Two more Chinese streetwear brands have recently received funding, continuing a run of capital pouring into the segment recently.
SoulSense secured more than $10 million in Series A Plus funding from Skywalker Capital, while retailer, 919 Simple Life, raised ten million yuan ($1.56 million) from individual investors and Qingsong Fund, according to tech and investment media platform, 36Kr.
SoulSense is positioned as a DTC brand for young consumers, which has created a loyal community of streetwear enthusiasts though its combination of content, in-person events and e-commerce. Its sales strategy adopts the drop model; most products are sold in limited quantities and never reproduced once they sell-out.
919 Simple Life, meanwhile, focuses on physical store operations, positioning itself as a streetwear bazaar. It offers extremely affordable fashion and lifestyle products for the mass market, more akin to Dollar Tree for streetwear. At present, 919 Simple Life has a presence in Sichuan, Anhui and Jiangsu provinces, and plans to increase its number of stores nationwide to 100 by 2022.
Streetwear in China has boomed in recent years. According to data from Tmall, China’s largest B2C e-commerce platform, streetwear growth was 60 percent higher than the average growth of apparel categories last year.