Richard Liu Qiangdong is a world-renowned entrepreneur and a self-made billionaire worth $11 billion as reported by Forbes in 2013. He is the founder and the CEO of JD.com, one of the largest E-commerce platform in China currently worth a staggering $57.6 billion. Recently in 2012, Walmart, the big-box retailer in the U.S. acquired 12% stake of JD.com. In late 2017, JD.com invested a total amount of $397 million in Farfetch which will boost the luxury fashion in the country.
Richard Liu is a graduate of the prestigious Renmin University in China in the field of Sociology. Though he majored in sociology, Liu developed new interests during his tenure at the university. He dived into the world of coding and honed his skills to perfection by taking up countless freelance jobs. Later, Liu Quiangdong earned his Masters in Business Administration from an International Business School. His first job was with Japan Life, a health product company where he worked for two straight years and left the company as a director of the computer department.
In 1998, Richard managed to start his own shop that sold magneto-optical products and in 4 years expanded his venture to 12 stores in Beijing. After the SARS attack, the hard work and toil was rendered futile and he had to shut down his operations. This setback gave him some time to understand the requirements and scarcity in the market and ultimately founded JD.com in 2004. The e-commerce platform was shaped up by his own hands and diminishing resources which to his surprise made huge profits from the sales of mostly electronic good and few other consumer products and the customers loved the new concept that he introduced in the Chinese market.
Last year, the trending messaging platform WeChat, secured a 15% stake in JD.com for a whopping amount of $215 million. The partnership was based on the fact that WeChat would have to advertise JD.com on the app and through other social media channels of the company which has an active user base of 500 million people. It is a known fact that JD.com and Alibaba are fierce competitors and dominators of the Chinese E-commerce market. Find Related Information Here.