SHENZHEN, China, May 29, 2015 /PRNewswire/ -- Xiu.com, a leading China-based website that sells international fashion brand products, raised $30 million in a series C funding round led by venture capital firm Pacific Venture Partners. Xiu.com's previous investors, including KPCB also participated this round.
Launched in 2008, Xiu.com dedicates itself in bring global products and lifestyle into China, offering luxury clothing, cosmetics, bags, jewelry, shoes and other home products to online shoppers.
"As an online-fashion leading company, Xiu.com operates advanced logistic networks that cover Europe and the U.S," said Ji Wenhong, the founder and CEO. "Working directly with established international companies, Xiu.com could offer a variety of International brand products and offer Chinese consumers in-season fashion products with lower price than those in other markets."
"We are very confident in Xiu.com after we studied the Chinese e-commerce market for a long time. We will support Xiu.com's strategic development, especially in increasing its efforts of mobile e-commerce and expansions in Asia markets," says Tan Changwen, a partner of Pacific Venture Partners.
Despite Chinese shoppers used to shop a lot when they are traveling abroad, Xiu.com found that consumers are changing and showing more willingness to purchase luxury goods through online channels.
For example, the retail sales from Hong Kong, a popular shopping destination for mainland Chinese tourists, are decreasing. Hong Kong government reports retail sales in Hong Kong this January is approximately 46.6 billon HKD, decreased 14.6% than a year earlier and luxury goods led the trend. Compare with last year, the sales of jewelry, watches, and valuable gifts decreased 21.4%. While Luxury sales are decreasing in Hong Kong, Xiu.com keeps growing fast because it enables Chinese consumers to buy premium brand products without traveling. More than 600 overseas companies, including Salvatore Ferragamo, eBay, Blue Nile, and HUGO BOSS, are partnering with Xiu.com, and nearly 200 of them sell exclusively on Xiu.com to Chinese online shoppers.
The registered users of Xiu.com have surpassed 10 million and more than 85% of orders come from repeated buyers. The average order value is about $240.
Xiu.com will use the funds to consolidate its international supply chain network and to invest into the project of connecting offline stores in western countries with online shoppers.
"We help stores in western countries sell their inventories on Xiu.com," Ji said. "We could increase our product offerings rapidly, while consumers could benefit from more selections for new-arrival products."
The Shenzhen-based company also plans to use the funds to prepare its forthcoming IPO.
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