China's biggest online apparel retailer Vancl.com expects sales to triple to 20 billion yuan ($3 billion) this year, as more people in the world's largest Internet market go shopping online, Bloomberg reported on Friday, citing the company's chief executive officer.
Vancl.com plans to triple its warehouse space by the end of 2011 to defend its leading share of China's online retail market, as there will be a "fierce battle" in this area in 2011, Bloomberg quoted the company's CEO Chen Nian as saying.
The Beijing-based company has raised about $100 million from private equity firms and aims to list shares on the Nasdaq Stock Exchange in an initial public offering, Bloomberg reported.
Vancl.com had a 28 percent share of China's online garment sales last year, according to iResearch.
The company sells more than 30,000 items, ranging from shirts and shoes to home textiles.
As of June, China's Internet users totaled more than 420 million, exceeding the combined populations of the United States and Germany, according to data from the China Internet Network Information Center.
Chen, a former executive at Amazon.com Inc's Chinese joint venture, founded Vancl.com in October 2007 and has gotten investments from private equity firms, including Tiger Global Management LLC, SAIF Partners Ltd and IDG Capital Partners, Bloomberg said.