Baidu and Lotte jointly funded $50 million joint venture company set up B2C

January 27th afternoon news, Baidu (Nasdaq:BIDU) announced jointly with Lotte Japan’s largest e-commerce site, will set up a joint venture company in the next three years to spend $50 million to build ultra large integrated B2C online shopping mall for Chinese users.

it is reported that the two sides have signed the cooperation agreement has been completed, the preparatory work of the online mall is also progressing smoothly, will be formally launched in the second half of this year, opened". Lotte will be 51% shares of the joint venture company, Baidu holds the remaining 49% stake.

Japan Lotte was founded in 1997, is the world’s "B2C platform" pioneer and leader, Lotte is Japan’s largest online shopping company, as of now, Japan has more than 3 regular brand manufacturers and channels in the B2C transaction in Lotte e-commerce platform.

Baidu market and business development vice president Ren Xuyang said, with the rapid development of the Internet in China, more and more enterprises, businesses and consumers began to join e-commerce. I believe that Baidu and Lotte to build powerful B2C platform will give the user a more diverse Internet shopping experience, will further promote China e-commerce industry more prosperous."

Lotte Group senior vice president Yuno Kentaro said: "Baidu has a huge user base in Chinese and Lotte influence and operating experience in B2C platform in the field of rich complement each other. Through the operation of the joint venture, we will provide users with the best online shopping environment, will also strive to create an excellent e-commerce platform, with the majority of SMEs and well-known brands to grow together."

it is worth noting that, in January 6th, Baidu has just announced its entry into the network video service, set up an independent online video company, 12580 former president and COO Gong Yu was invited to serve as the new company CEO, which means that in 2010 Baidu has to enhance the layout of the network video and B2C network shopping in two major areas.

industry analysis, Baidu as China’s largest search engine, in terms of brand, technology and user traffic has great advantages, will provide strong support for the joint venture’s business development.

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