In its second-largest acquisition, Amazon buys the company for $970 million.
The top online bookseller in China topped $1 billion in sales last year.
E-Commerce China Dangdang Inc., the operator of China’s largest online bookstore, has reported revenue of 6,325.0 million yuan ($1,044.8 million) in 2013, a 21.8% increase from 5,193.8 million yuan in 2012.
Dangdang ranks No. 10 in Internet Retailer’s newly published China 500.
Dangdang offers 990,000 book titles to Chinese online consumers and about 64% of its revenue comes from books and other media products. It also sells apparel and other merchandise. The Beijing-based retailer launched a Kindle-like e-book device three years ago and now sells some 140,000 e-book titles.
Dangdang launched a flash-sales channel in May 2013, mainly selling clothing. That puts Dangdang in competition with another fast-growing Chinese online retailer, Vipshop Holdings Ltd.
Vipshop is No. 8 in Internet Retailer’s newly published 2014 China 500. It booked $1.7 billion in sales in 2013 and reported its first annual profit.
Since 2009, Dangdang has gradually expanded its marketplace business that allows other merchants to sell through its platform. General merchandise products, such as fashion and apparel, now account for 31.6% of total revenue and Dangdang sells more than 1,000,000 SKUs in that category.
For the year ended Dec. 31, Dangdang reported:
- Net revenue of 6,325.0 million yuan (US$1,044.8 million), a 21.8% increase from 5,193.8 million yuan for 2012.
- Net loss of 142.9 million yuan ($23.6 million) in 2013, a 67.8% decrease from 443.8 million yuan loss in 2012.
Dangdang reports its financial results in yuan and does not convert those results into dollars because of continual fluctuation in the yuan-dollar conversion rate.