Richard Liu, founder of Chinese e-commerce giant JD, admitted the company “must change” at an internal forum and blamed himself for the mismanagement of multiple issues at the firm. Liu’s comments came in response to an operations employee who pointed out that a flurry of problems currently exists at the retailer, from complicated promotion mechanisms and inadequate implementation of low-price strategies to insufficient cross-sector linkages, according to local media outlet LatePost. “It hits the company’s pain points,” Liu wrote, while encouraging JD employees to be more patient due to the time he said it would take to adjust at the “huge and bloated organization.” Liu’s comments come after Alibaba founder Jack Ma also urged his company to embrace change two weeks ago in a rare memo as Temu parent PDD closes in on China’s online retail leader in market valuation, with PDD’s latest quarterly earnings reflecting its strong growth momentum. [LatePost, in Chinese]
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