The tech giant’s holding company is among the investors betting on ChicV, a Guangzhou-based business founded in 2015 that specialises in selling fashion cross-border, also known as haitao, and operates three sub-platforms Stylewe, JustFashionNow and NoraCora, DealStreetAsia reports.
The company is one of many media-shy retailers that have popped up in recent years, taking advantage of China’s highly-developed manufacturing infrastructure to pump out ultra-fast, and very cheap fashion products to consumers across the globe through social media platforms like Instagram.
This model has proven a lucrative one and China’s best-known cross-border player, Shein, was valued at $15 billion in 2020. Though these retailers are also commonly the subject of consumer complaints for the subpar quality of their products and shipping delays.
ChicV plans to funnel the fresh capital from its Series B round into tech, supply chain and brand marketing; it has also set its sights on expanding into South America and the Middle East.