Yougou Denies Rumors of Baidu Investment
National Business Daily, 8/31/11
Yougou.com, Chinese online fashion company Belle's B2C footwear platform, has denied earlier reports that it received investment from Chinese internet company Baidu (Nasdaq: BIDU).
Several investment funds have expressed interest in Yougou, according to a senior executive in the company, but management aims to find a strategic investor in the internet sector.
CEO Zhang Xuejun recently disclosed that the company has set a three-year target for profitability.
According to another source within the company, Belle completed a 17,000 square meter warehouse for Yougou in Shenzhen two months ago. Yougou currently uses its own warehousing facilities and third-party logistics providers. Zhang added that Yougou will consider developing its own delivery services once it reaches certain internal sales targets.
Editor's Note: For more information on this topic, please see "Yougou Obtains USD 200 Mln Funding from Belle," MD 8/30/11 issue.
Keywords: Internet funding investment B2C Baidu online fashion strategic investor BIDU logistics Belle Yougou Zhang Xuejun e-commerce
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