Dongfang Fengxing, the Beijing-based parent company of B2C e-commerce site Lafaso, announced today that it had successfully received USD 40 mln in second-round funding from China Finance Holding Group and China Broadband Capital. Investment bank China Renaissance served as financial adviser for the investment.
Dongfang Fengxing chairwoman Li Jing said that the funds would be used primarily for Lafaso operations.
First, the funds will be used to establish a cosmetics R&D center for JPlus, Lafaso's in-house brand, which will serve as one of the key points in Dongfang Fengxing's operating strategy. The company will also increase its investment in R&D, marketing, and management for Lafaso and JPlus, and will expand its warehousing network.
Editor's Note: For more information on this topic, please see "Rumor: Lafaso Obtains USD Eight-Digit Funding," MD 4/19/12 issue.