Chinese electronics-oriented B2C website 360buy.com has reached an acquisition agreement with Qianxun.com, a Korean-style apparel and accessories Internet shopping website.
According to reports in local media, Liu Qiangdong, founder and CEO of 360buy.com, said that its former preferential offers and alliance policies will remain the same after acquiring Qianxun.com.
The value of this transaction is reportedly between CNY3 million and CNY4 million, however, the official number from 360buy.com is currently unavailable. In addition, because Qianxun.com is invested by the South Korean telecom operator SK Telecom, the transaction still needs the approval of related departments and the financial details will be published soon.
Focusing on the sales of fashion clothing, footwear, and headwear, Qianxun.com is a B2C e-commerce website which gained investment from SK Telecom in February 2009. However, from January 2010, SK Telecom stopped its investment and the website started looking for a new buyer.
Prior to this acquisition, 360buy.com mainly sold home appliances, mobile phones, and digital products via the Internet, but this new move shows its intention to enter the daily commodity market.