eBay NASDAQ:EBAY re-enters Chinese market
eBay NASDAQ:EBAY re-enters Chinese market
eBay is looking to re-enter the Chinese market with a new partnership with Chinese eCommerce favorite www.Xiu.com.
Xiu.com is an up-and-coming e-Commerce site that specializes in high-end fashion and luxury goods. Since arriving on the scene a few years ago, it has made quite the stir, bringing in a $20-M investment from Kleiner Perkins Caufield & Byers last April and then $100-M in funding from Warburg Pincus last August.
Xu Qin, Xiu.com PR director, confirmed that the 2 companies would work together, but demurred that the details of the partnership would be announced on 12 November. The tie-up is said to be “heavyweight”, leading the original report to believe that it could involve a capital investment.
eBay does operate a localized China site, but it has lost out to Alibaba’s Taobao.com and other sites. In fact, Alibaba believes it will surpass the combined worldwide sales of Amazon and eBay in Y 2012 with its own eCommerce solutions, which also include Alibaba.com and Tmall.com.
eBay revealed earlier this year that it intended to invest billions of dollars in China and had already set up a new company in Shenzhen.
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