Chinese e-retailer JD.com leaving Thailand, Indonesia
Chinese online retailer JD
Chinese online retailer JD.com Inc. is pulling out of Indonesia and Thailand amid intense competition in Southeast Asia.
JD.com will stop taking orders Feb. 15 in both countries and shut down the following month, according to announcements Monday on the two websites.
The company gave no reason for the closures, but e-commerce vendors in Southeast Asia have been squeezed by intense competition, including from JD.com’s Chinese rival, Alibaba Group.
JD.com reported a profit of 6 billion yuan ($800 million) in the quarter ending in September on sales of 243.5 billion yuan ($34.2 billion). That was an improvement from a loss of 2.8 billion yuan ($370 million) on sales of 218.7 billion yuan ($32.4 billion yuan) in the same period a year earlier.
JD.com’s foreign operations and other “new business” accounted for just over 2% of total sales, the company said.