China-based fashion e-commerce company QiGeGe received RMB 200m ($32m) in funding on Friday from female fashion retailer Shanghai La Chapelle Fashion, which acquired a 45% stake.
La Chapelle purchased the stake for $21.7m and agreed to invest a further $10.7m to secure an additional 9%, and will become the majority shareholder in the company with a 54% stake once the deal is closed. QiGeGe has not disclosed any previous rounds or other backers.
The investment will give La Chapelle access to an established platform with extensive marketing and sales efforts in place on channels such as social media network Weibo, while QiGeGe is set to benefit from La Chapelle’s supply chain.
Wang Yong, executive vice-president of La Chapelle, said: “The co-operation allows La Chapelle to realise the strategic target of developing into a product-centered online and offline fashion shopping platform in this new economic era.”
– Image courtesy of La Chapelle