Xiu.com Closes TMall Store
Economic Observer, 11/23/12
The Economic Observer has learned that Chinese fashion B2C e-commerce site Xiu.com shut down its flagship store on Alibaba Group's B2C e-commerce site TMall this September after the store was accused of selling counterfeit Gucci products. A Tmall employee revealed that Xiu.com sold tens of millions of RMB worth of products through its TMall store, making the store one of TMall's largest before its closure.
An e-commerce industry source close to Xiu.com investors revealed that after the company failed to secure a third round of funding, investors were eager to divest and therefore welcomed eBay's entry as a potential strategic investor. eBay is reportedly forming a team at its US headquarters to work with Xiu. eBay global VP Chen Xiaofeng will reportedly lead the team, which will take part in Xiu.com operations.
Editor's Note: For more background on this topic, please see "Rumor: Fashion B2C Xiu.com Fails to Gain Third-Round Funding" MD 6/21/12 issue.
Keywords: scandal IPR infringement e-commerce eBay Internet B2C Chen Xiaofeng Xiu.com TMall luxury online fashion
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