Plum raised “tens of millions” of dollars in an investment round led by Matrix Partners and Unity VC, local tech media outlet 36Kr reported; the exact amount was not disclosed.
Founded in 2017, Plum is leading the charge in China’s luxury resale space and previously raised $58.4 million in six rounds of funding. At present, the consumer-to-consumer platform’s sell-out rate within 90 days has hit 90 percent; its inventory turnover averages at 45 days.
The development of digital solutions, like in-platform livestreaming, have helped Plum drive sales in a market full of consumers new to buying resale; the stigma surrounding secondhand goods and savviness of counterfeiters have made China a tricky market for pre-loved marketplaces to flourish.
At present, China’s luxury resale market is dominated by homegrown businesses like Plum and rival Pawnstar. Vestiaire Collective, despite announcing in 2017 that China would be a major target for expansion, said this year that though China could be a big supply market in the future, the company doesn’t have plans to enter the country in 2020.