Chinese eCommerce retailer for high-end fashion products, Xiu has raised a series C funding of $30 million. The funding round was led by Jardine’s, followed by KPCB China and others.
Xiu Founder Jiwen Hong says “Xiu’s strength lies in the relationships it has with brands. By going directly to the brands and cutting out middlemen, it can offer better prices than competitors”. According to Techinasia, most items on Xiu sell for less than the retail cost in Hong Kong and the United States.
The company will use the funding to create a better shopping experience, improve its supply chain, and strengthen international ties.
The news comes at interesting times for the chinese eRetail, as just a couple of days ago several high-profile luxury brands filed a lawsuit against Alibaba, China’s biggest eCommerce company.
Brands such as Gucci, Balenciaga, Yves Saint Laurent, and others owned by Paris-based Kering SA, allege Alibaba knowingly encourages and profits from the sale of counterfeits on its online marketplaces, Tmall and Taobao. All of these brands which have accused Alibaba are present on Xiu’s platform.
Xiu was founded in 2008 and already boasts of 10 million registered users with a repeat purchase rate of 85%. Xiu specializes in high-end clothing, footwear, bags, accessories, and cosmetics from international brands. Headquartered in Shenzhen, it also has offices in fashion capitals like New York, San Francisco, London, Milan, and Hong Kong.Category Investments News Startups