NetEase, the Chinese portal/gaming company announced shutting down its luxury goods online retailing business NetEase Shangpin (网易尚品 l.163.com) by year-end, less than one year after its launch earlier this year.

NetEase Shangpin owns six categories including bags, jewelry, apparel, watches, shoes and wines with top-notch luxury brands Hermes, Gucci, Burberry, Swarovski and so forth.

The service, launched in January 18 of this year, was supposed to capitalize on the trend that more and more Chinese are inclined to buy luxury goods from online channels for cheaper price, abundant choices among other reasons.

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Ben Jiang

Listener of startups, writer on tech. Maker of things, dreamer by choice.