The US retailer has teamed up with Hong Kong based Fung Retailing Ltd., to conduct and e-ecommerce pilot venture in mainland China via Alibaba’s Tmall Global, an online marketplace linking world-wide retailers to the Chinese consumer.
The business will be called Macy’s China Ltd., and will operate out of Hong Kong. Product will be selected by the joint venture to appeal to a Chinese audience.
The venture is 65% owned by Macy’s and the combined investment is expected to be around $25milllion in the next 18 months.
Macy’s CEO and Chairman, Terry J. Lundgren, said: “By making Macy’s accessible in China, we have an opportunity to deepen our relationship with domestic and international customers and to grow sales.”