06 Feb YuuZoo Signs Exclusive Partnership Agreement With JW Lottedi (Mega Mall) in China
YuuZoo will become the exclusive e-commerce platform for JW Lottedi Mega Mall throughout China.
Singapore, February 06, 2015: Singapore listed YuuZoo Corporation (“YuuZoo” SGX: AFC), the world’s first 3rd generation mobile social e-commerce company, today announced it has signed an exclusive partnership for the development of a social e-commerce network for the JW Lottedi Mega Malls in China.
JW Lottedi is part of Jingwei Group, which owns several companies nationwide and has total group assets of 2.6 billion RMB (US$416 million). JW Lottedi Mega Mall is a new Korean-themed shopping, entertainment, and leisure mall concept. The first Mega Mall will be ready in August 2015 and is expected to be one of the most fashionable shopping complexes in the country, with some 600 merchants.
Under the terms of the agreement, YuuZoo will develop JW Lottedi Mega Mall’s own social e-commerce network, which will sit within YuuZoo’s fully localized and mobile-optimized social e-commerce virtual shopping mall for China, www.yuuzoo.cn.
Through the exclusive tie-up, all the merchants of any JW Lottedi Mega Mall will be able to provide their products to the 700 million consumers reached by YuuZoo China’s virtual shopping mall through YuuZoo’s exclusive partnership with Great Sports Media Co Ltd, the fully owned sport, lifestyle and casual games division of Shanghai Media Group.
The Mega Mall social e-commerce networks will be supported by significant marketing exposure both through TV advertising and during TV shows through banner advertisements, QR codes and studio host announcements. JW Lottedi will promote the network extensively in all the brick-and-mortar Mega Malls. Through this offline-to-online (O2O) business model, the visitors to any Mega Mall and its various stores will become members of the YuuZoo.cn network, effectively converting offline customers to members of YuuZoo’s social e-commerce network and into online consumers.
According to eMarketer, retail ecommerce sales in China, excluding travel, increased by 35% to US$426.26 billion in 2014. Retail ecommerce sales growth rates will remain in double digits through 2018, when sales should comfortably exceed US$500 billion. China will exceed US$1 trillion in retail ecommerce sales by 2018, accounting for more than 40% of the total worldwide sales. By 2020, China’s e-commerce market is forecasted to be larger than those of the US, Britain, Japan, Germany, and France combined.
Speaking on the tie-up, Yuandong Qu, Managing Director, Jingwei Group remarked, “YuuZoo has a unique business model and it is the perfect means to help tap in the huge and fast-growing China retail ecommerce market. YuuZoo is giving us the perfect platform to expand our reach in China and even the rest of the world through its unique social e-commerce platform and huge franchise and partner network. We are investing 3 billion RMB (US$480 million) in new properties and we intend to grow our business bigger by bringing it to the Internet through YuuZoo.”
Commenting on this new partnership,Thomas Zilliacus, Chairman and CEO of YuuZoo said, “YuuZoo is delighted to partner with a Chinese industry stalwart. Mega Mall has a unique Korean theme concept and China is experiencing a Korean products craze from rice cookers to creams and K-Pop. Anything South Korean is red-hot in China right now. Through YuuZoo, Mega Mall is extending its presence online in China and through the offline-to-online model, YuuZoo is offering its customers a unique buying experience wherein they can touch and try the products in the Mall, then buy exclusive merchandise they like from the comfort of their home, or alternatively view the products online then buy them in the Mall. This offline-to-online model is pioneered in China through the partnership between YuuZoo and Mega Mall. It is an exciting new development of our business in China, and we expect it to show significant new revenues very soon.”
Source: Emarketer- http://totalaccess.emarketer.com/Chart.aspx?R=164167&dsNav=Ntk:relevance%7cecommerce+china%7c1%7c,Ro:4,N:422-423-424-425-426-434-427-431-432-435-429-428-430-1271-436-476,Nr:NOT(Type%3aComparative+Estimate)
Headquartered in Singapore and listed on the SGX mainboard (SGX: AFC), with access to over 85 million registered users in 164 countries, YuuZoo in a unique way combines social networking and e-commerce in a mobile-optimized, fully localized virtual shopping mall, where the consumer can access hundreds of targeted social networks, targeted shops and targeted entertainment through one single login. All networks are localized for each market as comes to language as well as merchandise and design. To see the networks, log into: www.yuuzoo.com and www.yuuzoo.cn. For more information about the company, please log on to: www.yuucorp.com
ABOUT JINGWEI GROUP:
Jingwei Group is a comprehensive services company that offers property management, assets appraisal, accounting, real estate development, and microfinance services. Its group total assets amount to 2.6 million RMB (US$416 million). Jingwei Lottedi (JW Lottedi) is a 120,000-squaremeter Korean style shopping mall under the Jingwei Group. It consists of three themes: a business office, a mega mall, and a 24-hour high street. Jingwei Lottedi is expected to be one of the most high end fashionable complexes in China. www.Jingweilottedi.com.
Macquarie Capital (Singapore) Pte. Limited (“Macquarie”) was the financial adviser to W Corporation Limited (now known as YuuZoo Corporation Limited) in relation to the acquisition of the entire issued and paid-up share capital of YuuZoo Corporation and its subsidiaries. Macquarie assumes no responsibility for the contents of this announcement.