Aiming to seize a sizeable share in the worldâ€™s 4th largest economy, leading online seller Amazon has announced its plan to increase investments in Joyo, a leading online shopping Web site in China. However, exact figure was not disclosed.
In 2004, Amazon acquired this Chinese company for $75 million despite its negative bottom line. To date, Joyo has been growing fast but still behind its main competitor, Dangdang.com.
“One of the mistakes that many American companies could make is that when they come to China and hire management team in China, the Chinese leader sees it as his or her job to make their boss happy in America instead of making their customers happy in China. We are not going to make that mistake,” said Amazon chief executive Jeff Bezos.
According to Analysys, Chinaâ€™s B2C market reached $133 million this first quarter or about 20% increased compared last year.
Originally posted on June 7, 2007 @ 11:03 pm