HONG KONG: TradeTextile.com, an Entrade Marketplace, Moves Over $7.5 Million in Merchandise
TradeTextile.com, a business-to-business (B2B) e-commerce marketplace for the trading of textiles and garments, announced that over US $7.5 million worth of merchandise has been traded through its website since its inception in January. The initial focus of the new marketplace is the highly fragmented Chinese textile market, which is estimated to be a US $85 billion industry. Entrade Inc. (NYSE:ETA), with 25% ownership, provided the technology, capital and business development support for TradeTextile.com. To date, over 1,000 buyers and sellers have registered with TradeTextile.com. These users can determine the availability and pricing of 1,800 products, including yarns, fabrics, garments, raw materials, and chemicals. The site is displayed in both English and Chinese; additional languages are being developed. "The software developed by Entrade has created an opportunity to expand and improve the textile market, within Asia and beyond," said TradeTextile.com CEO Allan Cheung. "Historically, the high degree of fragmentation of buyers and sellers, the wide variety of products, and the difference in time zones and languages made transactions between buyers and sellers in the textile industry very complicated. TradeTextile.com is changing the way the textile industry does business by building an efficient and user-friendly marketplace." Representatives from TradeTextile.com are pursuing opportunities to increase the number of registered buyers and sellers, including exhibiting at Guangzhou Trade and Export Fair in April, Shanghai Garment Exhibition in May, and Fashion Week in Hong Kong this summer.
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