Website to use funds to double sales
Print Edition
GLAMOUR Sales, a luxury sales website, said yesterday that it has raised US$65 million from Hong Kong-based Chow Tai Fook Enterprise Ltd and Investec Bank Plc.
The website will use the funds to double its sales of luxury and fashion goods in China to US$155 million this year.
It also plans to use the investment to expand its operation network as well as adding dispatch centers and logistics facilities outside China. But it didn’t elaborate on its plans.
Glamour Sales sells more than 3,000 brands, of which about 90 percent are international names. Around 90 percent of its sales come from consumers in first and second-tier cities. Glamour Sales sells luxury and fashion products on a flash sales model — the products are sold at a deep discount for a limited period of time.
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