Groupon apologises for fake watch sales in China

Nov 08, 2011
US online daily deals firm Groupon said Tuesday it has apologised and offered refunds to customers who bought fake watches from its Chinese unit, days after making its US stock market debut.

US online daily deals firm Groupon said Tuesday it has apologised and offered refunds to customers who bought fake watches from its Chinese unit, days after making its US stock market debut.

Groupon will fully repay people who bought Tissot brand on its Chinese website Gaopeng.com, and give as much as 400 yuan ($63) in additional compensation, according to a statement sent to AFP.

"We are deeply sorry about the inconvenience the matter caused for consumers," said Groupon, which launched its Chinese venture in partnership with local Internet giant in February.

Groupon is facing tough competition in China, which has the world's largest Internet population with more than 500 million users, since many Chinese firms have already started sites offering discounts for group purchases.

The US company has accused the watch supplier, Tianjin Jinsan Commercial and Trade Co, of providing allegedly fraudulent information for claiming to be a sales agent for Tissot. It has reported the case to police.

Sarah Shen, a Shanghai-based spokeswoman for Swatch Group, the Swiss firm that owns the Tissot brand, confirmed to AFP that the watches were copies.

Groupon said the incident had exposed "negligence" among its own staff for failing to examine merchants.

It offered the men's sports watches at 690 yuan each in a deal in October, saying the original price was 3,500 yuan, according to its website. The deal ended with more than 200 buyers.

The company debuted on Wall Street last Friday, with its shares jumping more than 30 percent after it raised $700 million in the biggest by an since .

Explore further: India on tap as first market for Microsoft Lumia 535

add to favorites email to friend print save as pdf

Related Stories

Groupon's public valuation close to $20 bln: report

Apr 15, 2011

US coupon deals website Groupon will likely pick Goldman Sachs Group and Morgan Stanley to be principal underwriters for its public offering later in the year, valuing the company at up to $20 billion, the ...

Startup serves up bargains to online shoppers

Apr 05, 2011

As startups rush to offer smartphone users coupons for discounts at nearby shops, Dealpulp.com is out to woo the bargain hunter inside online shoppers across the United States.

Groupon shares soar after $700 million IPO

Nov 04, 2011

Groupon shares soared on Wall Street on Friday after the online daily deals sensation raised $700 million in the biggest initial public offering by an Internet company since Google.

Bargain-minded Chinese embrace group-buying craze

Mar 28, 2011

Like millions of Chinese, Liu Wen has fallen in love with group buying, which has electrified e-commerce in a country where getting the best possible discount is virtually a national pastime.

Recommended for you

Netflix sues Yahoo CIO for alleged kickbacks

5 hours ago

Netflix is suing a former company vice president who is now chief information officer at Yahoo, accusing him of receiving money from vendors he hired to work with the video streaming company.

BlackBerry courts iPhone users with cash

Nov 25, 2014

Canadian smartphone maker BlackBerry is wooing Apple customers with a cash offer for trade-ins of iPhones for its new square-screened, keyboard-equipped Passport.

HP earnings show continued struggle

Nov 25, 2014

Venerable tech giant Hewlett-Packard has been struggling for three years to turn its business around. Its latest earnings show it still has more work ahead.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.