters in north Dublin.

Founded in 2012, Asendia generated €1.8 billion in revenues last year.

“EShopWorld are experts in making it easy for global brands to have a local presence. Additionally, its focus on making ecommerce frictionless, regardless of location, made it a coherent, strategic choice to make it part of the Asendia family,” said chief executive Marc Pontet.