What is LightInTheBox? LightInTheBox Review

Founding Team

Guo Quji:

Co-founder, Chairman and CEO of LightInTheBox, joined the company in 2008. Prior to joining the company, he served as Chief Strategy Officer of Google China and Special Assistant to Kai-Fu Lee, President of Google China, from 2005 to 2008, and previously worked as a product manager at Google in the United States; in 2004, he participated in the acquisition of Joyo.com in the Amazon business development team; from 2001 to 2003, he worked as a software design engineer at Microsoft headquarters. He graduated from the Junior Class of the University of Science and Technology of China in 1999, received a master's degree in electrical engineering from the University of Illinois in 2001, and an MBA from Stanford University in 2005.

In June 2018, Guo Quji, Chairman and CEO of the company, voluntarily resigned from the position of Chairman and CEO of the company to pursue other personal careers.

Literary Mind:

Co-founder, director and co-president of LightInTheBox, responsible for the company's marketing, product management and user experience since 2007; responsible for product development from 2007 to 2010. Former founder of BlogPower, created China's earliest blog service platform (the company merged with BlogChina in 2005); later served as vice president of BlogChina, responsible for the company's overall product and business development.

Zhang Liang:

Co-founder, Director and Co-President of LightInTheBox, responsible for procurement and supply chain since 2007, and responsible for company operations from 2007 to 2009. From 2001 to 2006, he founded Zhongrun, a supplier to large Chinese e-commerce companies such as Dangdang.com and Amazon China. From 1999 to 2001, he served as a marketing manager at NetEase, and from 1998 to 1999, he served as a project manager at Samsung Electronics. In 1998, he received a bachelor's degree in business administration from Nankai University.

Liu Jun:

Director and Senior Vice President of Operations of LightInTheBox, joined the company in 2009. Founded Feloo.com, an educational information website, from 2005 to 2009; held various senior management positions at Joyo.com from 2002 to 2005, including Vice President of Marketing and Operations; worked as a senior software development manager at Dangdang.com from 2000 to 2001; worked as a software development manager at Bertelsmann China from 1997 to 1999. Participated in the acquisition of Joyo.com; worked as a software design engineer at Microsoft headquarters from 2001 to 2003. Graduated from the Junior Class of the University of Science and Technology of China in 1999, received a master's degree in electrical engineering from the University of Illinois in 2001, and an MBA from Stanford University in 2005.

introduce

LightInTheBox is headquartered in Beijing and has branches in Shenzhen, Shanghai, Guangzhou, Chengdu, Suzhou, Hangzhou and Seattle, USA.

Lanting's websites (LightInTheBox.com and MiniInTheBox.com) support 23 languages ​​and serve customers in more than 200 countries around the world. The company has more than 500,000 independent products, and its core categories include wedding dresses, men's and women's clothing, home life, outdoor sports, shoes and bags, 3C electronics and various accessories.

Store opening requirements

1. Document requirements:

(1) Business license

(2) Organization code

(3) Tax registration certificate number

(4) Bank account opening license

2. Cost:

LightInTheBox does not charge platform entry fees or service fees from platform sellers, but will charge a 15% commission and a 3% transaction fee.

3. Account period:

Platform sellers can view settlement details in real time in the seller system, and Lanting will complete the settlement payment of the previous month before the 10th of each month.

4. Product image requirements:

The images must be free of watermarks and infringing patterns.

· Except for clothing, which can be street photos, the main photos of other products must have a white background.

Image format: JPG; no smaller than 35K and no larger than 3M.

Main image: must be larger than 500 x 500. The image must be square.

mission

We strive to bring quality products to customers around the world at affordable prices.

Talent Outlook

Discover you, shape you, and achieve you. We are looking for those outstanding pioneers, and we also look forward to those who keep striving for excellence; join this extraordinary group, we will not only train your "physique and will for triathlon", but also teach you "aerodynamics for flying wings"; you will achieve a glorious and far-reaching dream, a passionate and happy journey, and a harvest that will benefit you for a lifetime!

Revenue loss

In 2008, the net sales were US$6.25 million, with an annual growth rate of 316%.

In 2009, net sales were US$26.05 million, a year-on-year growth rate of 125%.

In 2010, net sales were US$58.69 million, a year-on-year growth rate of 98%.

In 2011, net sales were US$116.2 million, a year-on-year growth rate of 72%.

