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Business · Retail · TMT
Suning Holdings to invest USD 5.7 bln in expanding its businesses next year
CKN
2019/12/18 11:03:44
2,957
Retail, E-commerce, Business

Dec 18, 2019 (China Knowledge) - According to Zhang Jindong, chairman of Suning Holdings Group, the company will invest at least RMB 40 bln (USD 5.7 bln) to add 10,000 new stores and expand its number of employees by 8,000 next year.

Suning Holdings, the parent company of retail and e-commerce giant Suning.com (002024), also aims to enhance its technology and logistics capabilities so as to integrate a comprehensive and intelligent retail infrastructure into its business models.

In particular, Suning.com recorded a first three quarters revenue of RMB 201 bln (USD 28.7 bln), up 16% YoY. Its net profit within the same period almost doubled YoY, to a total of RMB 11.9 bln this year.

Suning.com, which recently completed its acquisition of an 80% stake in Carrefour China, also hopes to launch 300 new stores across China by 2025. Together with Suning Xiaodian, another subsidiary of Suning Holdings, both parties will cooperate closely to look into opening up a brand-new delivery service for their retail businesses.

Currently, there are more than 5,000 Suning Xiaodian outlets across China, with over 120 mln customers. Suning Holdings will also look into a reorganization of its group’s structure, and continue to improve its various subsidiaries and businesses.

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