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The cross-border e-commerce circle is like a pyramid. The sellers standing at the top of the pyramid are called Amazon's top sellers . They are not only role models for many small and medium-sized sellers, but also a microcosm of the booming industry. In recent years, the rapid development of cross-border e-commerce has also allowed many big sellers to reap the dividends of this industry, either by listing on the stock market or raising funds in a high-profile manner . Riding on this favorable wind of cross-border e-commerce, these top sellers have soared all the way, which has not only accelerated the process of Chinese brands going overseas, but also greatly encouraged many small and medium-sized sellers. As the saying goes, knowing yourself and your enemy is the key to success. The success of the top sellers is a reference for domestic companies, and even small and medium-sized sellers should learn more about them. Today, let's take a look at what new developments the top sellers have recently. LightInTheBox announces financial results As the first listed cross-border e-commerce company in China, LightInTheBox has always attracted much attention for its cross-border development. Since its development in 2006, LightInTheBox has been determined to expand overseas, and its cross-border business has been advancing by leaps and bounds. It has been listed on the stock market, acquired e-commerce platforms, and created many industry legends. No matter when LightInTheBox appears in the public eye, it always becomes the focus of public opinion. This time, it comes to us with a financial report full of highlights. Recently, LightInTheBox announced its financial report for the fourth quarter and full year of 2020. The report showed that the company's total revenue in the fourth quarter of 2020 was US$133 million , an increase of 77.7% compared with US$74.7 million in the same period last year . It is learned that the 2020 full-year financial report shows that Lazada's total revenue reached US$398 million , an increase of 63.4% from US$244 million last year , of which product sales revenue was US$382.1 million, and service and other revenue was US$16.1 million; total profit under US Generally Accepted Accounting Principles (GAAP) was US$13.3 million , an increase of 1161.4% year-on-year . At the same time, LightInTheBox's gross profit was US$176.2 million last year, compared with US$97.6 million in 2019; its gross profit margin was 44.2%, compared with 40.1% in 2019. The company said that the increase in gross profit margin was the result of its continuous optimization of supply chain and product structure. ▲ The picture comes from the Internet
2020 is a special year for Lantingjixu. Many important financial indicators have achieved historic breakthroughs this year: revenue and profit both hit annual highs since its listing; annual operating cash flow increased significantly, achieving significant annual growth for the first time on the basis of successfully turning losses into profits in 2019. LightInTheBox has lived up to everyone's expectations, and its outstanding performance time and time again is inseparable from the efforts of its management team. It is learned that since LightInTheBox reformed its management team at the end of 2018, many important financial indicators have been rising in the past two years, showing a disruptive change. Its ambition does not stop there. Lightinthebox predicts that net revenue will reach US$110 million to US$125 million in the first quarter of 2021. We can also wait and see where Lightinthebox's cross-border e-commerce landscape will take us in the future. However, cross-border sales are not always smooth sailing. Recently, Xinghui Precision, also a big seller, was caught up in a tax payment storm in France, with the amount of the fine being staggering. Xinghui Precision failed to declare VAT in full A fine of nearly 40 million As Amazon continues to grow and its global influence increases rapidly, the French government has begun to focus on and investigate the tax issues of sellers on the Amazon platform. Recently, the French tax department investigated the well-known domestic seller Xinghui Shares. Recently, Xinghui Precision issued an announcement about the tax payment notice received by its second-level subsidiary from the French Directorate-General of Public Finance. The announcement shows that Sun Valley Hong Kong, a second-level subsidiary of Xinghui Co., Ltd., received a tax payment notice issued by the French Directorate-General of Public Finance on November 30, 2020. ▲ The picture comes from the Internet It is understood that the French tax authorities determined that Sun Valley Hong Kong had failed to fully declare VAT taxes from January 2015 to August 2019, and therefore issued a tax payment notice to Sun Valley Hong Kong, with a total amount of 4.950891 million euros , equivalent to approximately RMB 38.29 million . ▲ The picture comes from the Internet The large amount of the fine attracted the attention of its parent company, Xinghui Precision. After receiving the above notice from Sun Valley Hong Kong, the company sorted out and self-checked the tax declaration of the French store, and checked the VAT tax with the French Public Finance Directorate General. Since there is an objection to the amount of the fine, the company will pay it in time after the final payment amount is determined. Xinghui Precision said that the company will conduct self-inspections of Amazon stores registered in other countries, and at the same time strengthen cooperation with local lawyers, tax accountants and other professional institutions to strictly abide by the laws and regulations of the place where it operates. It is reported that the operating income of Sun Valley Hong Kong's French store in 2019 was equivalent to RMB 19.2229 million, accounting for 0.55% of the company's operating income in 2019. The revenue proportion is small and has little impact on the company's overall performance. Although this fine will not have much impact on Xinghui Shares, it is enough to warn all sellers to strictly abide by platform rules and local laws and regulations and not to evade taxes and lose more than they gain. It is worth mentioning that in May 2020, the European Commission decided to implement a new e-commerce VAT policy from July 1, 2021. One of the major reforms is that Amazon and other e-commerce platforms will collect and pay VAT on behalf of the sellers . Therefore, in the future, there will be no situation where VAT is not fully declared for sales through e-commerce platforms in the EU. What do you think about this? Feel free to share your views in the comment section~ Statement: This article is copyrighted and may not be reproduced without permission.
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