Chinese luxury resale platform, GoShare2, has raised “tens of millions of US dollars” in Series C financing, led by Enlight Growth Partners, according to Chinese tech and financial media outlet, 36Kr. The exact amount was not disclosed.
The Shanghai-based company was founded in 2016 and initially focused on reselling ready-to-wear via a procurement model, but soon expanded into other categories, including bags, jewellery, watches and shoes, shifting to the consignment model it retains today. Sellers set their own prices for goods and, in 2020, the platform’s gross merchandise volume (GMV) recorded a 300 percent year-on-year growth.
According to founder, Zhutai Niqi, the platform has a stable group of buyers and sellers, with 70 percent of goods coming from existing sellers and 80 percent of GMV contributed by consumers who have shopped on the platform previously.
China’s luxury resale market is still in its infancy, and in total saw 17.3 billion yuan ($2.69 billion) in sales last year, compared with nearly 346 billion yuan ($53.71 billion) in sales of new luxury products in 2020, according to data from Bain.