SHANGHAI — Chinese fashion and luxury e-commerce company Shenzhen Xiu Network Technology on Tuesday revealed the completion of a $30 million C investment round lead by Pacific Venture Partners with additional investment from previous investors KPCB, among others.
The announcement comes just days after Kering filed a lawsuit against China’s biggest e-commerce company, Alibaba, over allegedly selling counterfeit goods.
George Ji Wenhong, Xiu.com founder and chief executive officer, said the company has accumulated years of experience with its global supply chain and its highly efficient supply and distribution networks in Europe and North America.
Founded in 2008, Xiu.com hosts international brands such as Gucci and Saint Laurent — both of which are owned by Kering — and specializes in high-end apparel, accessories and cosmetics, with a focus on inventory from Europe and North America.
Xiu.com has more than 10 million registered users, with each customer spending an average of 1,500 renminbi, or $240, a transaction.
The company confirmed that Xiu.com’s current round of financing will be used to create an enhanced fashion shopping experience, solidify its global position with regard to supply chain and logistics, strengthen cross-border O2O innovation, and pave the way for the company to head for an initial public offering.
Xiu.com is headquartered in Shenzhen with offices in New York, San Francisco, London, Milan and Hong Kong.
Pacific Venture Partners has invested in more than 140 high-tech companies across the U.S. and Asia, with equity in TSMC, Spreadtrum and MediaTek, among others.