China’s largest online retailer by transaction volume is counting on an expansion into western markets to bolster profit margins as it is squeezed by intense competition at home.
360buyhopes to generate annual revenues of $100m from operations outside China within two or three years, Shi Tao, vice-president, told the Financial Times. “That would be the break-even point for the international business,” he said, adding that it was “very possible that this will help boost profitability for the company overall because this is a higher-margin business”.
Net revenue at 360buy was Rmb21bn ($3.36bn) last year and is expected to double this year.
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