Tongxue CEO Joins Group Buy Site as Co-Founder
DoNews, 5/21/10
An industry source has revealed that Zhu Huaming, former CEO of location-based SNS and microblogging site Tongxue.com, will join group purchasing website Kutuan.com as co-founder; the site will open to the public on May 23. The source said that Zhu will be involved in the day-to-day management of the new website, and that Kutuan CEO Zhao Wei has a large number of business contacts and resources due to his previous career in offline business expansion. The Hangzhou-based chain of Intime Department Stores is reportedly one of Kutuan's shareholders.
A source inside the company said that the site will be accessible only on a fully invitation-only basis: each "invitation code" will be valid for inviting 10 people, and users will be rewarded RMB 10 for each user they successfully invite to the site. Kutuan is positioned to target the mid- to high-end customer demographic, hosting special "VIP" and "KuPlay" areas on the site in addition to its standard offerings. The company employs more than 10 people, including five offline business specialists, and offers most products at 40% or more off (with the exception of products in its VIP section).
Zhu Huaming confirmed the report, and said that in its first three months of operation, Kutuan will not seek to expand into any additional cities. Zhu said that on its first day open to the public, Kutuan will offer more than ten iPads at the reduced price of RMB 3,998, and 30% discounts on diamond jewelry in the VIP area.
Keywords: Kutuan HR Zhao Wei Internet Tongxue Zhu Huaming Intime group buying
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