Leading Chinese Sport Brands Form JV in E-commerce
361 Degrees and SmartMozo form joint venture company in a bid to increase its e-commerce presence
361 Degrees International Limited, one of the leading sports brand enterprises in China, is pleased to announce that it is forming a joint venture company, 361 Degrees International E-commerce Limited with SmartMozo Limited.
In line with this, Mr. Ding Wuhao, President and Executive Director of 361 Degrees and Mr. Giang Phung, Chief Executive Officer and Founder of SmartMozo attended a strategic partnership press conference in Xiamen to officiate the cooperation.
Headquartered in Hong Kong, SmartMozo is the first “E-commerce 3.0” technology company in the Asia Pacific region that utilises the Online-to-Offline (O2O) approach built around a core of big data technologies and a foundation of precise positioning data. It provides quality products and services to the 20 trillion dollar global retail market.
Prompted by a similar strategic vision on the development trends of areas such as the Internet, e-commerce and big data analysis, the two companies formed an international e-commerce joint venture to promote business expansion and internationalisation. Both parties will invest in form of cash, physical property, space, and system software, and 361 Degrees and SmartMozo will hold 70 percent and 30 percent stake in the joint venture, respectively. A leading independent third-party payment solutions company, 99 Bill, will provide a convenient and quick payment platform. This cross-sector alliance is set to create “the only international online sporting goods trading platform in China”.
The partnership integrates both parties' competencies. 361 Degrees will fully leverage its strengths in commercial resources, brand equity, and offline resources, while SmartMozo will draw upon its expertise in information systems and Big Data. The two parties will be able to expand their businesses and develop globally through the use of e-commerce. In addition, the joint venture will be based in the Free Trade Zone of Xiamen, China. The advantages of Xiamen's Free Trade Zone, such as convenient customs clearance, quick inspection and cross-border payments, tax returns and logistics will facilitate the development of cross-border e-commerce.
The construction of this online trading platform will provide more focused and segmented choices and value-added shopping experience for global users. Both parties are confident that the new platform will generate fruitful results at the Rio 2016 Olympic Games, and are very excited about the prospects of the partnership.
Mr. Giang Phung, Chief Executive Officer and Founder of SmartMozo expressed confidence in the prospects of the partnership: “I believe the partnership between SmartMozo and 361 Degrees will enable both parties to leverage their strengths and generate incredible results.”
Mr. Ding Wuhao, President and Executive Director of 361 Degrees, commented: "The partnership is “one of 361 Degrees' strategies to segment users against the Internet backdrop. As an official partner of Rio 2016 Olympic Games, 361 Degrees believes the partnership with SmartMozo will not only build up momentum for the Olympic Games, and fully integrate resources to achieve mutual development, but it is also another brand new exploration that is innovative and revolutionary in the Internet environment.”
For more details, please visit the website: www.361sport.com