BizChina

Revlon poster in Chinese ecommerce website 2013.

Revlon Inc. plans to exit its struggling operations in China and cut more than 15% of its workforce, in the first major action taken by the cosmetics company's new chief executive. Revlon, which sells products under its namesake and Almay brands, has reported weak demand in China, which accounts for about 2% of its total sales.

Revlon walked into China market 37 years ago, but its business in China only accounted only 2% of its annual revenue. Revlon represented a number of foreign cosmetics companies which entered China with arrogance and refuse to adapt to the China market.

At a time when many global consumer electronics giants are busying making wearable devices the next big thing in the world, a Chinese Internet company unveiled on Tuesday its first "wearable device", which is designed with safety in mind.

A Taobao.com billboard at an auto show in Beijing. The Hangzhou-based website has become the biggest online trading platform in China as well as the most important platform for thousands of online entrepreneurs.

China Mobile Ltd, China's biggest telecom operator, has launched public bidding for operating its Fetion service, an instant messaging tool similar to Tencent Holdings Ltd's WeChat.

Previously, Fetion was solely operated by Beijing Ultrapower Software Co Ltd.