Netease Tech, 1/26/11
Chen Tenghua, founder of home textiles B2C e-commerce website Uya100.com and former vice president of Chinese B2C e-commerce site Dangdang (NYSE: DANG), said that he has already concluded a multimillion USD round of funding, and that the funds will be credited into Uya100's account after the Chinese New Year holidays.
Uya100 has selected a factory in Jiangsu with which management is already familiar, and launched its own brand, Toscaso. It also plans to promote its brand through cooperation with companies such as Nokia and Proctor & Gamble.
Chen also revealed that home textile products sold online were priced much lower - typically at 1/3 the price at which they would be sold in traditional department stores - while still yielding profit margins of 40% to 50%.