We lower our fair value estimate for Mercari to JPY 3,500 from JPY 3,600 previously based on a more conservative outlook for marketplace gross merchandise growth in the next five years. Despite ...
Japan's online consumer-to-consumer, or C2C, secondhand goods trading market is about JPY 2.4 trillion and Mercari is the top platform with over 40% market share and 23 million monthly active users.
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