A trade ministry official delivers a briefing on JD.com's direct-purchase business model to some 200 Korean consumer goods companies at the Korea Trade-Investment Promotion Agency building in Seocho, southern Seoul, Wednesday. Courtesy of Ministry of Trade, Industry and Resources
Chinese e-commerce giant JD.com has set up a business entity in Korea to directly purchase Korean consumer goods for sale in China, the trade ministry said Wednesday.
The Ministry of Trade, Industry and Resources, the Korea Trade-Investment Promotion Agency (KOTRA) and JD.com jointly held a briefing on the company's business model for some 200 Korean consumer goods companies, the ministry said in a press release.
During one-on-one meetings held on the sidelines of the briefing, some Korean companies signed deals worth a combined $1.5 million to ship their products through JD.com's business-to-consumer (B2C) platform in China, it said.
"JD.com plans to increase its direct purchases of Korean consumer goods as local demand for K-beauty and K-food products is expected to grow further on the back of the global popularity of Korean culture," a JD.com official said.
