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.
ShopShops, a livestreaming shopping platform, has raised $15 million in a Series B round co-led by LightShed Ventures and Acrew Capital.
The funding will be used to accelerate the expansion of ShopShops in the US as well as to continue its growth among China’s cross-border shoppers.
Founded in 2016 by Liyia Wu, ShopShops started life as a shopping directory of US retailers for Chinese visitors to the States, but has evolved along with the growth of the livestream e-commerce trend in China to feature a roster of hosts selling fashion, beauty, accessories and homewares from the US cross-border into China.
In December last year ShopShops launched a beta version aimed at US consumers.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
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.