Sea’s Retail Arm Pulls Out of Argentina in Latin America Retreat
- Shopee to close most operations in Chile, Colombia, Mexico
- Brazil, Sea’s key market, stays unaffected by downsizing plans
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Sea Ltd.’s e-commerce unit is leaving Argentina and closing most of its operations in Chile, Colombia and Mexico, retreating from much of Latin America to focus on profitability over growth.
Shopee will close offices in Chile and Colombia and maintain just a small local presence in Mexico to support regional markets, according to a person with knowledge of the matter and an internal email seen by Bloomberg News. Shopee will continue to operate a cross-border e-commerce service in those markets.