Vancl set to triple income on growth
By Zhu Shenshen |
November 3, 2010, Wednesday
|
Print Edition
Print Edition
VANCL, which sells clothes online in China, will more than triple annual revenue to 2 billion yuan (US$294 million) in 2010, thanks to its expansion in Shanghai and a wider range of clothes selling in cyber world, the Beijing-based company said yesterday.
Vancl will focus more on business scale rather than just profit to compete with bigger rivals like Amazon China. Therefore, it plans to break even and launch an initial public offering after 2012, said founder and CEO Chen Nian.
"We plan to sell various kinds of clothes and hopes to re-design fashion in China," Chen said.
So far Vancl has sold more than 20,000 products, including clothes and shoes. It started selling only cheap shoes and T-shirts in 2007. It plans to expand in women's clothes and winter wear, Chen added.
In 2010, Vancl's revenue will be 2 billion yuan against 600 million yuan last year. In the first nine months, revenue from its Shanghai operations rose 62.3 percent annually and accounted for 12 percent of the company's national income. Chen forecast the figure to hit 15 to 20 percent next year.
Vancl will focus more on business scale rather than just profit to compete with bigger rivals like Amazon China. Therefore, it plans to break even and launch an initial public offering after 2012, said founder and CEO Chen Nian.
"We plan to sell various kinds of clothes and hopes to re-design fashion in China," Chen said.
So far Vancl has sold more than 20,000 products, including clothes and shoes. It started selling only cheap shoes and T-shirts in 2007. It plans to expand in women's clothes and winter wear, Chen added.
In 2010, Vancl's revenue will be 2 billion yuan against 600 million yuan last year. In the first nine months, revenue from its Shanghai operations rose 62.3 percent annually and accounted for 12 percent of the company's national income. Chen forecast the figure to hit 15 to 20 percent next year.
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