eCommerce tech company, eCargo Holdings Ltd
(ASX:ECG), is looking to launch a social shopping mobile platform in China.
In order to do so, eCargo has entered a joint venture with Hong Kong-based Walton Brown, a fashion and brand management group. The JV entity will be called WWE & Company (BVI) Limited. The name of this proposed mobile platform is 'WWE'.
eCargo says WWE will be like an ‘online shopping mall experience’ for Chinese consumers, and will be launched in the next 12 months.
The company China is the key luxury consumer market, consuming more than 44% of the world’s luxury goods. eCargo also says China’s rapidly growing middle class is fuelling that demand, and is expected to reach 630 million people by 2022.
eCargo reported a net loss of $9.3 million at 31 December 2015.
