SINGAPORE: Singapore Post , which has been in the spotlight over a series of lapses, said on Wednesday that it will sell two of its US e-commerce subsidiaries following a strategic review.
"SingPost believes its strengths and strategic competitive advantages are in Southeast Asia and Asia Pacific, which provides attractive growth opportunities," the postal service said in a stock exchange filing.The businesses it will sell are Jagged Peak and TradeGlobal, said SingPost, without providing a valuation for the units.
Jagged Peak provides end-to-end e-commerce solutions with software and services that enhance the scalability and profitability of omnichannel businesses, SingPost said. Hugo Boss, Tom Ford, Marriott, LVMH and Nespresso are among its clients. TradeGlobal provides digital marketing strategies, creative services, omnichannel order management, fulfilment, logistics and customer care. Its clients include Calvin Klein, Cole Haan, MCM, Shiseido and Speedo.SingPost said in its statement that its non-US business units will not be affected by the divestment.
"Arising from the strategic review, we will step up our investment to better serve our home market in Singapore, as well as leverage our competitive advantages in Asia-Pacific," said SingPost CEO Paul Coutts.
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