LONDON — JD.com, China’s second-largest e-commerce operator after Alibaba, logged a 5.4% increase in net revenue to 267.6 billion renminbi, or $39.09 billion, in the second quarter of 2022 ended June 30, beating analysts average estimate of 262.31 billion renminbi, according to Refinitiv.
Income from operations for the period was 3.8 billion renminbi, or $555.1 million, compared to 300 million renminbi for the same period last year.
In the period, the platform’s annual active customer accounts increased by 9.2% to 580.8 million, while its operating cash flow for the 12 months ended June 30 stood at 51.1 billion renminbi, or $7.6 billion.
In comparison, its rival Alibaba, which has been under strict scrutiny since founder Jack Ma publicly dissed China’s financial regulatory system, saw revenue growth for its June quarter flatline, while net income in the period plunged by 53%.
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Major luxury players continued to form ties with JD.com during the period, after the Chinese authorities branded e-commerce players’ pick-a-side demand for vendors toxic during its anti-trust crackdowns beginning in late 2020, which resulted in Alibaba paying a historic $2.78 billion fine, and a handful of others, including JD.com and Vipshop being investigated and penalized.
In the second quarter of 2022, Celine became the latest brand from LVMH Moët Hennessy Louis Vuitton to launch a flagship store on the platform, following in the steps of Louis Vuitton, Dior, Bulgari, Berluti, and Givenchy.
Other luxury and beauty brands setting up an official presence on JD.com in the period included Maison Margiela, Maison Kitsuné, Moose Knuckles, GCDS, La Mer, Armani, Jo Malone, Shiseido, and MAC.
JD.com also upgraded its fashion and lifestyle to “The J Shop,” and launched several offline stores in Xi’an, Shenzhen, Chengdu, Yinchuan, and Beijing to enhance its omnichannel retail offering.
The platform said the new retail solution provides curated fashion and lifestyle collections with a seamless online and offline experience and takes advantage of JD.com’s capabilities across merchandising, service, and supply chain.
The platform also logged resilient results from its annual 618 shopping festival in the period.
Lasting almost a month from late May to June 18, the total gross merchandise value of this year’s 618 reached 379.3 billion renminbi, or $56.47 billion, on JD.com, a 10.32% increase from last year.
This story was reported by WWD and originally appeared on WWD.com.
