Chinese Internet portal NetEase.com published a report, stating that it closed L.163.com, its luxury goods Internet shopping platform, on December 31, 2011.

L.163.com was launched in January 2011 and boasted sales of watches, bags, leather products, apparel, shoes and jewelry of the world's top luxury brands with discounts. It also promised the 100% authenticity of products; nationwide free mailing service; and the seven-day unconditional return service. However, the Internet company decided to close the website after less than one year of operation, due to poor performance.

This is not the first time for NetEase.com to close a newly launched business, according to local media reports. Prior to this, it entered the air ticket Internet booking sector, but shut it down after 80 days of operation.