Online Cosmetics Retailer Jumei Files for US IPO to Raise up to $400 Million

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Jumei

Chinese online cosmetics retailer Jumei has filed with the US Securities and Exchange Commission for IPO under the ticker symbol of “JMEI” to raise up to $400 million funds.

The site offers branded beauty products, fashionable apparel and other lifestyle products by leveraging current sales formats of curated sales, online shopping mall and flash sales.

Founded in March 2010, the company’s total net revenues increased by 970.4% from US$21.8 million in 2011 to US$233.2 million in 2012 and further increased by 107.1% to US$483.0 million in 2013. After swinging to profitability to record a net profit of US$8.4 million in 2012, Jumei has booked profits for seven straight quarters, according to the document.

The company now claimed more than 10.5 million users and has worked with approximately 1,700 suppliers and third-party merchants in 2013, including brand owners, distributors, resellers and certain exclusive product suppliers.

The company aims to raise US$ 400 million of funds in the IPO. Lefeng (aka LAFASO), an arch-rival of Jumei, sold a 75% stake in the company to Chinese online discount retailer VIPShop (NYSE: VIPs) earlier this year for $US 132.5 million.

image credit: Jumei