Business Intelligence on Retailing, Franchising, and Consumerism in China


China's 360buy.com Launches Overseas Sales Business

Liu Qiangdong, chairman and chief executive officer of the Chinese Internet B2C shopping website 360buy.com, has announced the official launch of a new overseas sales business.

Liu said that people in every corner of the world, as long as they can be reached by DHL and UPS, can buy goods from 360buy.com. So far, the new service is limited to books and audio-visual products, and the service range will be expanded after a period of trial operation. 360buy.com's audio-visual product channel was formally launched on February 10, 2011.

Prior to this, Liu revealed during 360buy.com's 2011 annual procurement signing meeting that the company plans to sell products made in China to other countries, and provide Chinese manufacturers with an Internet platform to expand overseas business. For the year 2011, 360buy.com aims at the sales between CNY24 billion and CNY26 billion.

360buy.com previously completed its latest financing on April 1, 2011, and it gained USD1.5 billion from six funds, including DST and Tiger Management. The money will reportedly be used for logistics and technology research.






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