Chinese fashion service YOHO! (compounded from YOUNG + HOME) raised $30 million of Series C financing from SAIF Partners (source in Chinese). Previous rounds are from CDHfund, Bertelsmann Asia Investments, and Vertex Venture.
The capital raised this time will be invested in the development of media and ecommerce platforms. YOHO!’s ecommerce arm YOHOBUY will support more domestic brands as well as introduce first-tier brands to the platform.
Founded in 2005, the company’s main businesses are YOHO! Fashion, a fashion magazine targeted at male youths, fashion community YOHO.CN, and ecommerce platform YOHOBUY. The company launched a female fashion magazine and expanded to fashion exhibition sector last year.
According to data released by the company, the media and ecommerce platforms under YOHO! brand collectively register 5 million users as of present, with core user base ranging from 16 to 28 years old and the average price per order is between 350 yuan ($57.83) and 450 yuan.
The company claimed to record more than 500 million yuan of sales and 40 million yuan of profits in 2013. It is expected to record 1.2 billion yuan of sales and more than 100 million yuan of profits in the future two years, said Ren Jian, marketing head of the firm.
In addition to the head office in Nanjing, YOHO! has set up branch offices in Beijing, Shanghai, Guangzhou, Hong Kong, and Tokyo.
image credit: YOHO!