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Luxury website attracts US$100m venture capital
By Ding Yining |
August 17, 2011, Wednesday
|
Print Edition
Print Edition
DOMESTIC fashion retail website Xiu.com said today it had secured US$100 million investment from two venture capital firms as investors remain upbeat about Chinese consumers splurging on luxury goods and fashion items.
The second round of capital injection came from private equity firm Warburg Pincus and venture capital KPCB China.
"We will use the capital to increase talent recruitment, upgrade the logistics system and expand our partnership with international brands to bring more products to Chinese customers," said Ji Wenhong, founder and chief executive officer of Xiu.com.
The firm expects sales to quadruple this year to more than 1 billion yuan (US$156 million).
Venture capital firms are keen to invest in luxury shopping sites, betting on increased spending by the country's upper middle class, who are new patrons of luxury brands.
Shenzhen-based Xiu.com was launched in 2008 and currently sells clothing and apparels from more than 3,000 domestic and overseas brands.
Early this year, KPCB China also invested US$20 million in the website.
A total of 29 online shopping websites received investment in the first half of this year and six of them are luxury retailers, according to the data from the China E-commerce Research Center.
China's luxury market is expected to grow by 18 percent a year to 180 billion yuan in 2015, accounting for more than 20 percent of the global market, McKinsey Co said in a research report early this year.
The second round of capital injection came from private equity firm Warburg Pincus and venture capital KPCB China.
"We will use the capital to increase talent recruitment, upgrade the logistics system and expand our partnership with international brands to bring more products to Chinese customers," said Ji Wenhong, founder and chief executive officer of Xiu.com.
The firm expects sales to quadruple this year to more than 1 billion yuan (US$156 million).
Venture capital firms are keen to invest in luxury shopping sites, betting on increased spending by the country's upper middle class, who are new patrons of luxury brands.
Shenzhen-based Xiu.com was launched in 2008 and currently sells clothing and apparels from more than 3,000 domestic and overseas brands.
Early this year, KPCB China also invested US$20 million in the website.
A total of 29 online shopping websites received investment in the first half of this year and six of them are luxury retailers, according to the data from the China E-commerce Research Center.
China's luxury market is expected to grow by 18 percent a year to 180 billion yuan in 2015, accounting for more than 20 percent of the global market, McKinsey Co said in a research report early this year.
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