January 9, 2018 / 8:19 AM / 6 months ago

Chinese retailer JD.com commits to sell 2 billion euros in French imports

PARIS (Reuters) - JD.com (JD.O), China’s largest retailer, announced on Tuesday plans to sell 2 billion euros ($2.4 billion) of French goods to Chinese consumers over the next two years, and to purchase another 100 million euros in French-made products.

JD.com made the announcement during French President Emmanuel Macron’s state visit to China, which is likely to yield major contracts for blue-chip French companies.

JD.com also said it had signed a memorandum of understanding (MoU) with French industrial engineering giant Fives Group to purchase 100 million euros worth of Fives Group’s technology.

JD.com added that Macron had met JD’s chairman and chief executive Richard Liu to discuss further opportunities to allow French brands to access JD’s client base, estimated by JD.com to stand at 266.3 million customers.

Earlier this week, French fashion label Saint Laurent - part of Kering (PRTP.PA) - said it would start selling online in China through a JD.com portal, joining shopping players like Alibaba (BABA.N) in trying to tap strong luxury goods demand from Chinese consumers.

($1 = 0.8365 euros)

Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas

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