ITAT Group, one of China's largest apparel chains, has opened an online retail store 51itat.com.
ITAT's cooperative partners attended the opening ceremony and many IT companies, including Google, Baidu, Sina, NetEase, Sohu, and Alibaba sent congratulatory messages. The website is managed by the Shenzhen-based Morganip.com
Liu Zelong, chairman of Morganip.com, said at the opening ceremony that jointly invested by the Chinese apparel chain ITAT Group, the investment organization Morgan Stanley, the private equity firm Blue Ridge China and the alternative investment firm Citadel, the Morganip.com of ITAT Group is a leading e-commerce company in China. With the great support of the Shenzhen government, Morganip.com was successfully established and located itself in Shenzhen Nanshan High-tech Development Zone.
The establishment of Morganip.com is a major shift for ITAT Group in industry structure as well as a historical milestone. Integrating all current resources of ITAT Group, 51itat.com is committed to the new and overall development of China's e-commerce industry. Depending on its thousands of suppliers nationwide, more than 700 entity chain stores, and about 3,000 member consumers, ITAT Group combines its entity stores with the new virtual online store and provides thorough e-commerce services to its suppliers, manufacturers, retailers, and consumers.
Over a half-month trial operation, the 51itat.com online retail store has gained net profits of over CNY100,000 and the online store is currently undergoing a nationwide investment attraction.
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