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Suning set to change name
By Ding Yining |
February 20, 2013, Wednesday
|
Online Edition
Online Edition
SUNING Appliance Co Ltd, the country's largest home appliance retailer, is to change its name into Suning Commerce Group Co Ltd.
The company says this will help speed up business adjustment and let it expand into general merchandise, instead of relying on home appliances.
It plans to utilize its "cloud capacity" to serve suppliers as well as consumers, Suning said in a stock exchange filing yesterday.
Suning is scheduled to announce a major restructuring plan on Thursday, and market watchers say its online unit Yigou is expected to play a more prominent role in the new business model.
The company is diversifying its revenue at a time when home appliance sales are growing at a slower pace and consumers are shifting to online shopping.
Suning has been opening department stores under the brand "Laox" to sell general merchandise in addition to consumer electronics.
The company says this will help speed up business adjustment and let it expand into general merchandise, instead of relying on home appliances.
It plans to utilize its "cloud capacity" to serve suppliers as well as consumers, Suning said in a stock exchange filing yesterday.
Suning is scheduled to announce a major restructuring plan on Thursday, and market watchers say its online unit Yigou is expected to play a more prominent role in the new business model.
The company is diversifying its revenue at a time when home appliance sales are growing at a slower pace and consumers are shifting to online shopping.
Suning has been opening department stores under the brand "Laox" to sell general merchandise in addition to consumer electronics.
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