The Business Life For Over 80 Years
Richard Liu Qiangdong, the CEO and founder of JD.com, was born on February 14th, 1974. JD.com is one of China’s two largest e-commerce platforms. As a child, this entrepreneur was introduced to business through their family shop. Liu spent most of his childhood with his father at his shop helping him to sell watches. This shop was his family’s primary source of income. Today, thanks to his early introduction to business, he is worth $11 billion according to Forbes rankings, and Liu’s platform is valued at $57.6 billion.
An investment magnate
Under the leadership of Richard Liu, JD.com has become very successful and turned into an investment magnet. This e-commerce platform secured its first investment in March of 2014 for Tencent, the owner of the popular Chinese social media app, WeChat. This investment of $215 million was exchanged for a 15% stake at the company. This was a groundbreaking deal both for Richard and JD.com. Through this deal, Tencent utilized their social media platform, WeChat with over 1 billion active users to advertise this platform. Within two months of this, the platform had seen unprecedented growth and went public in the U.S.
Another major investment for JD.com came from Walmart, a leading American retailer who bought 12% of the platform’s stake at $397 million. With all this money flowing in, JD.com announced that it would be investing in Farfetch in a move to expand its portfolio. The deal between the e-commerce platform and Farfetch will see to it that both of them get to dominate China’s luxury fashion market.
The growth of JD.com
In light of today’s success of Richard Liu Qiangdong and his platform JD.com, it’s hard to imagine that it rose from humble begins. Richard started this company as his first business venture in 1998. He set it up as a shop named ‘Jingdong,’ to sell magneto-optical products right after his two-year employment at Japan life. By 2003, Richard Liu had managed to grow his business to 12 shops. But as a result of the SARS outbreak the same year, he changed his company to an online platform, JD.com. See This Page for additional information.