(Yicai Global) Sept. 13 -- China e-commerce giant JD.Com Inc [NASDAQ:JD] held a brand investment fair in Seoul, South Korea, and signed a strategic agreement with Korea International Trade Association (KITA) to introduce more high-quality Korean brands on its e-commerce platform.
Representatives of some reputable Korean enterprises such as Amorepacific Group [KRX:002790], Samsung Electronics Co. [KRX:005930] and LG Group participated in the meeting, ce.com reported, saying the participants discussed cooperation on foods, cosmetics, and digital products.
JD.Com will establish a special operation team to provide guidance for Korean brands to increase their market share in China. KITA-owned e-commerce site Kmall24 will set up an official flagship store on JD.com.
JD.Com also released a report on Korean brand consumption habits of Chinese consumers, which said they prefer Korean cosmetics and some food products. Since the beginning of 2016, the sales volume of Korean cosmetics on JD.com increased more than 300 percent year-on-year, and the sales volume of Korean food products increased 600 percent.
In September 2015, JD.Com entered into strategic cooperation with the Korean shopping website Lotte.com and started to introduce the Korean products on its e-commerce platform. The cooperation this time will involve more high-quality Korean brands.