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Rumor: Global Textiles Wins 9-Figure RMB Funding

Sohu IT, 3/14/11

Chinese textile and garment industry website Global Textiles has reportedly received strategic funding totaling several hundred million RMB, and now has plans to unveil a new paid B2B model which diverges from the traditional model of B2B sites such as Alibaba.com (1688.HK).

The Global Textiles website (Chinese: www.tnc.com.cn; English: www.globaltextiles.com) was jointly founded in 2000 by Zhejiang China Light & Textile Industrial City Group, Zhejiang University and Chinese yellow pages service Chinapages.com, and currently claims more than 1.3 mln registered textile and garment industry members both from within China and abroad. In addition to providing textile firms with purchaser, supplier and product databases, trading information, price quotes and news, the site also publishes information from all parties involved in trading, as well as carrying out online promotions and offering business pairing and trade go-between services. The company has seen profitable operations for several years prior to this latest news.

Keywords: Global Textiles B2B Internet funding e-commerce

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