Walton Brown, a brand management company that is part of The Lane Crawford Joyce Group, has formed a joint venture with China-based logistics and technology company eCargo Holdings (ECG).
With an initial capital of RMB300 million (US$44.8 million), WWE & Company will be led jointly by Walton Brown president Thomson Cheng and ECG CEO/founder Christopher Lau.
Novel Colour, a subsidiary of The Wharf Holdings, will co-invest and own 50 per cent of WWE.
WWE will help international brands accelerate growth into China as well as help new brands launch. It will launch a social, mobile, multi-brand, lifestyle eMarketplace, MyMM.com, early next year offering fashion, beauty and lifestyle products from international brands.
China’s mobile eCommerce market is forecast to reach RMB7.8 trillion by 2020, accounting for 74 per cent of all online sales in the country, according to The New China Playbook by the Boston Consulting Group.
“This partnership is in line with our overall strategy of investing and advancing our mCommerce footprint in China by working with luxury, premium and contemporary brands to fill the white space that exists in the online market,” says WWE joint CEO Cheng.
Walton Brown is a full-service retail management platform that is part of the Lane Crawford fashion and brand management group.