Minneapolis based electronics retailer Best Buy began selling its Private Brands online in China, an online home appliance operator told the Chinese daily newspaper Global Times Tuesday.
“Best Buy’s self-owned brand division is cooperating with us to sell its products,” Tian Yuan, chief brand officer of new7.com. A flagship Rocketfish store was officially opened on B2C website tmall.com on August 28.
“Now the store is mainly selling Rocketfish series. Other self-owned brands of Best Buy will also be gradually made available on the platform,” said Tian.
However, Jiangsu Five Star Appliance Co, which is Best Buy’s wholly owned subsidiary and is responsible for Best Buy’s operation in the Chinese mainland, said it was unaware of the cooperation when contacted by the Global Times.
Experts said that Best Buy is turning to China’s booming e-commerce sector in a bid to fuel its growth in the world’s second largest economy, as it reiinvigorates its business in the US..
Best Buy closed its last store in China and announced their exit of the Chinese market on February 22, 2011.
I have to say I love the idea of growing sales and brand awareness by selling Private Brands in non competitive markets.
Source: Global Times