default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Streetwear Brand Starter Raises $40 Million in New Funding from Chinese Investors

An image from a Starter marketing campaign in China.
An image from a Starter marketing campaign in China. (Starter)

The brand, which was originally founded in the US but has found recent success in the China market, has recently raised $40 million in series C financing, led by Chinese investor QY Capital, with other investors including existing shareholders Sequoia China, Dazzle Fashion (a local high-street fashion giant in China) and M31 Capital.

The American brand was founded in 1971, and once owned by Nike. It’s now owned by brand management company, Iconix Brand Group. In 2017, a Chinese private equity firm, Black Ant Group, reached an agreement with the Chinese subsidiary of Iconix Brand Group to obtain an exclusive licence to operate the Starter brand in the Greater China region.

In July 2020, Iconix Brand Group sold Starter’s Chinese business to an anonymous buyer. According to the business information platform Tianyancha and other local media reports, Black Ant Group is widely rumoured to be that buyer and has taken over Starter’s China business.

Since entering the China market, Starter has previously secured two rounds of financing worth 100 million yuan ($15.82 million) in 2019 and $30 million in 2020.

By the end of last year, Starter had opened nearly 100 stores in China, covering many first- and second-tier cities and achieved an annual growth rate of over 150 percent.

Learn more:

The Fitness Fashion Frenzy That Just Got Bigger

As health and wellness spikes in post-quarantine China, some consumers are likely to prioritise posh gym gear over traditional luxury goods. At least for a little while.


In This Article
Topics

© 2021 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
Building a DRC Challenger Brand
© 2022 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions and Privacy policy.
Building a DRC Challenger Brand