In a big push to win over luxury houses, JD.com is leveraging its logistic network, low return rate, and high-spending user base in China.
“Our domestic core commerce business has fully recovered to pre-COVID-19 levels across the board.”
Tmall’s prestige beauty sales grew 90 percent, whereas JD.com’s advanced 74 percent this June versus June 2019, according to The NPD Group.
Rewarded for its vertically integrated delivery network during COVID-19, JD.com leans in harder to logistics with new listing and festival.
The platform saw historic growth because of trapped luxury demand, flexible omnichannel solutions and more amid COVID-19 disruption.
Net revenues rose 20.7 percent, but net income fell to 1.07 billion renminbi, from 7.32 billion renminbi a year earlier.
The company expects growing revenues, barring any disruptions from the coronavirus. Its chief financial officer will step down in September.
The luxury e-commerce platform has had its sights on China.
The company said the $250 million would support continued growth.
Third-quarter sales rose but profits dropped sharply.
Different markets in the region are dominated by local retailers, with the exception of India, where Walmart and Amazon dictate.
Ross said he wants to use the support to mature his tailoring and push into mono-store development.