TOKYO -- Mercari will no longer offer its flea market app in Europe starting next March in what amounts to an exit from a money-losing region where it failed to stand out against bigger-name competitors.
Subsidiaries Mercari Europe and payment services platform Merpay, both based in London, will be dissolved by the fiscal year ending June 2020, the Japanese company said Tuesday. High labor and advertising costs contributed to Mercari Europe posting an operating loss of 7.3 million pounds ($9.23 million) in the most recent financial year ended in June.
