Competition in China’s home appliance industry is heating up as major retailers Suning Appliance, Gome Electrical Appliances and e-commerce player 360buy wage a new round in their price war.
"Today, I’ve made a decision. We will make zero gross profit selling big-size home appliances over the next three years," said 360buy’s chairman and Chief Executive Liu Qiangdong on his weibo microblogging account on Tuesday.
Firing the first salvo in the price war, he said 360buy would cut prices of television sets, refrigerators, washing machines and air conditioners from Wednesday morning, making sure they would be cheaper than what was being offered by Suning and Gome’s bricks-and-mortar shops and websites.
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(Source: scmp.com)