chinadotcom corporation Announces Asian Retail Alliance With The Big Store.com
and China Commerce Group
Joint Venture to Develop The BigStore.com Asia Across
Asia, Australia and New Zealand
HONG KONG, Jan. 4 /PRNewswire/ -- In a joint venture aimed at reinforcing
its unique Pan-Asian integrated "Build, Distribute, Sell" business model,
chinadotcom corporation (Nasdaq: CHINA) today announced it is to develop an
online Asian retail service under The BigStore.com Asia brand name across
Asia, Australia and New Zealand.
The new store aims to provide the lowest cost, most customer-focused on-
line shopping service in all key markets across the region, delivered in the
language of the respective markets.
The BigStore.com Asia will be launched offering a wide range of books and
music, computers, consumer electronics, office supplies and gifts. Initially
to be provided exclusively through chinadotcom corporation's portals --
hongkong.com, taiwan.com, china.com and cww.com -- The BigStore.com Asia will
be gradually rolled out across the region.
"This alliance substantially enhances our e-commerce strengths. It will be
a great example of our 'Build, Distribute, Sell' strategy at work throughout
Asia, Australia and New Zealand. We will work with The BigStore.com to build
the different retail sites through our web solutions business, The Web
Connection. We will sell advertising for the sites through our wholly-owned
subsidiary 24/7 Media Asia, and the service will be distributed through our
four Greater China portals. This joint venture is set to take advantage of the
huge potential market for e-commerce in Asia; a market which IDC recently
estimated will be worth US $72 billion by 2003, up from US $2.7 billion in
1998", said Mr. Rudy Chan, Director of e-Commerce of chinadotcom corporation.
chinadotcom corporation has also taken a 7% share in The BigStore.com and
will also take a seat on its board. In the three-way joint venture that also
includes China Commerce Development Group, chinadotcom corporation will own
20% of The BigStore.com Asia.
"This is further evidence of a business approach we have already fostered
through our existing successful partnerships with America Online and
24/7 Media, creating AOL Hong Kong and 24/7 Media Asia respectively," added
Mr. Ian Henry, President, International of chinadotcom corporation. "We are
working with companies that have proven and highly successful track records in
the US and are adapting the services offered by those brands to Asian
consumers. This is a win-win-win situation. A win for chinadotcom corporation
by substantially enhancing its Asian retail capabilities. A win for The Big
Store.com who benefits from our extensive Asian presence and our understanding
of the different markets across the region, as well as the distribution
strengths of our portal network. But most of all, this is a win for consumers
across Asia who will benefit from an extensive range of the lowest-cost local
and international merchandise. And with the merchandise being distributed
from within Asia, consumers will be spared the trans-Pacific shipment costs
incurred by ordering through US-based Internet retail operations".
The BigStore.com was created by Frank Denny and Robert J. McNulty who were
also the creators of the highly successful online store, Shopping.com.
Chief Executive Officer of the Big Store.com, Robert J. McNulty commented
"TheBigStore.com is the leading innovator in Internet retailing, selling the
widest selection of products on the Internet, worldwide. We are committed to
delivering the lowest prices, an unrivaled selection of merchandise and
superior customer service. TheBigStore.com has developed the ultimate shopping
experience. With its affiliates -- TheBigHub, TheBigCompare, TheBigRx,
TheBigBiz, TheBigToys, TheBigTravel and TheBigBallot -- it combines commerce,
content, community and entertainment in one easy-to-use Web site. Customers
can select from millions of products and services. TheBigStore.com is the
ultimate one-stop shopping Web destination."
"Having joint venture partners such as chinadotcom corporation in Asia, as
well as China Commerce Development Group and the State Administration of
Internal Trade, gives The BigStore.com Asia a leading e-commerce position in
China. The China Commerce Development Group oversees China's major retail
chains and distribution centers. The BigStore.com Asia will immediately tap
into the brand name products and distribution resources of China Commerce
Development Group throughout China" added Mr. McNulty.
About chinadotcom corporation
chinadotcom corporation is the first pan-Asian integrated Internet company
listed in the United States (Nasdaq: CHINA). The company provides a full
range of Internet services that; 1) build e-commerce strategy and solutions
(the Web Connection), 2) distribute content via its portal network (china.com,
cww.com, hongkong.com, and taiwan.com), and 3) sell services through online
advertising (24/7 Media Asia). chinadotcom corporation is committed to
enabling digital communities to realize their full potential, thereby
facilitating the development of the Internet in China and across Asia. The
company has over 800 employees in 21 offices across 10 Asian markets,
including Australia, Hong Kong, Japan, Korea, Malaysia, Singapore, and Taiwan.
In Mainland China, the company has five offices and over 200 employees. Major
corporate shareholders include America Online Inc., Mitsui & Co. Ltd., Nortel
Network Corporation, Sun Microsystems Inc., New World Infrastructure Limited
and 24/7 Media Inc.
SOURCE chinadotcom corporation
-0- 01/04/2000
/CONTACT: Susan Chan of chinadotcom corporation, +852-2961-2694, or fax,
+852-2571-0410; or Megan Ross of Burson-Marsteller, +852-2963-6753, or fax,
+852-2856-1101, for chinadotcom corporation/
/Web site: thebigstore.com
china.com
(CHINA)
CO: chinadotcom corporation; Big Store.com; BigStore.com Asia
ST: China
IN: CPR MLM
SU: JVN
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