Globalegrow to invest $116m in China
Chinese cross-border retailer Globalegrow has announced plans to invest $116m through its Wzhouhui platform as part of its business expansion strategy.
With this investment, Wzhouhui aims to open more than 1,000 new bricks-and-mortar stores this year and purchase products from international suppliers.
According to Chinese research company iiMedia, China's cross-border e-commerce is projected to account for $1.28tn next year, owing to an estimated increase in the total number of cross-border shoppers from 410 million last year to 740 million next year.
Wzhouhui marketing manager Emma Zhang said: "We believe that products listed in cross-border e-commerce marketplaces are more attractive to customers due to lower taxes.
“Moreover, offline stores, where customers can evaluate products before purchasing, improve the shopping experience, especially for imported products which many consumers may not be very familiar with.”
Since its launch of 2015, Wzhouhui has enlisted more than 1,000 overseas suppliers, including Vitaco and Karicare from New Zealand, Murray Goulburn and Pharmacare from Australia, and Apo-rot and Rossmann from Germany.
Zhang continued: "Globalegrow has a strong team with rich experience and a comprehensive supply chain and logistics system.
“Wzhouhui achieved sales revenue of $61.3m and opened nearly 100 physical stores in 2016.
“We are confident that the company will double its sales in 2017 to reach $145m."
Set up in 2007, Globalegrow is a cross-border e-commerce enterprise in Shenzhen, China.
Globalegrow operates overseas with different fashion sites, including DressLily, RoseGal, and SammyDress.