JD to step up import purchases

Chinese e-commerce giant JD announced it will purchase 400 billion yuan ($57.2 billion) worth of imported products in the next three years during the second China International Import Expo, which opened on Tuesday in Shanghai.

JD said it will send a large number of buyers to the expo and sign purchase contracts with well-known foreign brands. It will also ink a deeper strategic partnership agreement with US-based tech company Hewlett-Packard Inc.

The online retail giant has completed its target of buying 100 billion yuan in foreign goods at the first CIIE, to satisfy demands of domestic consumers.

So far, about 200 fashion and luxury brands have joined the JD platform, including French apparel brands Sandro and Maje, iconic British brand Mulberry and Italian high-end brand Prada.

JD and Farfetch, a leading global technology platform for the luxury fashion industry, have expanded their strategic partnership. JD’s 300 million customers will have access to more than 3,000 luxury brands through Farfetch’s network.

China's cross-border e-commerce sector has been growing exponentially over the past few years as the country's middle-and high-income shoppers are demanding increasingly diversified and personalized products and services.

Market consultancy iiMedia Research said the country's cross-border online shopping reached 9.1 trillion yuan in sales last year. This figure is expected to rise to 10.8 trillion yuan in 2019.