28 Nov '12, 11pm

Chinese E-Commerce Site Caught Up In Counterfeiting Scandal #luxury #china

Chinese E-Commerce Site Caught Up In Counterfeiting Scandal #luxury #china

not the first Chinese online retailer to face public suspicions of peddling fakes in recent years, and in the face of the most recent scandal Xiu is only the latest home-grown Chinese e-tailer to see trust among consumers rapidly shrink. This is, of course, bad news for up-and-coming players. China’s e-commerce market is booming — consumers spent an estimated 7.9 billion yuan (US$1.27 billion) online on “Singles’ Day” (November 11) alone. But whereas the majority of spending has remained in the mass market, via e-tailers like Taobao and Tmall, the country’s luxury e-tail segment is developing at its own pace, and is expected to become the world’s largest by 2015 . However, domestic Chinese online retailers have faced difficulties as major international players like Neiman Marcus, Macy’s, Yoox and Net-a-Porter have targeted the mainland China market over the past year.

Full article: http://www.jingdaily.com/chinese-e-commerce-site-xiu-com-...

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