VC firms invest in Ihush.com
By Zhu Shenshen |
June 23, 2011, Thursday
|
Print Edition
Print Edition
A SHANGHAI-BASED website that sells clothing, shoes and more announced yesterday it will receive US$43 million in venture capital funding, showing investors are still confident about the already-hot Chinese e-commerce market.
Ihush.com received the backing from Capital Today and Matrix Partners China.
Capital Today previously invested in top Chinese websites such as 360Buy.com and Tudou.com.
Ihush now cooperates with more than 500 fashion brand owners and provides users special discounts for a limited time each day. At present, its trade volume is "several dozen million yuan" each month and grows 10 to 20 percent month by month, according to its founder and chief executive Pierre De Vilmorin, a native of France who speaks Chinese.
"We have noticed the young generation enjoys shopping online," said Xu Xin, president of Capital Today. "We should provide them quality goods that are better than those on Taobao."
Vilmorin said Ihush became profitable last year.
Ihush.com received the backing from Capital Today and Matrix Partners China.
Capital Today previously invested in top Chinese websites such as 360Buy.com and Tudou.com.
Ihush now cooperates with more than 500 fashion brand owners and provides users special discounts for a limited time each day. At present, its trade volume is "several dozen million yuan" each month and grows 10 to 20 percent month by month, according to its founder and chief executive Pierre De Vilmorin, a native of France who speaks Chinese.
"We have noticed the young generation enjoys shopping online," said Xu Xin, president of Capital Today. "We should provide them quality goods that are better than those on Taobao."
Vilmorin said Ihush became profitable last year.
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