Chinese online retailer Jumei has shared financial results for the third quarter of 2015. The company says that its revenue has increased by 99.9% year-on-year to RMB1.9bn.
Leo Chen, Founder and CEO of Jumei, commented: “Our third quarter net revenue growth continues to be strong, increasing almost 100% year-on-year. This very strong growth was driven by Jumei Global and rapidly shifting consumption patterns in China as consumers upgrade their tastes, preferences and expectations for products.”
Customer purchase frequency also saw a significant increase – up 45% from the same period in the previous year. Chen added: “We continue to strengthen our position as a leading import cross-boarder platform in China and are pleased to see both active customers and a number of orders grow rapidly while maintaining a high repeat purchase rate.”
The company also cited its expansion into new categories including baby and maternity products as well as health and wellness.
Jumei also added international brands Shiseido and KOSÉ to its offering. Chen said: “This is the first time these Japanese beauty groups have directly authorised a cross-border e-commerce company in China to carry their merchandise. This means that going forward, new products by both brands will be launched simultaneously in Japan and on Jumei Global, in addition to those already on offer in Jumei’s domestic platform. Chinese consumers will now be able to access international beauty trends at the same time as they take place in the brand’s home markets.”
Jumei now expects total net revenues for the fourth quarter of 2015 to reach between RMB1.83bn and RMB1.93bn. This would create a total year-on-year growth rate of 80-90%.