Mitsui to drive online business with NetEase
Print Edition
JAPAN’S largest trading company Mitsui & Co said yesterday that it plans to sell “premium foreign products” in China via e-commerce platforms operated by Chinese Internet content provider NetEase.
A spokesman for the Shanghai branch of the Tokyo-listed firm said it will import a range of goods through free trade zones in Ningbo and Hangzhou, before selling them online.
“By using bonded warehouses we will be able to cut retail prices by between 20 and 30 percent,” the person said.
Mitsui has set a target to achieve online sales of 800 billion yen (US$6.5 billion) by next year, Japan’s Nikkei newspaper reported yesterday.
NetEase, which owns a cross-border e-commerce platform, has about 800 million users, Mitsui said, adding that the new venture will help it to shore up its food, fashion and lifestyle product businesses.
The move comes after Japan’s second-largest trading firm Itochu Corp said in May it would partner several firms, including Chinese investment company CITIC, on an e-commerce venture in Shanghai.
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