SHANGHAI — Yoho!, China’s go-to authority for everything streetwear, has received $25 million in Series E+ funding from C Ventures, the youth-focused fund founded by Adrian Cheng and Clive Ng, WWD has learned.
Through this partnership, Yoho!’s already influential media and retail domain is set to grow its off-line footprint, tapping into K11’s strengths in retail, office and hotels across Greater China.
“We are very excited about the growth potential of Yoho! as it continues to open more avenues to capture the important Chinese Millennial and Gen Z audiences,” said Clive Ng, cofounder of C Ventures. “We are at an interesting crossroads where online-first companies like Yoho! are going off-line to expand their business, differentiating themselves. So even more interesting is the possibility of online and off-line collaborations Adrian Cheng’s K11 can open up for Yoho! in the future.”
Yoho! has been making quick strides in physical retail. In October 2017, it opened its first brick-and-mortar shop in Nanjing, a 53,000-square-foot space, equipped with cutting-edge technologies such as RFID shelving and smart fitting rooms. It followed that up with its second boutique in Shanghai last month, on top of hosting a pop-up at the K11 Mall in Shanghai. Running until Oct. 14, the space features merchandise from 26 Chinese and international streetwear brands.
Founded in 2005 by Chao Liang, Yoho! began as a magazine, but has morphed into an ecosystem catering to streetwear-fixated youth in China. Besides media and retail, the trendsetting company started the B2C festival and trade show Yo’Hood, which just wrapped its sixth edition. It also runs an incubation program, called YoHope, targeting young designer brands, and operates streetwear lifestyle app Mars.
Its Western-focused peer Hypebeast has been expanding its reach in similar fashion, too. Last weekend, Hypebeast held its first festival, called Hypefest, following several retail pop-ups.
“Mr. Cheng and K11 not only have a unique and advanced concept in the art, fashion and lifestyle space, but have also been consistently inspiring and shaping the lifestyle of younger generations, which resonates with the future direction of Yoho!,” said Chao Liang, founder and president of Yoho! “Through merging resources and joining forces, Yoho!’s influence in the media, retail and lifestyle sectors will grow considerable, whereas K11 will benefit from Yoho!’s high-quality, curated content as well as access to international fashion resources.”
Since its launch just a year ago, C Ventures has racked up numerous investments around the globe connecting fashion, media and technology. The fund has taken stakes so far in Xiaohongshu, Moda Operandi, Bandier, DayDayCook, Skybound Digital, Dazed Media, Beautycon, Armarium, Finery and Threads.