Amazon Canada announced the acquisition of the Canadian e-commerce company jujubes fruit brand, for an undisclosed amount.
The deal, announced by the Canadian subsidiary of Amazon, will bring Amazon Canada to a total of about $3 billion in annual sales and $1 billion in total revenue for the country.
The acquisition is the latest step by Amazon Canada in an expansion of its business, which already encompasses the Amazon Appstore and Amazon Video.
It also gives Amazon Canada a presence in Canada that is not available elsewhere.
The $1bn acquisition is expected to close in the second quarter of 2018, according to a release from Amazon Canada.
The purchase will give Amazon Canada access to the same platform that it already has in the U.S. and the rest of the world, the company said.
Amazon Canada also said it plans to bring other popular e-book and audiobook formats to Canada as well as a variety of entertainment and retail brands to the country by 2021.
Amazon is expected in the next year to begin to offer its own video streaming service in Canada.
Its other e-stores will also open in Canada, including Canada Sobeys, as well.
Amazon’s U.K.-based subsidiary AmazonFresh, which was launched in Canada in October 2017, also said Tuesday that it is adding a number of Canada-focused products to its online store, including a selection of grocery products and clothing.
The announcement came as Amazon Canada and other U.I. companies continued to gain market share in Canada’s e-retail sector, which had been the fastest growing in the country over the past year.
The sector is estimated to be worth $2.6 billion this year, according the e-trade trade group.
Last year, e-tailer Freshbooks posted a 25 per cent year-on-year increase in sales for the first time in three years, fueled in part by increased demand from Canada and the U, and the availability of new e-books and audiobooks from Amazon.
That growth has also driven an uptick in the number of e-shop listings in Canada and overseas.
Freshbooks is the only Canadian e‑retailer to have a store open in the United States.
The other U-Bahn and Watsons Canada-based e-shops have been selling books, electronics and other consumer goods since 2017, and are still expanding.
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