China Business News, 11/29/11
Bi Sheng, CEO of Chinese B2C online shoe retailer Letao, revealed recently that a decline in sales has led to the company's decision to cut 80% of its marketing budget. Bi said that Letao had gross profits of 30% last year, but expects that figure to decline to 17% for 2011.
Editor's Note: For more information on this topic, please see "Letao Suspends Online Display Ad Spending," MD 10/13/11 issue.
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