Popularly known as Liu Qiangdong, Richard Liu is the brain behind one of the largest e-commerce platforms in China, JD.com. This venture is $57.6 billion while Forbes reported Richard’s net worth at $11 billion. The insightful investor attended the prestigious Renmin University of China where he pursued a degree in Sociology. However, Liu’s passion was in Computer Programming, and he often did freelance tasks on the same. After his undergraduate studies, Richard Liu also pursued an EMBA at China Europe International Business School and secured a job at Japan Life
While at this health product firm, Richard served diligently in several positions and held the office of the Director of Computers and Business. He came up with a plan to start a restaurant business although it did not perform very well. Richard Liu Qiangdong then made a bold step to strike out on his own, and he left after serving at Japan Life for only two years. It is out of this that JD.com was born. JD.com is a joint specializing in magneto-optical products. The Beijing-based company, commonly called Jingdong, picked up exceptionally well and had 12 stores by 2003.
Turning Obstacles into Opportunities
Unfortunately, in 2003 came about the SARS epidemic that badly hit their economy. This was such a blow to Jingdong because every staff member had to stay indoors, which affected the glory of this venture. It was then that Richard Liu Qiangdong decided to shift from brick-and-mortar model and instead sought to operate through an online platform. Richard Liu’s aggressive personality steered the venture to success. In 2016, the enterprise had a net worth of $37 billion. Get More Information Here.
Jingdong’s success has not been without setbacks. There are times they have made losses, but a stable market capitalization and smart strategies have kept them afloat. Ventures like WeChat approached JD.com for deals, which signify their broad market scope. Tencent, through WeChat, acquired 15% stake in Jingdong for $215 million. Richard Qiangdong’s JD.com will significantly benefit from WeChat, which boasts of close to a billion users on a monthly basis. JD.com has grown at an amazingly rapid rate just like Alibaba.
Additional Reference: https://www.businessoffashion.com/community/people/richard-liu