86 096
Fashion Jobs
RALPH LAUREN
Associate Manager
Permanent · HERSHEY
A & F
Abercrombie & Fitch - Assistant Manager, International Market Place
Permanent · HONOLULU
A & F
Hollister CO. - Brand Representative, Galleria at Tyler
Permanent · RIVERSIDE
FOOT LOCKER
Director of Safety (Supply Chain)
Permanent · CAMP HILL
LEE
PT Keyholder, Estero, FL
Permanent · ESTERO
URBN
Free People: Merchandise Planning Manager
Permanent · PHILADELPHIA
URBN
Free People: Senior Merchandise Planner
Permanent · PHILADELPHIA
KOHLS
Operations Supervisor - Weekend Overnights
Permanent · EDGEWOOD
KOHLS
Full-Time Loss Prevention Officer
Permanent · SOUTH BURLINGTON
ADIDAS
Key Account Manager: Athletic Footwear
Permanent · PITTSBURGH
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · GOSHEN
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · NAPLES
KOHLS
Shift Leader/Operations Manager - Weekend Night Shift
Permanent · PATASKALA
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader (Part-Time) - us
Permanent · POOLER
AMERICAN EAGLE OUTFITTERS
ae - Merchandise Leader (Part-Time) - us
Permanent · MURFREESBORO
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader - us
Permanent · KAPOLEI
NAVY EXCHANGE
Buyer (Level i) - Beauty Care
Permanent · VIRGINIA BEACH
NAVY EXCHANGE
Buyer (Level i) - Pet
Permanent · VIRGINIA BEACH
GAP INC.
Asset Protection Service Representative - Harlem Usa
Permanent · NEW YORK
GAP INC.
Asset Protection Coordinator - Mount Vernon Plaza
Permanent · ALEXANDRIA
BANANA REPUBLIC
Associate Art Director, Photo Studio
Permanent · SAN FRANCISCO
ECCO
Third Keyholder
Permanent · SAN FRANCISCO
By
Reuters API
Published
Sep 4, 2018
Reading time
2 minutes
Download
Download the article
Print
Text size

JD.com shares fall after CEO's arrest and release

By
Reuters API
Published
Sep 4, 2018

Chinese retailer JD.com Inc's stock fell as much as 7 percent on Tuesday, hitting an 18-month low after the company's chief executive officer was arrested in the United States on suspicion of criminal sexual conduct and later released.


Reuters



Richard Liu, who founded the firm in 1998, was arrested by police in the U.S. city of Minneapolis on Friday and released the next day before returning to China.

Minneapolis police said on Sunday that "an active investigation" was under way. A Minnesota-based lawyer for Liu said on Monday the Chinese magnate has denied any wrongdoing and that he did not expect his client to be charged.

The stock's decline underscores the uncertainty hanging over the fate of Liu, who holds a tight grip over decision making at China's second largest e-commerce firm.

JD.com's rules require Liu, who holds nearly 80 percent of the company's voting rights, to be present at board meetings for the board to make decisions, although it was not immediately clear if he has to be physically present or could participate by teleconference.

The company, backed by Walmart Inc , Alphabet Inc's Google and China's Tencent Holdings <0700.HK>, is looking to bolster its international reach even as it faces stiff competition from rival Alibaba Group Holding Ltd at home.

"The incident looks awful of course," analyst Rob Sanderson of MKM Partners said.

"If this spirals as a media focus, negative attention could offset some of the positives associated with endorsement by Walmart and Google," Sanderson said.

"Negative publicity could also compromise JD.com's ability to attract international brands to its marketplace, which has been a top focus of the CEO over the past two years or so," Sanderson noted.
However, Sanderson said the risk of any disruption to the business on an incarceration seemed quite low, noting that authorities released Liu without bail and allowed him to return to China.

"This does, however, cast another shadow on credibility and ethics, especially after the 2015 incident in Australia," Sanderson said.

In July, Liu lost a court battle in Australia to keep his name out of a sexual assault trial in which a guest at a party Liu had hosted at his luxury Sydney home in late 2015 accused another guest of sexually assaulting her at a hotel.

Liu was not accused of wrongdoing, according to a court document. The defendant was found guilty of seven offences.

JD.com's shares were currently trading down 5.5 percent at $29.58.
 

© Thomson Reuters 2024 All rights reserved.