JD.com posts 29% increase in net revenue

China
Published:  18 November, 2020

The Chinese e-commerce platform has announced its unaudited financial results for the three months ended September 30, 2020.

JD.com’s net revenue for the third quarter of 2020 amounted to CNY174.2 billion (US$125.7 billion), up 29.2% the same quarter in 2019. Net revenues from the sales of general merchandise products totalled CNY58.1 billion (US$8.6 billion), a 34.8% increase year-on-year. Gross margin was 8.7%, as compared with 8.4% for the third quarter of 2019.

“Today, as China emerges from the pandemic, we are glad to see that our business partners are recovering rapidly with the support of our online and offline supply chain infrastructure. And our consumer mindshare continues to expand with over 100 million new active users joining our platform compared to a year ago”, said Richard Liu, Chairman and CEO, JD.com. “In order to ensure superior customer experience and better serve our business partners, we continued to add new hires even against the backdrop of uncertainties arising from Covid. We look forward to continuously leveraging JD’s leading supply chain-based technology and nationwide infrastructure for the benefit of society”, he added.

Multiple luxury and fashion brands are reported to have officially launched stores on JD.com in the third quarter, including Zegna, Balmain, Rimowa, Yohji Yamamoto, Ami Paris and Golden Goose Deluxe. The company said that Chinese-American designer brand 3.1 Phillip Lim, Turkish leather goods brand Manu Atelier, Korean designer brand Juun.J, Japanese fashion jewellery brand Ahkah, and luxury lifestyle brand Seletti, also joined the JD.com platform.