On-line luxurious trend retailer Xiu.com says it’ll use its recent $30 million capital injection to attach extra western manufacturers with internet buyers in China.
Xiu.com lately raised $30 million in collection C funding, led by personal fairness firm Pacific Enterprise Companions, a deal reported by Inside Retail Asia on Might 19, however solely formally introduced in the previous few days.
Launched in 2008, Xiu.com sells worldwide branded trend merchandise, together with clothes, cosmetics, luggage, jewelry, footwear and homewares.
“As an online-fashion main firm, Xiu.com operates superior logistic networks that cowl Europe and the US,” stated Ji Wenhong, founder and CEO.
“Working instantly with established worldwide corporations, Xiu.com might supply quite a lot of Worldwide model merchandise and supply Chinese language shoppers in-season trend merchandise with lower cost than these in different markets.”
“We’re very assured in Xiu.com after we studied the Chinese language eCommerce market for a very long time,” stated Tan Changwen, a associate in PVP.
“We’ll help Xiu.com’s strategic improvement, particularly in growing its efforts of cellular e-commerce and expansions in Asia markets.”
Regardless of Chinese language shoppers tending to buy luxurious items once they journey overseas, Xiu.com discovered that Chinese language at the moment are displaying extra willingness to buy luxurious items on-line.
Greater than 600 abroad corporations, together with Salvatore Ferragamo, Blue Nile, and Hugo Boss, are partnering with Xiu.com, and almost 200 of them promote solely on Xiu.com to Chinese language internet buyers.
Greater than 10 million shoppers have registered with Xiu.com and greater than 85 per cent of orders come from repeated consumers. The typical order worth is US$240.
Xiu.com will use the funds to consolidate its worldwide provide chain community and to take a position into the venture of connecting offline shops in western nations with internet buyers.
“We assist shops in western nations promote their inventories on Xiu.com,” Ji stated. “We might improve our product choices quickly, whereas shoppers may benefit from extra alternatives for new-arrival merchandise.”
The Shenzhen based mostly firm additionally plans to make use of the funds to organize its forthcoming IPO.