Sina Tech, 5/25/11
Liu Qiangdong, chairman and CEO of Beijing-based B2C e-commerce platform 360Buy, has revealed that the site's Q1 2011 sales revenue rose by 206% YoY, while the company's net loss in Q1 2011 fell 6% YoY. Numbers released by Liu showed that by the end of Q1 2011, revenue from sales of general merchandise, not including revenue share from third-party merchants on the platform, increased by 522% YoY. 360Buy also adjusted its revenue guidance for fiscal year 2011 from the RMB 24-26 bln estimated the beginning of this year to between RMB 28-30 bln.
Liu recently stated that 360Buy's revenue from sales of general merchandise is expected to reach RMB 3.5 bln in 2011, and RMB 6 bln when combined with with direct sales of brand name goods. Liu added that revenue from sales of general merchandise is estimated to exceed RMB 10 bln in 2012.
Editor's Note: According to China.com.cn, 360Buy also plans to begin procuring overseas book titles and will build book warehouses in the United States and Europe in an effort to expand into overseas markets.