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Chinese Luxury Resale Platform Zhiyao Raises $8.5 Million

The Luxury Closet lists 60,000 luxury items ranging from Gucci handbags to Rolex watches on its website.
Zhiyao is one of a number of resale platforms attracting investment in China. Shutterstock (Shutterstock)

Chinese luxury resale platform, Zhiyao, has raised 55 million yuan ($8.48 million) in a strategic funding round led by AiHuiShou International, a New York-listed digital device resale platform with annual gross merchandising volume (GMV) of 22.8 billion yuan ($3.52 billion).

Shanghai-based Zhiyao provides online luxury goods appraisal, bidding and trading services for customers via its WeChat mini-programme, and is a strategic resale partner of JD.com Luxury. Following this investment, AiHuiShou International will also enter into a strategic cooperation agreement with Zhiyao, opening up its online traffic and nearly 1,000 offline shops through which Zhiyao can extend its business through AiHuiShou’s network.

This year, Zhiyao has reportedly maintained a high growth rate, listing tens of millions of yuan worth of second-hand goods each month.

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The Future of Fashion Resale Report — BoF Insights

BoF’s definitive guide to fashion resale, covering the evolution of the market, its growth and upside, consumer behaviours and recommendations for crafting a data-driven resale strategy. To explore the full report click here.

The Future of Fashion Resale is the first in-depth analysis to be published by the BoF Insights Lab, a new data and analysis unit at The Business of Fashion providing business leaders with proprietary and data-driven research to navigate the fast-changing global fashion industry.

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