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The company raises its first VC round from KPCB
Chinese high-end fashion site Xiu.com on Wednesday announced the close of a $20 million round of funding led by Kleiner Perkins Caufield and Byers. The company, which is the largest fashion-based e-commerce website in China, plans to use the new funds to bolster negotiating and purchasing power with some of the biggest names in fashion.
Founded in March 2008, the company specializes in mid- to high-end luxury fashion items, including apparel, accessories, shoes, purses, home décor, beauty supplies, and more. To date, Xiu.com’s inventory includes over 2,000 brands and more than 30,000 items altogether. Serving more than two million customers in China, Xiu.com offers discounts of 20-95% off items from such illustrious names as Louis Vuitton, Coach, Hermes Paris, Gucci, Nine West, Burberry, and more. For an anglicized version of Xiu.com, Internet users might look to Gilt Groupe or Rue La La, both of which specialize in high-end luxury fashion, accessories, and home decor, but with a focus on flash sales to drive business.
Xiu.com has ten buyer offices in New York, Los Angeles, Miami, Australia, Paris, London, Italy, Korea, Hong Kong and Japan. Over the next two years, Xiu.com plans to invest some $30 million in expanding its stock and improving service quality.
“It's a big challenge for rising e-commerce websites to connect with local elite consumers, but Xiu.com has a distinct advantage in global sourcing, supply chain management and team competence,” said KPCB partner Zhou Wei in a statement.
The company believes that online shopping in China has entered “the Golden Age,” noting the expanding middle class, the growing base of Chinese Internet users, and the rising popularity of third-party electronic payment platforms, all of which are prompting more overseas brands to develop sales arms in China.
"We were inspired by many successful B2C fashion websites in U.S. and Europe, and compared with them, we still have at least 1000% growth potential in China,” said Xiu.com founder and CEO George (Wenhong) Ji, in the company’s announcement.
Xiu.com recently launched an iPad app to deliver daily fashion updates and news.
Image source: Xiu.com
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