China’s JD.com said net revenues for the second quarter totalled RMB 287.9 billion (USD 139.7 billion), an increase of 7.6 percent, with the tech and e-commerce giant revealing it has inked a new retail partnership with Gucci.
The Beijing-based company said net product revenues increased by 3.5 percent for the three months, while net service revenues increased by 30.1 percent for the second quarter, as compared to the same period of 2022.
During the ‘JD 618 Grand Promotion’, the company opened two JD Malls in Dongguan and Kunming alongside thirteen city-level flagship home appliance and electronics stores in eleven cities including Chengdu, Tangshan, Suzhou and Nanjing, as well as 724 JD home appliance stores in lower-tier markets.
In the second quarter, Italian luxury fashion brands Bottega Veneta and Missoni both partnered with JD.com to launch their official flagship stores on the JD platform, alongside beauty brands Sisley and SkinCeuticals. Others joining JD.com in the quarter included Maison Margiela Fragrances, Byredo, Farmacy, and Aesop, among others.
“We reported a solid performance for the second quarter both financially and operationally, thanks to JD.com’s enhanced business structure and leading supply chain capabilities,” said Sandy Xu, chief executive officer of JD.com.
“We are also encouraged to see the number of our marketplace merchants more than doubled and reached a new record during the quarter, reflecting our efforts to build a superior marketplace ecosystem, one of our priorities to provide customers with enriched supplies at better prices. I am confident that JD.com’s commitment to providing the utmost in selection, speed, quality and value will continue to resonate with customers and set a strong foundation for our long-term success.”
Coinciding with the earnings update, JD.com said it has inked a digital partnership with Italian luxury brand Gucci, a move which will bring bow the Kering-owned brand’s official flagship store and shop on JD’s mall.
Serving nearly 600 million customers, JD.com is one of China’s largest retailers and one of the major premier online destination for luxury brands in the nation.