Global Sources moves to consolidate position with large retail buyers
Hong Kong, 13th March: Business Strategies Group (BSG), the only consultancy in Asia specialising in B2B media and events, has released a new report profiling Global Sources. 2007 was a good year for Global Sources. Revenues grew by 16% reaching US$182 million. GAAP net income was US$24 million – down 15% from the 2006 figure primarily due to the write down of an acquisition and increasing non-cash compensation expenses.
The report also notes some key developments in Global Sources’ strategy in 2007.
- The company continues to refine its strategic focus on large buyers by holding over 80 private sourcing events and strengthening the supplier verification services that they provide. BSG concludes that the successful execution of this strategy will be a key component of creating differentiation between Global Sources and the more SMEfocused Alibaba.com.
- In November, Global Sources entered China’s online domestic sourcing market with the launch of www.globalsources.com.cn. BSG comments that this will put the company in head-to-head competition with Alibaba.com’s Chinese language sourcing site. Alibaba.com has a formidable head start and it will be interesting to see how much traction Global Sources can gain in 2008.
- The report notes that Global Sources is committed to growing its presence in India in 2008. It has said that it will add sales staff, launch new exhibitions there and host private sourcing events which target large retail buyers.
This BSG report was distributed on 12th March to BSG subscribers of its Asian Business Media Tracker service. The report features over 20 pages of information and analysis covering Global Sources key products, competitors, financial data and a review of the company’s overall corporate strategy. It is also available for purchase on a stand-alone basis.