“Shopee” closes operations in Chile, Colombia, and Mexico

Mercado Libre’s competitor Shopee is closing its operations in Chile, Colombia, and Mexico and withdrawing from Argentina altogether.

The Singapore-based company (a Sea Ltd subsidiary) will continue operating across borders in the first three markets.

Brazil, where Shopee has become a dominant player, is not affected.

In an internal email seen by Reuters, Shopee CEO Chris Feng wrote to employees that “given the current high level of macroeconomic uncertainty,” the company needed to “focus its resources on the core business” and decided to focus on a cross-border model in Shopee Mexico, Colombia, and Chile.

Last October, the Sea market value rose to over US$200 billion as its gaming and e-commerce units surged in popularity during the pandemic.

Still, the company’s shares have plummeted since then and are now worth only US$27 billion.

In June, Shopee cut jobs in Southeast Asia and Latin America’s e-commerce and food delivery divisions.

With information from Latina Press

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