Wish (ContextLogic)
Cheap products from China with 3-week shipping create a race to the bottom that destroys brand trust.
2010 → 2024
$1.7B
E-commerce
USA
IdeaProof AI Failure Score
What Happened: The Timeline
2010
ContextLogic (Wish) founded by Peter Szulczewski
Dec 2020
IPO at $14B valuation
2021
Google/Apple remove Wish from ad platforms over counterfeit goods
2023
Revenue collapses to <$500M from $2.5B peak
2024
Acquired by Qoo10 for $173M — 99% below IPO value
Root Causes
Wish became one of the most downloaded shopping apps globally by offering extremely cheap products shipped directly from Chinese manufacturers. The company went public in December 2020 at a $14B valuation. But the marketplace was plagued by poor product quality, misleading listings, and 2-4 week shipping times. Apple and Google removed Wish from their ad platforms due to counterfeit goods. Revenue collapsed from $2.5B in 2020 to under $500M by 2023. The company was acquired by Qoo10 for $173M in 2024 — a 99% drop from its IPO valuation.
Sources & References
Could This Failure Have Been Prevented?
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