Walton Brown, a brand management company under The Lane Crawford Joyce Group and eCargo, a China-based ecommerce enabler have announced a strategic joint venture to capture the Chinese market in an official press release July 25.
The two companies will join forces to under WWE & Company Limited (WWE) and launch a social mobile, multi-brand, lifestyle eMarketplace — MyMM.com — in early 2017 offering a product range of fashion, beauty and lifestyle items from international brands exclusively to customers in China.
The new company is initially capitalized at $45 million (RMB300 million) and will be led jointly by Thomson Cheng, President of Walton Brown, and Christopher Lau, CEO and Founder of ECG.
The newly formed WWE brings together two companies with very specific and different specialties; Walton Brown is a brand management company and eCargo is a specialized logistics and tech ecommerce enabler for brands in China and Australia.
According to ‘The China Playbook’ by Boston Consulting Group,
The company will tap into China’s growing mobile ecommerce market, predicted to account for 74% of all online sales by 2020
WWE promises to provide profitable opportunities for international brands to accelerate growth and a viable option for new brands to launch into China for the first time to capture new consumers, leveraging the government’s new regulatory direction to facilitate cross-border transactions.
The press release can be found here.