Yunji signs US$724m supply deals

Source: Xinhua | 2018-11-09

YUNJI, a Hangzhou-based e-commerce firm, said yesterday it has signed deals worth 5 billion yuan (US$724 million) to buy goods from major brands such as Nestle and Nittaya.

China’s economic opening-up and move to a more consumption-based economy present great opportunities for cross-border e-commerce, the company said in a statement during a forum at the CIIE.

In addition to Nestle and foodmaker Nittaya, the deals include Blackmores, Mediheal, LG and appliance maker Gree.

Yunji began its cross-border business in 2016. Revenue has grown from 210 million yuan in the first year to 1.17 billion yuan last year. The company has 40 million registered users.

The Zhejiang cities of Hangzhou, Ningbo and Yiwu have become major national cross-border e-commerce bases.