JuMei, Top China Ecommerce, Rumors To Be Planning For IPO
According to rumors, the startup ecommerce giant that sells cosmetic items in China is planning for IPO. The startup is supposedly valued at around 600 million. According to rumors, cosmetics startup site Jumei has appointed Credit Suisse and Goldman Sachs to oversee a US IPO.
Jumei is one of the top ecommerce sites in China that specialize in selling cosmetic products. The site is well designed to attract viewers immediately with it’s discount page and deals. There’s a couple of things that Jumei do exceptionally well verus their competitors. Jumei has excellent warranty and guarantees money back if the product does not suit you. It claims that they only hold inventory on top and trustable brands. People in China are always worried about the authentic level of the product. Jumei promises it’s customers that the product is legit by offering a money back guarantee. Millions of shoppers shop on Jumei monthly.
Chen Ou Jumei
Chen Ou is the CEO and founder of Jumei. With an MBA degree from Stanford University under his belt, Chen returned to China and set up his own enterprise. His unusual yet admirable path to business success has both demonstrated and shaped his independent character. Throughout college Chen knew that he wanted to do something big, something meaningful, and something that would change people’s lives. He described that during the last year of college, everyone around him was looking for jobs at top companies, while he did not have that in mind at all.
Chen said, “Stanford Graduate School of Business has a motto that reads: Change Lives, Change organization, Change the world. This motto has deeply inspired me to create my own business.”
“During my final years in school, others around me were frantically looking for jobs, but I was really at a loss what to do. I didn’t wish to continue with my studies to work towards a master’s and then a PhD; that kind of fixed pattern didn’t fit me well. I was actually inspired by emerging Internet companies and decided to start up one myself,” said Chen
“First, it’s determination, because starting up a business requires the courage to understand the possible risks in the process and the determination in decision making. Judgement comes second, because as a businessman, you must lead the company down the right path lest incurring fatal errors to the entire enterprise. And third then comes leadership — the most important one. A company founder needs to unite many people, among other resources. Without the proper leadership, the whole structure will inevitably lack cohesion and is doomed to fail.”
Chen saw the rise of popularity and spending power of cosmetic products in China. He took his idea back to China, and today it is one of the biggest cosmetic retailers out there. Before Jumei, Chen created a gaming platform and worked on a few startup projects himself as well.