Ye Haifeng, CEO of Mbaobao.com, revealed lately that the company has received a new round of financing totaled USD 30 million from undisclosed investors.
Ye said in an interview that: “The priority for Mbaobao.com in this year is to earn profits, while the monetization effort may slow down the speed in expansion”. In responding to a rumor claiming the service has been experiencing a tough time including significant downsizing, Ye stated that it is very normal that a company undergoes some transfer of personnel.
Founded with angel funding from Italy-based VISCONTI DIFFUSIONE SNC in September 2006, Mbaobao.com is an online bag and luggage retailer with businesses ranging from designing, manufacturing to etailing.
In May 2010, APEC E-Commerce Business Alliance granted Mbaobao the Chinese E-Commerce Most Potential Investment Value Golden Seal Award.
Mbaobao’s achievements could be boiled down to several facts.
First and foremost, it’s the first which adopted “fast fashion” model among its Chinese peers. With a headcount of over 600, Mbaobao.com releases as many as 150 new items every week. MBabao also has strong control over supply chain helped along by its over 150 partners. At the same time, its warehousing and logistics centered scattered in China enabled the company to wide coverage and fast delivery.
Secondly, the market for online purchasing of bags and luggage is getting maturer in a shift of consumer behaviors. With Internet, you can choose from a variety of goods at cheaper price.
Last but not least, from the financial perspective, Mbaobao.com to date has received handsome investments totaled USB 48.5 million in three rounds from investors including DCM, EZCapital and Legend Capital.