East Buy Holding Ltd, a Chinese e-commerce platform of New Oriental’s founder Yu Minhong, reported its self-branded products achieving a gross merchandise value of more than 3.6 billion yuan ($496 million) for the second half of the 2024 fiscal year ending May.
The GMV marked a 108 percent growth compared with that of the same period of last year. It was also the first time the company disclosed the performance of its self-branded products.
Currently, East Buy offers more than 400 self-branded products, with 260 of these available for sale simultaneously. More than 100 of these products have ranked among the top three on the top-selling product list of Douyin, the Chinese version of Tiktok.
Dong Zheng, a spokesperson of East Buy, attributed the rapid growth to a diversified channel strategy, saying that the company will add more than 10 new accounts on Douyin for livestreams this year.