WPP share price: Kuvera strikes strategic partnership with JD’s Paipai

on Mar 23, 2015
Updated: Oct 21, 2019

WPP Plc (LON:WPP), the world’s largest advertising group, announced today that its wholly-owned subsidiary Kuvera had entered a strategic agreement with Chinese social commerce platform Paipai. The agreement names Kuvera as Paipai’s strategic partner in developing mobile social e-commerce in China for global brands. Paipai is owned by Chinese e-commerce giant JD.com.

Under the agreement, Kuvera, an end-to-end e-commerce solutions agency, will provide a range of services for WPP clients to conduct online retailing business on Paipai’s platform. These services include brand promotion, storefront management, customer relationship management (CRM) and transaction services. In turn, Paipai will provide clients with necessary support and resources, including traffic, technical solutions and merchandising staff. As part of the agreement, Kuvera will also gain access to Paipai’s advertising inventory.
WPP founder and chief executive officer Martin Sorrell commented: “China’s consumers are among the world’s most engaged in the e-commerce, social networking and mobile spaces. This agreement provides WPP and our clients the ability to leverage Paipai and JD.com’s platforms.”
Sorrel has emphasised in the past on the importance of China to WPP’s business, saying that the Asian country is the third-largest market of the advertising firm. WPP employs nearly 15,000 staff in Greater China. Last year the UK company generated $1.5 billion in revenue in the region.
In today’s trading, WPP shares were 0.7 percent lower at 1,569.66p, as of 12:45 UTC. The stock has risen 16.7 percent since the start of the year.
The 26 analysts offering 12 month price targets for WPP have a median target of 1,650p, with a high estimate of 2,000p and a low of 1,250p. The current market consensus is that the company will outperform the market. This stance has been maintained since October 16,2009, when the sentiment of investment analysts improved from hold.
As of 14:29 GMT, Monday, 23 March, WPP PLC ORD 10P share price is 1,568.00p.

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