Leena Rao is currently working as a writer for TechCrunch. She recently finished graduate school of the Medill School of journalism at Northwestern University, where she studied business journalism and videography. From 2004 to 2007 she helped lead efforts for advocacy and community relationships Congressman Carloyn Maloney in New York. She graduated from Columbia University in 2003 where it was ... ? Read More
China Kleiner Perkins (KPCB China) and private equity firms Warburg Pinkus put $ 100 million in Chinese Internet-shop Xiu.com. The company just raised $ 20 million from Kleiner earlier this year.
Xiu.com was founded in March 2008 and offers a fashion-clothes, shoes, bags, accessories, cosmetics and Home Decor – the average luxury brand China middle class. The company boasts 10 buyer offices in New York, Los Angeles, Miami, Australia, Paris, London, Italy, Korea, Hong Kong s.a.r., and Japan.
Bloomberg reports that, as expected, Xiu quadruple sales for 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 new funding to inventory of sources of global brands, add more talent and expand opportunities for logistics.
The company claims that this financing round round marks the largest series of (b) among the Chinese e-commerce industry in history. The representative from the Warburg Pinkus said "the rapid growth of the purchasing power and consumption in China updates make firm" very confident about Xiu.com in the future. "Warburg Pinkus has also stated that he plans to further expand its investment in Xiu.com based on the development of the market and the company.
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