The Chinese company socking it to overseas markets
Bonas Socks grew from being a small workshop to being a leader of Chinese industry. Now it's 'starting over' by targeting cross-border e-commerce
From its roots as a small sock-making workshop three decades ago to becoming a leader of the industry producing 800 million yuan worth of products every year, it has often been plain sailing for Bonas Socks in Zhejiang’s Yiwu city.
But like many manufacturers in this world-famous trading hub of small commodities, the company is “starting all over again” amid the downturn in China’s traditional exports, says general manager Hong Tingjie.
Cross-border e-commerce is thought to be the way forward, and the company has started to sell products varying from socks to underwear via Amazon, eBay and home grown platforms, to the rest of the world.
“The times are changing so fast. We have to act like we are starting a new undertaking, like many other traditional manufacturers,” said Hong, who is the brother-in-law of the family business’ founder and chairman Huang Zuqun.
With offline sales shrinking in recent years, Bonas now sees a quarter of its sales revenue come from online sales to domestic consumers. As a way to expand the online business to overseas markets, the company has recently registered a new firm in the US and built a storehouse there.
