Kleiner Perkins China (KPCB China) and private equity firm Warburg Pincus have put $100 million in Chinese online retailer Xiu.com. The company just raised $20 million from Kleiner earlier this year.
Xiu.com was founded in March 2008 and offers middle-to-luxury brand name fashion products – clothing, shoes, bags, accessories, cosmetics and home decor – to China’s middle class. The company boasts 10 buyer offices in New York, Los Angeles, Miami, Australia, Paris, London, Italy, Korea, Hong Kong and Japan.
Bloomberg reports that Xiu is expected to quadruple sales to more than 1 billion yuan ($156.6 million) this year.
Ji Wenhong, founder and CEO of Xiu.com, said in a statement that the company will use the new funding to source inventory from global brands, add more talent, and enhance logistics capacities.
The company says that this funding round marks the largest Series B round raised among Chinese e-commerce industry in history. A spokesman from Warburg Pincus said the ‘the soaring purchasing power and China’s consumption upgrade’ make the firm ‘very confident about Xiu.com’s future.’ Warburg Pincus also said that it plans to further expand its investment in Xiu.com, based on the market and company development.