Feb 25, 2020|
Roborock: After Rapid Growth on JD.com, Sets Up Record on IPO
By Tracy Yang
Roborock, a robotic home cleaning devices company, was officially listed for trading (688169) on China’s Science and Technology Innovation Board on Feb. 21st. The company’s share price soared after the opening, from RMB271.12 to 495.00 per share as of 12:30pm, becoming Science and Technology Innovation Board’s highest valued company (RMB 33 billion) to date. The rise of Roborock in the past three years has benefited from its rapid growth on JD.com.
Founded in July 2014, Roborock focused on intelligent sweeping robots and started to launch its private label products in 2017 by expanding its sales channels beyond Xiaomi, which is the ecosystem Roborock previously relied on. The strong sales channels and marketing promotion support from JD’s household appliances has played an important role in helping Roborock build up its own brands and boost its growth.
On Singles Day（November 11th） in 2017, all products from Roborock were sold out within an hour, reinforcing the success of launching its private label brand on JD.com. Sales in 2018 increased 18 times year on year, making Roborock, the most popular brand in the sweeping robot market in China. In 2019, products from Roborock ranked in top positions on the dust removal appliances list during both the June 18 anniversary of JD and Singles Day sales festivals. In addition, JD and Roborock parties have been working closely to launch gift boxes with additional accessories for consumers based on in-depth analysis of consumer needs regarding floor-sweeping robots.
JD has also helped Bear, the leading brand in China’s innovative household market and another successful start-up enterprise, in the areas of supply chain, marketing and lower-tier market penetration.