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Rakuten to absorb customer-to-customer services unit Fablic

Rakuten Inc. said March 29 that its board decided to absorb its customer-to-customer services unit Fablic Inc., effective July 1.

The Japanese e-commerce company said the move will help improve Rakuten's operational efficiencies and improve the quality of its customer-to-customer services.

Fablic, bought by Rakuten in September 2016, used to run Japanese flea market app FRIL. On Feb. 7, Rakuten combined FRIL and another app Rakuma into a single platform carrying the Rakuma branding.

No financial terms were disclosed. Fablic posted a net loss of ¥2.8 million in the fiscal year ended Dec. 31, 2017, Rakuten said.

As of March 28, US$1 was equivalent to ¥106.19.