Xiu.com gets funds from VCs to expand
By Ding Yining |
August 18, 2011, Thursday
|
Print Edition
Print Edition
CHINESE e-commerce site Xiu.com has secured US$100 million investment from two private-equity firms and the website will use the funds to enhance its distribution in anticipation of business expansion.
United States PE firm Warburg Pincus and the China unit of Kleiner Perkins Caufield & Byers invested the funds, Xiu.com said yesterday. Earlier this year, KPCB China also invested US$20 million in the website's first round funding.
"We will use the capital to hire more talents, upgrade the logistics system and expand our partnership with international brands to offer more products to Chinese customers," said Xiu.com's founder and CEO Ji Wenhong.
The Shenzhen-based website expects sales to quadruple to more than 1 billion yuan (US$156.6 million) this year, the company said.
PE firms are keen to invest in luxury shopping websites as they bank on rising spending that is driven primarily by upper middle-class consumers who are keen to chase after fashionable and luxurious items.
Xiu.com was launched in 2008 and sells clothing and apparels from over 3,000 domestic and overseas brands.
Chinese luxury consumption may grow an average 18 percent annually till 2015 and the total market size is expected to reach 180 billion yuan by then, accounting for over 20 percent of the global market, McKinsey Co said in a report earlier this year.
United States PE firm Warburg Pincus and the China unit of Kleiner Perkins Caufield & Byers invested the funds, Xiu.com said yesterday. Earlier this year, KPCB China also invested US$20 million in the website's first round funding.
"We will use the capital to hire more talents, upgrade the logistics system and expand our partnership with international brands to offer more products to Chinese customers," said Xiu.com's founder and CEO Ji Wenhong.
The Shenzhen-based website expects sales to quadruple to more than 1 billion yuan (US$156.6 million) this year, the company said.
PE firms are keen to invest in luxury shopping websites as they bank on rising spending that is driven primarily by upper middle-class consumers who are keen to chase after fashionable and luxurious items.
Xiu.com was launched in 2008 and sells clothing and apparels from over 3,000 domestic and overseas brands.
Chinese luxury consumption may grow an average 18 percent annually till 2015 and the total market size is expected to reach 180 billion yuan by then, accounting for over 20 percent of the global market, McKinsey Co said in a report earlier this year.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
