LightInTheBox Joins Alibaba Procurement Platform

Ebrun, 12/26/12

Beijing-based English-language wholesale B2C e-commerce platform LightInTheBox has announced that the company will allocate USD 30 mln in 2013 for apparel procurement through Chinese e-commerce conglomerate Alibaba.com's "Mingqi" open platform procurement site (mingqi.1688.com).

In addition to LightInTheBox, Chinese real estate development company Zhongtian and China Unicom (NYSE: CHU; 0762.HK; 600050.SH), are among 104 companies that have announced "Mingqi" procurement plans for 2013. Total allocated procurement funds have reached RMB 2 bln.

Alibaba Group's "Mingqi" open platform procurement site was released in November 2011. The platform aims to provide large-scale enterprises, SOEs, government agencies, and non-profit organizations with a means to share their procurement needs with small-to-medium enterprise (SME) contract suppliers. The platform also hosts SME self-manufactured products available for procurement.

Keywords: B2B e-commerce LightInTheBox Internet procurement 1688.com open platform Alibaba.com

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