Yunji signs US$724m sup­ply deals

Shanghai Daily - - BUSINESS - Zhu Shen­shen TECH­NOL­OGY

YUNJI, a Hangzhou-based ecom­merce firm, said yes­ter­day it has signed deals worth 5 bil­lion yuan (US$724 mil­lion) to buy goods from ma­jor brands such as Nes­tle and Nit­taya.

China’s eco­nomic open­ing-up and move to a more con­sump­tion-based econ­omy present great op­por­tu­ni­ties for cross-bor­der e-com­merce, the com­pany said in a state­ment dur­ing a fo­rum at the CIIE.

In ad­di­tion to Nes­tle and food­maker Nit­taya, the deals in­clude Black­mores, Medi­heal, LG and ap­pli­ance maker Gree.

Yunji be­gan its cross-bor­der busi­ness in 2016. Rev­enue has grown from 210 mil­lion yuan in the first year to 1.17 bil­lion yuan last year. The com­pany has 40 mil­lion reg­is­tered users.

The Zhe­jiang cities of Hangzhou, Ningbo and Yiwu have be­come ma­jor na­tional cross­bor­der e-com­merce bases.

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