24th Sep 2014 06:17
LONDON (Alliance News) - Media buying giant WPP PLC Wednesday said it has launched a new joint venture company in China that will offer services to the country's booming e-commerce sector.
In a statement, the company said the new Polestar Co Ltd joint venture will be led by its main investors, both entrepreneurs with experience of the sector, including with Alibaba. Founder Figo Yang will serve as chief executive and Allen Liu will be chief operating officer. WPP will have a minority stake in the venture.
China's e-commerce market is the world's largest, having surpassed the US in 2013. Chinese online shoppers are forecast to spend CNY3.3 trillion, or about USD540 billion, in 2015, WPP said, citing figures from Bain & Co.
Excitement about Chinese growth in internet shopping is at an all-time high after Alibaba listed in New York earlier this week. It was the biggest ever Chinese initial public offering, and Chinese media hailed it as the start of a "Chinese era in the global internet".
WPP said its companies will work with Polestar to help Chinese and international brands establish and manage all aspects of their Chinese e-commerce operations, from marketing through to purchase, fulfilment and delivery, across consumer platforms such as Alibaba's Taobao and TMall, JD.com and the mobile messaging service WeChat.
Polestar is also developing products and services in the emerging online to offline sector, including an e-commerce data management platform allowing clients to track, measure and optimize their e-commerce operations, WPP added.
"Understanding and monetizing the e-commerce opportunity is a top priority for all brands in China, and by partnering with Polestar we can now offer our clients a one-stop solution, a first in China," WPP Chief Executive Martin Sorrell said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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