China-based baby and childcare product company iPlus secured more than $10m in funding on Monday from Mitsui Global Investment, the growth investment division of Japan-based conglomerate Mitsui, and financial services firm the SBI Group, according to news provider PEdaily.
Founded in 2006, iPlus deals in mother-and-baby products and services, and has built up a distribution system across the area around the Yangtze River delta, where it now plans to establish a retail and service network that could consist of up to 300 stores within the next three years.
In addition to its retail plans, iPlus is also looking to expand its investments in e-commerce which it sees as a route to sharpening its competitive edge.