In 2012, net sales were $200 million.

In 2013, the company lost $4.7 million. In 2014, it lost $24 million. In 2015, it had a net loss of $39.4 million.

According to the third quarter report of 2016, net revenue, order volume and number of users placing orders all declined to varying degrees compared with the same period last year, and the net loss reached US$2.3 million.

In 2017, the company suffered a loss of US$9.548 million.

The cumulative loss in the first two quarters of 2018 was US$17.4 million.

According to the unaudited financial report for the second quarter ending June 30, 2018, Lazada's net revenue was US$55.4 million, down 29.4% year-on-year; its net loss was US$9.5 million, less than the net loss of US$1.8 million in the same period last year.

Acquisitions

In June 2010, LightInTheBox completed the acquisition of 3C e-commerce company Ouku.com.

On January 6, 2014, Lightinthebox completed the acquisition of Ador, a US social e-commerce website headquartered in Seattle. The asset acquisition was completed in cash.

In November 2018, LightInTheBox announced the acquisition of 100% equity of Singaporean e-commerce company ezbuy for US$85.55 million.

Financing

When it was first founded in December 2007, it received an investment of US$200,000 from angel investor Zhou Zhe.

In October 2008, it received US$5.1 million in Series A investment from United Venture Capital and angel investor Xu Xiaoping.

In June 2009, it received US$11.27 million in Series B investment from United Venture Capital and GSR Ventures.

In 2010, it received a third round of investment of US$35 million from United Venture Capital, GSR Ventures and Trust Bridge Partners.

In March 2012, it received USD 8 million in Series D investment from Lianchuang Ceyuan and Jinshajiang Venture Capital.

On June 6, 2013, when Lazada went public, Zhixin Capital, United Venture Capital and GSR Ventures subscribed for 1,368,420 ADSs of Lazada at an issue price of US$9.5 per ADS, with a total investment of US$11,499,940, and acquired a 2.47% stake.

In June 2015, when the company was facing internal and external troubles, Lazada accepted an investment from the traditional footwear brand Aokang International. Aokang International invested US$77 million and purchased a total of 25.66% of Lazada's shares at a price of US$6.3 per American depositary share.

On October 30, 2018, Lazada Pharma received a notice from the New York Stock Exchange that the average closing price of its stock for the past 30 consecutive trading days was less than US$1, which did not meet the minimum standard for continued listing. If this remains the case in the next six months, the New York Stock Exchange will initiate delisting procedures for it.

develop

In March 2007, LightInTheBox was officially launched. In its first year, its revenue reached US$6.26 million.

In March 2008, LightInTheBox registered a company in the Cayman Islands as the company's ultimate holding company.

Shenzhen Lanting Huitong Technologies Co., Ltd was established in June 2008.

In October 2008, Lightinthebox registered a wholly-owned subsidiary, Lanting Jishi Trade (Shenzhen) Co. Ltd, in China.

LightInTheBox won the "2008 Most Innovative Company Award" from Paypal and other honors.

In 2009, LightinTheBox tried to introduce wedding dress products and launched French, Spanish, German and Italian versions of the website.

In February 2009, LightinTheBox launched its wedding dress product line, with sales reaching nearly US$30 million that year.

In December 2011, Lightinthebox established Beijing Lanting Gaochuang Technologies Co., Ltd in China.

On June 6, 2013, LightInTheBox went public on the New York Stock Exchange with an issue price of US$9.5 and raised approximately US$78.85 million.

In March 2016, Zhuoer Group issued an announcement, announcing its investment in cross-border e-commerce company LightInTheBox, becoming the largest shareholder of LightInTheBox.

In January 2016, BrandZ unveiled the top 30 Chinese overseas brands - LightInTheBox was honored to be on the list.

In January 2018, LightInTheBox announced that it had opened a blockchain technology research laboratory, and its two websites, LightInTheBox.com and MiniInTheBox.com, began accepting Bitcoin payments on January 5.

References

• 1. LightInTheBox's net loss in the second quarter was US$9.5 million, and the loss margin widened year-on-year: Sohu [reference date 2018-09-17T16:00:00.000Z]
• 2. China's first foreign trade e-commerce stock suffered a setback, LightInTheBox suffered losses and was on the verge of delisting: Sohu [cited on 2018-10-29T16:00:00.000Z]