Yunji Announces the Signing of a Cooperative Framework Agreement with Douyin
Yunji Inc., a leading membership-based social e-commerce platform, announced that it has signed a cooperative framework agreement (the “Agreement”) with Douyin, a leading Chinese live streaming platform owned by Bytedance. The Agreement’s establishment is in line with the Company’s strategy of exploring the live streaming potential of external platforms in such areas as product supply chain, e-commerce streamer resources, and platform traffic.
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Through the Agreement, the Company will leverage its online store and video account on Douyin to introduce and promote more quality products sourced from its differentiated supply chain. In addition, through attractive live streaming events on Douyin, the Company will also be able to expand the influence of the high-quality private label and joint-venture brands in its network to external platforms as well as provide a broader consumer base range with access to its premium products.
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On September 25, the Company chose to make its live streaming debut in streamer Yonghao Luo’s live streaming room. As part of this event, Yunji Founder and CEO Shanglue Xiao made a guest appearance and introduced a number of select goods to the audience. This live steaming event reached 10.7 million views and recorded RMB87.5 million in gross merchandise value (“GMV”). Subsequently, Yunji collaborated with streamer Xiong Bao and achieved good results. During Yunji’s Double Eleven Shopping Carnival, Yunji cooperated with streamer Yi Ge and recorded RMB50.2 million in GMV. Notably, Yunji has generated a cumulative GMV of RMB170.0 million through the three live streaming events it has hosted on Douyin to date.
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