In 1998, Richard Liu Qiangdong founded Jingdong, which would become JD.com. Today, JD.com is a $60 billion business and the most successful online company in China. Richard Liu Qiangdong currently serves as the CEO and has a net worth of $11 billion according to Forbes.
Since finding success with JD.com, Richard Liu Qiangdong never stops looking for other entrepreneurial opportunities. While companies like Walmart invest in his company, he invests in companies like Farfetch, which shares a common experience in luxury fashion like JD.com. The announcement of the partnership earned international attention after JD.com invested $397 million in Farfetch.
Taking part in multimillion-dollar deals and partnerships is a far stretch from where Richard Liu Qiangdong came from. Growing up, Richard Liu’s family was poor. His parents owned a transport business that only shipped coal from one side of China to the other.
There wasn’t much of a future for the next generation where Richard grew up. Like many people his age, he went to the city to find education and work. By 1996, Richard Liu Qiangdong earned a sociology degree from Renmin University with the hopes of pursuing politics. After realizing there was no money in that career, he learned computer programming. Get Additional Information Here.
Working as a freelance coder, he earned enough money to put himself through business school and open a little restaurant. While his education furthered, his restaurant went belly up due to lack of experience and time devoted to the business. Though Liu Qiangdong’s first entrepreneurial pursuit failed, he opened a second company in 1998.
Jingdong was the combination of his and his then-girlfriend’s names. His little four-square-meter store only sold magneto-optical products. Jingdong quickly found success, and Richard Liu Qiangdong opened 11 more stores by 2003. Sadly, 2003 was the same year a SARS outbreak made face-to-face contact dangerous.
By 2004, he shut down on his physical stores but moved the company online. JD.com quickly found success in the e-commerce market. Online companies have faster data exchange, which Richard Liu used to make customers happier every year.
More about Richard Liu Qiangdong on https://www.businessoffashion.com/community/people/richard-liu