Rumor: PPG Failed to Obtain Reported USD 100 Mln VC Funding

21st Century Business Herald, 11/04/08

A source claiming to be close to David Lee, CEO of online B2C apparel retailer PPG, has said that rumors circulating at the end of September regarding a USD 100 mln investment in the company were false. The source stated that Lee had wanted to hold discussions with American retailer Sears, but was unsuccessful in this matter.

According to the source, PPG actually attracted investment of less than USD 40 mln in total, and only USD 6 mln in first round funding was specifically directed toward the company's operations.

PPG currently has monthly sales of approximately RMB 4 mln.

Editor's Note: For details of the earlier report in which it was announced that PPG had landed USD 100 mln in funding, please see "PPG Lands USD 100 Mln VC Funding", MD 9/23/08 issue.

Keywords: apparel B2C David Lee funding Internet investment PPG VC

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