The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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 French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.
While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.
Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.