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360Buy to cooperate with price war probe
By Ding Yining |
September 5, 2012, Wednesday
|
Online Edition
Online Edition
CHINA'S leading online vendor 360Buy said it will work closely with government agencies and respect the outcome of a probe into a price war it started against two top home appliance retailers.
The National Development and Reform Commission is looking into the price war, which broke out two weeks ago between 360Buy and home retailers Suning and Gome, after complaints of price cheating had surfaced, Beijing News reported.
A 360Buy official today said the online vendor will cooperate with the investigation, without giving details if any outcome has already been made.
Suning and Gome joined the price war launched by 360Buy after Chief Executive Officer Liu Qiangdong pledged to keep its prices lower than Suning and Gome's offline outlets.
Li Bin, executive vice president of Suning's online unit Yigou, responded to Liu by vowing to keep prices on all of its products cheaper than 360Buy's.
The National Development and Reform Commission is looking into the price war, which broke out two weeks ago between 360Buy and home retailers Suning and Gome, after complaints of price cheating had surfaced, Beijing News reported.
A 360Buy official today said the online vendor will cooperate with the investigation, without giving details if any outcome has already been made.
Suning and Gome joined the price war launched by 360Buy after Chief Executive Officer Liu Qiangdong pledged to keep its prices lower than Suning and Gome's offline outlets.
Li Bin, executive vice president of Suning's online unit Yigou, responded to Liu by vowing to keep prices on all of its products cheaper than 360Buy's.
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