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360buy inks RMB 80-bln purchases of household appliances

Apr. 19, 2012 (China Knowledge) - 360buy.com, the largest 3C B2C online retailer in China, had signed RMB 80 billion or about US$12.7 billion worth of purchase contracts with several household appliance makers over a three-years period.

The household appliance suppliers include Haier Electronics Group Co Ltd<1169>, Hisense Electric Co Ltd<600060>, GD Midea Holding Co Ltd<000527>, Gree Electric Appliances Inc of Zhuhai<000651>, Whirlpool Corp, Japan's Panasonic Corp, Samsung electronic, LG Electronics Inc, AB Electrolux and Sony Corp, said a person familiar with the matter.

Lan Ye, chief marketing officer of 360buy, said the company aims to add 50 to 60 warehouses across the country in the next three years. The firm's current logistics network covers 66 major cities in China, Lan added.  

360buy, the largest rival of Alibaba Group's Tmall in China's B2C market, realized sales of nearly RMB 30 billion last year. 360buy also expects to hire an additional 20,000 staff this year, bringing total employee number to over 35,000.  

Analysts estimated that China's online retail sales are likely to triple to more than US$360 billion in 2015, surpassing the U.S. as the world's biggest online retail market.






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