Chinese Luxury Resale Platform Plum Raises Eight Figures In Series B Round


Resale market places like The RealReal are likely to come out ahead during a recession. Daisy Walker for The RealReal.

Plum raised “tens of millions” of dollars in an investment round led by Matrix Partners and Unity VC, local tech media outlet 36Kr reported; the exact amount was not disclosed.

Founded in 2017, Plum is leading the charge in China’s luxury resale space and previously raised $58.4 million in six rounds of funding. At present, the consumer-to-consumer platform’s sell-out rate within 90 days has hit 90 percent; its inventory turnover averages at 45 days.

The development of digital solutions, like in-platform livestreaming, have helped Plum drive sales in a market full of consumers new to buying resale; the stigma surrounding secondhand goods and savviness of counterfeiters have made China a tricky market for pre-loved marketplaces to flourish.

At present, China’s luxury resale market is dominated by homegrown businesses like Plum and rival Pawnstar. Vestiaire Collective, despite announcing in 2017 that China would be a major target for expansion, said this year that though China could be a big supply market in the future, the company doesn’t have plans to enter the country in 2020.



Credit: Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Discover

Sponsor

Latest

Mouna Traoré in Soft Focus + More of the Canadian Fashion Moments

Photography courtesy of Instagram/@_mounatraore. ...

‘The Masked Singer’s Aloe Blacc Had ‘No Idea’ LeAnn Rimes Was The Sun – Hollywood Life

‘The Masked Singer’ runner-up Aloe Blacc told HL EXCLUSIVELY that he was totally stumped about the Sun’s identity, even though he worked with...

Inside Dr. Liza Egbogah’s Closet Full of Pieces by Nigerian Designers

Photography by Vai Yu Law. ...

Shoppable Brings Instagram a Step Closer to E-Commerce

Instagram has long been a haven for showing off products. Whether it’s the glamorous new bag from Kate Spade or the high-horsepower new car...
INTERNATIONAL »