PPG Lands USD 100 Mln VC Funding
21st Century Business Herald, 9/23/08
Online B2C apparel retailer PPG recently received another USD 100 mln in venture capital, much of it coming from 'investors at a famous American shopping center company.' Following the investment, PPG's long-announced plans to list may be shelved. It is the company's fourth round of financing; in the previous three rounds, PPG received a total of more than USD 80 mln.
80% of the new capital will be used to finance PPG's expansion and development in the United States; the remainder will be used to establish a global procurement center. PPG's US company will similarly adopt a "light company" model with no more than 30 employees. PPG's plan is to use the internet to receive orders from the United States which it will then produce, outsource, and ship from China. It has yet to establish an American subsidiary, however; PPG's latest timetable calls for this to be done in late October.
Keywords: apparel B2C funding Internet investment PPG VC e-commerce IPO
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