China deal struck by eBay

<p>Web giant eBay has struck a fresh deal bringing global fashions to Chinese internet shoppers.</p>

Shares in eBay closed lower on the technology-heavy Nasdaq on Wall Street last night (November 12th), but the online auction site may regain some of its clout after it was revealed it is striking a new China deal.

The internet giant has agreed to set up a localised shopping site as it seeks to capitalise on demand for its products in the world's second-largest economy.

Partnering with Chinese web retailer Xiu.com, eBay will be launching eBay Style in the country so shoppers can access "global fashion styles".

Vice-president of eBay Melanie Tan said: "We believe that in the future Chinese consumers will use eBay as a passport to global fashion styles, especially for leading women's brands and accessories and menswear."

She added that demand from Chinese customers has expanded by 40 per cent year on year according to eBay.com navigation data.

Yesterday, eBay finished 0.5 per cent lower on the Nasdaq at $47.47.

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