Chinese e-retailer JD.com reportedly to exit Thailand and Indonesia market
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Chinese online retailer JD.com (NASDAQ:JD) is stepping out of Indonesia and Thailand amid intense competition in Southeast Asia.
The retailer will stop taking orders on February 15 onwards in both countries and shut down the following month, as per the announcements on the two websites.
Customer service support will be available online until March 15 in Indonesia and March 30 in Thailand.
“JD.com will continue to serve the global markets, including Southeast Asia, through its supply chain infrastructure,” the company said in an email. “We are developing in international markets by focusing on building a cross-border supply chain network with logistics and warehousing at the core.”
The company’s foreign operations and other “new business” accounted for just over 2% of total sales, the company said.
Last month, JD Indonesia has cut 200 jobs, almost 30% of the staff.
The company reported profit of 6B yuan ($800M) in Q3 on sales of 243.5B yuan ($34.2B).
Looking at the stock action, JD slipped ~5% in premarket session. It has gained around 11% so far this year.
